Greenlight Capital Re, Ltd
(NASDAQ:GLRE)

Greenlight Capital Re, Ltd., through its subsidiaries, operates as a property and casualty reinsurance company worldwide. The company offers various property reinsurance products and services, including automobile physical damage; personal lines, such as homeowners' insurance; and commercial lines. ...

Website: http://www.greenlightre.com

Founded: 1996

Full Time Employees: 40

Sector: Financial Services

Industry: Insurance-Reinsurance

Insurance

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At a glance:

Hybrid Reinsurer with Investment-Driven Earnings Profile: Greenlight Capital Re combines property & casualty reinsurance underwriting with an investment portfolio managed using a value-oriented approach, making results meaningfully influenced by investment performance as well as underwriting.
Underwriting Volatility Can Drive Period-to-Period Results: As a reinsurer, the company’s profitability can swing with catastrophe activity, reserve development, and pricing/terms in reinsurance markets, which may create uneven quarterly and annual performance.
Book Value and ROE Are Core Performance Metrics: Given the balance-sheet-centric model, changes in book value per share and return on equity are key indicators of long-term value creation, reflecting both underwriting results and investment gains/losses.
Capital Management and Risk Appetite Matter: Premium growth and underwriting strategy depend on available capital, risk limits, and retrocession/reinsurance purchases; these levers can be adjusted as market conditions and loss experience change.
Exposure to Market Factors Through the Investment Portfolio: The investment book can introduce equity and credit-market sensitivity that is atypical for some reinsurers, potentially boosting returns in favorable markets but adding downside risk during drawdowns.

Bull Thesis:

Sustained Improvement in Underwriting Profitability: Greenlight Capital Re has demonstrated a commitment to underwriting discipline, exiting unprofitable lines, and achieving better combined ratios. Continued focus on profitable segments and favorable market conditions could drive consistent underwriting gains and improve core profitability.
Potential for Strong Investment Performance from Greenlight Capital: The company's investment portfolio is managed by David Einhorn's Greenlight Capital. Should Greenlight Capital's value-oriented strategy deliver strong returns, it would significantly boost GLRE's book value per share and overall profitability, leveraging their unique investment-oriented reinsurance model.
Favorable Reinsurance Market Conditions: The global reinsurance market has experienced a period of hardening, characterized by rising rates and stricter terms due to past catastrophe losses and inflationary pressures. This environment allows reinsurers like GLRE to secure more favorable pricing and improve underwriting margins.
Enhanced Capital Management and Shareholder Returns: GLRE has actively engaged in capital management strategies, including share buybacks, which can enhance book value per share and signal confidence in the company's intrinsic value. This approach can attract investors seeking companies that return capital to shareholders.

Bear Thesis:

Volatility and Potential Underperformance of Investment Portfolio: The reliance on Greenlight Capital's concentrated and often contrarian investment strategy introduces significant volatility. Periods of underperformance by the hedge fund could materially depress GLRE's book value and overall financial results, overshadowing underwriting gains.
Exposure to Catastrophic Loss Events: As a property and casualty reinsurer, GLRE remains inherently exposed to large-scale natural catastrophes (e.g., hurricanes, earthquakes, wildfires). A series of significant loss events could severely impact underwriting profitability, capital, and potentially lead to rating downgrades.
Intense Competition in the Reinsurance Market: Despite recent hardening, the reinsurance market remains highly competitive, with new capital often entering the market when rates improve. This competition can put downward pressure on rates and make it challenging for GLRE to consistently achieve its underwriting targets and maintain market share.
Concentration Risk with External Investment Manager: The substantial portion of GLRE's assets managed by a single external entity, Greenlight Capital, creates a concentration risk. Any strategic missteps, prolonged poor performance, or changes in leadership at Greenlight Capital directly and significantly impact GLRE's financial health and investor perception.

Main Competitors:

RenaissanceRe Holdings Ltd. ($RNR) (Property Catastrophe Reinsurance, Specialty Reinsurance), Competes for property catastrophe and specialty reinsurance business globally, offering strong underwriting expertise, sophisticated risk modeling, and a robust balance sheet. While its investment strategy is generally more conservative than GLRE's, it attracts capital seeking stable, well-managed reinsurance exposure.
Everest Re Group, Ltd. ($ERM) (Diversified Global Reinsurance (Property, Casualty, Specialty)), A large, diversified global reinsurer competing across a broad spectrum of property, casualty, and specialty lines. It offers extensive capacity, global reach, and a strong financial rating, appealing to cedents seeking comprehensive reinsurance solutions and stable partners, often with more conservative investment profiles than GLRE.
Arch Capital Group Ltd. ($ACGL) (Insurance, Reinsurance, Mortgage Insurance), Competes in the reinsurance market with a focus on strong underwriting discipline and a diversified portfolio. Arch is known for its analytical approach and ability to deploy capital effectively across various market cycles, attracting clients and investors who prioritize underwriting profitability and capital efficiency over aggressive investment returns.
SiriusPoint Ltd. ($SPNT) (Global Insurance & Reinsurance), Competes by combining traditional underwriting with an alternative investment strategy, similar in concept to GLRE's model. SiriusPoint aims to generate superior returns through both underwriting profits and active investment management, appealing to investors and clients looking for a hybrid approach to risk and capital deployment, albeit with different investment managers.

Moat:

Greenlight Capital Re's primary competitive advantage (moat) lies in its unique business model, which combines traditional reinsurance underwriting with an actively managed investment portfolio overseen by David Einhorn's Greenlight Capital. This offers investors a differentiated exposure to both insurance risk and hedge fund-style investment returns. Competition is multifaceted: it faces large, diversified traditional reinsurers (like RenaissanceRe, Everest Re, Arch Capital) who compete on underwriting expertise, financial strength, and global reach, typically with more conservative investment strategies. Additionally, it competes with a smaller segment of hybrid insurance/reinsurance companies (such as SiriusPoint) that also aim to generate returns through both underwriting and alternative investment management, though with different investment partners and strategies.

Income Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-05-04	2009-02-23	2008-11-04	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30

revenues
gross premiums written	227,938,000	161,311,000	184,377,000	179,628,000	247,945,000	143,756,000	168,346,000	168,975,000	217,258,000	112,338,000	183,074,000	154,943,000	186,455,000	127,359,000	155,146,000	134,780,000	145,886,000	125,144,000	128,735,000	141,579,000	169,935,000	117,719,000	135,596,000	116,689,000	109,787,000	98,470,000	110,607,000	152,340,000	162,560,000	135,143,000	115,154,000	142,109,000	175,125,000	138,960,000	181,588,000	174,889,000	197,214,000	148,838,000	128,205,000	92,237,000	166,792,000	144,884,000	134,568,000	92,990,000	129,682,000	74,268,000	97,200,000	33,654,000	118,901,000	124,775,000	148,765,000	135,198,000	126,964,000	123,994,000	67,644,000	83,986,000	152,220,000	90,499,000	93,156,000	113,266,000	100,739,000	107,759,000	151,247,000	88,956,000	66,887,000	50,917,000	65,983,000	70,047,000	71,871,000	28,585,000	37,684,000	25,360,000	70,766,000	3,856,000	19,766,000	65,445,000
gross premiums ceded	-44,464,000	-16,508,000	-21,695,000	-15,101,000	-28,548,000	-12,459,000	-26,598,000	-14,832,000	-23,181,000	-7,022,000	-14,789,000	-9,739,000	-11,212,000	-11,456,000	-8,801,000	-7,163,000	-6,009,000	-35,000	-60,000	-1,000	55,000	6,000	-1,464,000	-132,000	-678,000	-90,000	-4,035,000	-23,141,000	-21,401,000	-30,252,000	-15,456,000	-27,237,000	-29,843,000	-42,707,000	-7,931,000	-2,523,000	-3,426,000	-2,267,000	-2,119,000	-3,522,000	-2,107,000	-3,219,000	-2,288,000	-1,868,000	-1,626,000	-2,088,000	-2,706,000	-2,759,000	-5,940,000	-1,855,000	-2,389,000	-2,514,000	3,978,000	31,000	30,637,000	4,602,000	-10,994,000				-3,476,000				-578,000				-1,220,000	-2,678,000	1,169,000	-5,615,000	-9,272,000	2,336,000	-209,000	-14,534,000
net premiums written	183,474,000	144,803,000	162,682,000	164,527,000	219,397,000	131,297,000	141,748,000	154,143,000	194,077,000	105,316,000	168,285,000	145,204,000	175,243,000	115,903,000	146,345,000	127,617,000	139,877,000	125,109,000	128,675,000	141,578,000	169,990,000	117,725,000	134,132,000	116,557,000	109,109,000	98,380,000	106,572,000	129,199,000	141,159,000	104,891,000	99,698,000	114,872,000	145,282,000	96,253,000	173,657,000	172,366,000	193,788,000	146,571,000	126,086,000	88,715,000	164,685,000	141,665,000	132,280,000	91,122,000	128,056,000	72,180,000	94,494,000	30,895,000	112,961,000	122,920,000	146,376,000	132,684,000	130,942,000	124,025,000	98,281,000	88,588,000	141,226,000	73,546,000	83,848,000	96,083,000	97,263,000			84,945,000	66,309,000	48,366,000	63,089,000	63,436,000	70,651,000	25,907,000	38,853,000	19,745,000	61,494,000	6,192,000	19,557,000	50,911,000
change in net unearned premium reserves	-29,329,000	20,818,000	2,737,000	-2,886,000	-50,934,000	16,839,000	10,136,000	4,255,000	-32,541,000	32,129,000	-5,175,000	-5,261,000	-32,594,000	-4,518,000	-24,397,000	-17,398,000	-13,952,000	10,771,000	6,849,000	-9,099,000	-34,594,000	2,732,000	-18,613,000	-8,143,000	1,912,000	10,243,000	22,582,000	-8,758,000	-15,797,000	14,708,000	14,406,000	13,944,000	562,000	44,832,000	-964,000	-12,042,000	-41,886,000	-9,939,000	-13,294,000	36,867,000	-26,573,000	-21,750,000	-30,286,000	563,000	-33,263,000	3,025,000	-15,003,000	56,960,000	-1,272,000	18,617,000	17,515,000	316,000	-21,471,000	-5,470,000	18,276,000	41,426,000	-39,637,000	3,574,000	6,500,000	11,068,000	7,894,000	-393,000			-10,993,000				-24,458,000	8,271,000	-10,256,000	4,937,000	-34,002,000	15,250,000	11,155,000	-25,939,000
net premiums earned	154,145,000	165,621,000	165,419,000	161,641,000	168,463,000	148,136,000	151,884,000	158,398,000	161,536,000	137,445,000	163,110,000	139,943,000	142,649,000	111,385,000	121,948,000	110,219,000	125,925,000	135,880,000	135,524,000	132,479,000	135,396,000	120,457,000	115,519,000	108,414,000	111,021,000	108,623,000	129,154,000	120,441,000	125,362,000	119,599,000	114,104,000	128,816,000	145,844,000	141,085,000	172,693,000	160,324,000	151,902,000	136,632,000	112,792,000	125,582,000	138,112,000	119,915,000	101,994,000	91,685,000	94,793,000	75,205,000	79,491,000	87,855,000	111,689,000	141,537,000	163,891,000	133,000,000	109,471,000	118,555,000	116,557,000	130,014,000	101,589,000	77,120,000	90,348,000	107,151,000	105,157,000	103,583,000	79,401,000	49,401,000	55,316,000	62,483,000	56,657,000	49,347,000	46,193,000	34,178,000	28,597,000	24,682,000	27,492,000	21,442,000	30,712,000	24,972,000
income from investment in related party investment fund	33,689,000	36,194,000	-14,404,000	-18,276,000	32,197,000	-8,817,000	19,844,000	4,330,000	18,248,000	905,000	-1,853,000	32,782,000	-3,138,000	30,370,000	8,521,000	11,876,000	4,077,000	22,283,000	-6,214,000	-2,006,000	4,024,000
net investment income	6,731,000	8,650,000	-2,950,000	10,470,000	8,287,000	21,343,000	8,244,000	8,224,000	8,143,000	12,662,000	6,958,000	9,369,000	8,378,000	2,161,000	3,038,000	5,280,000	3,660,000	3,066,000	10,303,000	4,046,000	14,650,000	9,864,000	466,000	3,934,000	6,837,000									9,111,250	63,976,000	-39,149,000	11,618,000	52,857,000	32,945,000	-38,054,000	28,435,000	-45,468,000	-191,322,000	-20,305,000	-24,829,000	72,820,000	-54,027,000	113,932,000	-10,150,000	83,306,000	49,448,000	24,247,000	61,139,000	-52,220,000	96,450,000	-36,896,000	71,606,000		1,070,000			64,324,000	33,881,000	22,632,000	-16,831,000	51,194,000	32,628,000	88,323,000	27,717,000	-33,580,000	-117,809,000	31,025,000		26,935,000	-4,776,000	19,924,000
foreign exchange gains	-4,905,000	-167,000	-1,994,000	6,271,000	4,355,000	-8,851,000	5,826,000	-932,000	-1,649,000
total revenues	189,660,000	210,298,000	146,071,000	160,106,000	213,302,000	141,842,000	188,008,000	174,863,000	191,313,000	155,485,000	166,922,000	189,689,000	154,986,000	145,513,000	126,723,000	121,418,000	133,029,000	164,382,000	139,233,000	134,516,000	150,420,000	169,417,000	123,985,000	114,745,000	75,945,000	100,862,000	138,188,000	140,349,000	158,754,000	62,259,000	32,545,000	88,084,000	141,000	124,535,000	236,149,000	121,478,000	163,513,000	188,735,000	145,545,000	87,810,000	166,276,000	73,748,000	-89,870,000	67,620,000	71,552,000	148,037,000	25,442,000	201,769,000	101,980,000	223,993,000	213,338,000	156,759,000	170,999,000	66,332,000	213,198,000	92,882,000	172,983,000	155,228,000	91,602,000	87,596,000	68,720,000	167,830,000	112,808,000	71,659,000	38,331,000	116,306,000	89,140,000	137,600,000	76,034,000	598,000	-89,212,000	55,707,000	21,730,000	48,377,000	25,936,000	44,896,000
yoy	-11.08%	48.26%	-22.31%	-8.44%	11.49%	-8.77%	12.63%	-7.82%	23.44%	6.85%	31.72%	56.23%	16.51%	-11.48%	-8.98%	-9.74%	-11.56%	-2.97%	12.30%	17.23%	98.06%	67.97%	-10.28%	-18.24%	-52.16%	62.00%	324.61%	59.34%	112491.49%	-50.01%	-86.22%	-27.49%	-99.91%	-34.02%	62.25%	38.34%	-1.66%	155.92%	-261.95%	29.86%	132.38%	-50.18%	-453.23%	-66.49%	-29.84%	-33.91%	-88.07%	28.71%	-40.36%	237.68%	0.07%	68.77%	-1.15%	-57.27%	132.74%	6.03%	151.72%	-7.51%	-18.80%	22.24%	79.28%	44.30%	26.55%	-47.92%	-49.59%	19349.16%	-199.92%	147.01%	249.90%	-98.76%	-443.97%	24.08%
qoq	-9.81%	43.97%	-8.77%	-24.94%	50.38%	-24.56%	7.52%	-8.60%	23.04%	-6.85%	-12.00%	22.39%	6.51%	14.83%	4.37%	-8.73%	-19.07%	18.06%	3.51%	-10.57%	-11.21%	36.64%	8.05%	51.09%	-24.70%	-27.01%	-1.54%	-11.59%	154.99%	91.30%	-63.05%	62370.92%	-99.89%	-47.26%	94.40%	-25.71%	-13.36%	29.67%	65.75%	-47.19%	125.47%	-182.06%	-232.90%	-5.50%	-51.67%	481.86%	-87.39%	97.85%	-54.47%	4.99%	36.09%	-8.33%	157.79%	-68.89%	129.54%	-46.31%	11.44%	69.46%	4.57%	27.47%	-59.05%	48.77%	57.42%	86.95%	-67.04%	30.48%	-35.22%	80.97%	12614.72%	-100.67%	-260.15%	156.36%	-55.08%	86.52%	-42.23%
expenses
net loss and loss adjustment expenses incurred	91,155,000	100,036,000	88,593,000	100,079,000	122,884,000	122,745,000	93,165,000	102,033,000	109,326,000	75,932,000	96,843,000	90,504,000	96,725,000	63,696,000	94,559,000	60,823,000	97,407,000	79,902,000	110,400,000	86,957,000	97,721,000	84,889,000	88,053,000	89,194,000	75,697,000	94,184,000	92,962,000	78,476,000	122,865,000
acquisition costs	48,962,000	44,177,000	46,962,000	46,848,000	46,866,000	38,549,000	46,162,000	50,454,000	41,610,000	42,175,000	46,933,000	38,293,000	41,476,000	37,047,000	36,821,000	36,335,000	32,945,000	38,900,000	35,048,000	37,631,000	33,381,000	32,628,000	27,018,000	17,903,000	31,739,000	27,424,000	30,962,000	37,172,000	21,526,000	38,312,000	28,331,000	34,623,000	44,209,000	35,089,000	38,011,000	45,429,000	43,211,000	34,243,000	25,844,000	35,484,000	38,963,000	33,281,000	32,146,000	23,939,000	26,841,000	21,821,000	22,478,000	25,570,000	37,796,000	34,119,000	53,521,000	42,936,000	41,296,000	34,970,000	33,820,000	37,905,000	36,025,000	21,959,000	31,847,000	42,824,000	42,121,000	42,462,000	28,807,000	14,465,000	16,910,000	22,641,000	17,767,000	15,578,000	13,245,000	10,288,000	12,204,000	9,228,000	9,929,000	8,254,000	13,458,000	9,515,000
underwriting expenses	7,805,000	8,316,000	7,472,000	6,481,000	6,358,000
corporate and other expenses	5,742,000	6,781,000	5,399,000	4,755,000	4,672,000
deposit interest expense	32,000	54,000	94,000	124,000	149,000	208,000	377,000	1,886,000	876,000	2,042,000	278,000	235,000	132,000	344,000	6,148,000	191,000	34,000
interest expense	99,000	328,000	1,430,000	1,144,000	1,464,000	1,009,000	2,018,000	1,560,000	1,249,000	2,367,000	1,457,000	744,000	776,000	790,000	1,091,000	1,166,000	1,154,000	1,579,000	1,578,000	1,562,000	1,544,000	1,578,000	1,579,000	1,562,000	1,561,000	1,579,000	1,578,000	1,562,000	1,544,000	1,578,000	927,000
total expenses	153,795,000	159,692,000	149,950,000	159,431,000	182,393,000	170,188,000	152,048,000	166,450,000	163,775,000	137,890,000	153,416,000	139,801,000	149,045,000	110,756,000	146,008,000	106,621,000	138,772,000	140,065,000	153,086,000	133,889,000	140,187,000	127,401,000	121,802,000	114,808,000	115,791,000	130,525,000	133,227,000	125,129,000	152,775,000	141,467,000	123,174,000	126,396,000	145,989,000	162,811,000	215,131,000	157,792,000	154,766,000	138,425,000	114,248,000	151,854,000	136,630,000	118,095,000	134,949,000	107,486,000	96,208,000	84,971,000	78,833,000	89,155,000	111,618,000	138,553,000	154,972,000	127,224,000	111,334,000	128,223,000	165,081,000	129,601,000	103,956,000	81,680,000	95,778,000	104,030,000	112,845,000	109,098,000	82,456,000	53,103,000	51,192,000	58,506,000	56,491,000	44,455,000	47,819,000	32,169,000	30,433,000	21,775,000	26,513,000	19,136,000	28,029,000	23,579,000
income before income tax	35,865,000	50,606,000	-3,879,000	675,000	30,909,000	-28,346,000	35,960,000	8,413,000	27,538,000	17,595,000	13,506,000	49,888,000	5,941,000	34,757,000	-19,285,000	14,797,000	-5,743,000	24,317,000	-13,853,000	627,000	10,233,000	42,016,000	2,183,000	-63,000	-39,846,000	-29,663,000	4,961,000	15,220,000	5,979,000	-79,208,000	-90,629,000	-38,312,000	-145,848,000	-38,276,000	21,018,000	-36,314,000	8,747,000	50,310,000	31,297,000	-64,044,000	29,646,000
income tax expense	-115,000	-1,325,000	-526,000	-346,000	-1,282,000	-419,250	-723,000	-435,000	-519,000																												-121,000													2,000	-90,000		-308,000	621,000	-645,000		-262,000				-1,000	-21,000			-9,000
net income	35,750,000	49,281,000	-4,405,000	329,000	29,627,000	-27,418,000	35,237,000	7,978,000	27,019,000	17,606,000	13,477,000	49,860,000	5,887,000	34,750,000	-18,469,000	14,788,000	-5,727,000	24,304,000	-13,853,000	628,000	6,499,000	42,016,000	2,183,000	-63,000	-40,270,000	-30,346,000	5,140,000	15,314,000	5,906,000	-85,094,000	-89,115,000	-37,368,000	-142,752,000	-37,732,000	19,875,000	-35,469,000	8,374,000	49,196,000	30,011,000	-62,995,000	28,669,000	-43,105,000	-219,677,000	-39,596,000	-24,047,000	60,688,000	-51,768,000	109,553,000	-8,881,000	83,930,000	56,536,000	28,500,000	56,733,000	-60,603,000	46,137,000	-36,069,000	65,133,000				-42,990,000	56,367,000	29,014,000	17,652,000	-12,391,000	57,281,000	32,258,000	92,196,000	27,810,000	-31,259,000	-118,433,000	33,538,000	-4,750,000	29,241,000	-2,093,000	21,317,000
yoy	20.67%	-279.74%	-112.50%	-95.88%	9.65%	-255.73%	161.46%	-84.00%	358.96%	-49.34%	-172.97%	237.17%	-202.79%	42.98%	33.32%	2254.78%	-188.12%	-42.16%	-734.59%	-1096.83%	-116.14%	-238.46%	-57.53%	-100.41%	-781.85%	-64.34%	-105.77%	-140.98%	-104.14%	125.52%	-548.38%	5.35%	-1804.71%	-176.70%	-33.77%	-43.70%	-70.79%	-214.13%	-113.66%	59.09%	-219.22%	-171.03%	324.35%	-136.14%	170.77%	-27.69%	-191.57%	284.40%	-115.65%	-238.49%	22.54%	-179.02%	-12.90%				-251.51%				246.95%	-1.60%	-10.06%	-80.85%	-144.56%	-283.25%	-127.24%	174.90%	-685.47%	-206.90%	5558.53%	57.33%
qoq	-27.46%	-1218.75%	-1438.91%	-98.89%	-208.06%	-177.81%	341.68%	-70.47%	53.46%	30.64%	-72.97%	746.95%	-83.06%	-288.15%	-224.89%	-358.22%	-123.56%	-275.44%	-2305.89%	-90.34%	-84.53%	1824.69%	-3565.08%	-99.84%	32.70%	-690.39%	-66.44%	159.30%	-106.94%	-4.51%	138.48%	-73.82%	278.33%	-289.85%	-156.03%	-523.56%	-82.98%	63.93%	-147.64%	-319.73%	-166.51%	-80.38%	454.80%	64.66%	-139.62%	-217.23%	-147.25%	-1333.57%	-110.58%	48.45%	98.37%	-49.76%	-193.61%	-231.35%	-227.91%	-155.38%					-176.27%	94.28%	64.37%	-242.46%	-121.63%	77.57%	-65.01%	231.52%	-188.97%	-73.61%	-453.13%	-806.06%	-116.24%	-1497.09%	-109.82%
net income margin %	18.85%	23.43%	-3.02%	0.21%	13.89%	-19.33%	18.74%	4.56%	14.12%	11.32%	8.07%	26.29%	3.80%	23.88%	-14.57%	12.18%	-4.31%	14.79%	-9.95%	0.47%	4.32%	24.80%	1.76%	-0.05%	-53.03%	-30.09%	3.72%	10.91%	3.72%	-136.68%	-273.82%	-42.42%	-101242.55%	-30.30%	8.42%	-29.20%	5.12%	26.07%	20.62%	-71.74%	17.24%	-58.45%	244.44%	-58.56%	-33.61%	41.00%	-203.47%	54.30%	-8.71%	37.47%	26.50%	18.18%	33.18%	-91.36%	21.64%	-38.83%	37.65%	0%	0%	0%	-62.56%	33.59%	25.72%	24.63%	-32.33%	49.25%	36.19%	67.00%	36.58%	-5227.26%	132.75%	60.20%	-21.86%	60.44%	-8.07%	47.48%
earnings per share
basic	1.06	1.46	-0.13	0.01	0.87	-0.79	1.03	0.23	0.79	0.52	0.4	1.46	0.17	1.03	-0.56	0.44	-0.17	0.71	-0.42	0.02	0.19	1.18	0.06		-1.11	-0.83	0.14	0.42	0.16	-2.25	-2.48	-1.01	-3.85	-1.01	0.53	-0.96	0.22	1.32	0.8	-1.69	0.77	-1.17	-5.98	-1.06	-0.65	1.63	-1.4	2.94	-0.24	2.28	1.53	0.77	1.54	-1.65	1.26	-0.98	1.78					1.55	0.8	0.48		1.053	0.89	2.54				0.93	-0.13	0.96	-0.06	0.78
diluted	1.05	1.43	-0.13	0.01	0.86	-0.78	1.01	0.23	0.78	0.51	0.39	1.32	0.17	1.01	-0.56	0.37	-0.17	0.71	-0.42	0.02	0.19	1.18	0.06		-1.11	-0.83	0.14	0.42	0.16	-2.25	-2.48	-1.01	-3.85	-1.01	0.53	-0.96	0.22	1.32	0.8	-1.69	0.77	-1.17	-5.98	-1.06	-0.65	1.6	-1.4	2.89	-0.24	2.23	1.5	0.76	1.52	-1.62	1.23	-0.98	1.75					1.52	0.78	0.47		1.04	0.88	2.51				0.92	-0.13	0.94	-0.06	0.76
weighted-average number of ordinary shares used in the determination of eps:
basic	33,618,851	33,816,820	33,760,337	33,969,716	33,949,967	34,097,572	34,120,955	34,238,863	34,272,230	34,067,974	34,070,818	34,070,818	34,059,185	33,908,156	33,127,384	33,871,359	32,926,227	34,204,364	32,929,097	34,667,114	34,522,994	36,172,216	35,677,554	35,776,736	36,138,245	36,079,419	36,841,623	36,100,665	35,972,665	35,951,659	35,952,472	36,952,472	37,087,169	37,002,260	37,345,985	37,025,703	37,341,338	37,267,145	37,323,575	37,281,392	37,107,039	36,670,466	36,710,216	37,303,265	37,173,008	37,242,687	36,984,650	37,246,922	36,808,386	36,838,128	36,875,716	36,830,046	36,730,315	36,702,128	36,678,653	36,660,267	36,550,953	36,548,466	36,153,743	36,153,743	36,118,963	36,420,719	36,452,224	36,436,903			36,286,514	36,252,925				35,981,386	35,981,312	30,311,639	35,981,312	27,472,993
diluted	34,174,109	34,502,525	33,760,337	34,423,679	34,418,262	34,653,453	34,810,066	34,699,182	34,653,381	34,797,859	34,801,864	38,267,137	38,231,607	39,769,790	33,127,384	40,111,152	32,926,227	34,351,016	32,929,097	34,821,248	34,646,783	36,278,028	35,779,703	35,776,736	36,138,245	36,079,419	36,921,490	36,829,963	36,364,358	35,951,659	35,952,472	36,952,472	37,087,169	37,002,260	37,375,273	37,042,506	37,376,649	37,340,018	37,385,481	37,281,392	37,422,921	36,670,466	36,710,216	37,303,265	37,173,008	37,874,387	36,984,650	37,902,106	36,808,386	37,585,167	37,645,053	37,537,500	37,424,894	37,361,338	37,402,725	36,660,267	37,279,371	37,286,454	36,153,743	36,153,743	36,118,963	37,224,173	37,218,906	37,218,783			36,828,726	36,689,711				36,652,441	35,981,312	30,813,243	35,981,312	27,980,421
ordinary share capital
balance - beginning of period	3,390				3,483
issued (forfeited) shares	8
repurchase of ordinary shares	-30
balance - end of period	3,368				3,456
additional paid-in capital
share-based compensation expense	2,426				1,325
retained earnings
total shareholders' equity	741,172				666,804
other income						-9,969,000	2,210,000	4,843,000	5,035,000	-7,093,000	-1,293,000	7,595,000	7,097,000	1,597,000	-6,784,000	-5,957,000	-633,000	3,153,000	-380,000	-3,000	-3,650,000	579,000	1,569,000	788,000	213,000	1,007,000	-887,000	1,117,000	1,069,000	-982,000	-683,000	-76,000	-487,000	-336,000	-520,000	303,000	-7,000	-754,000	-192,000	282,000	-271,000	-699,000	-542,000	-3,760,000	1,588,000	12,000	-22,000	-18,000	441,000	-850,000	-1,000	-488,000	389,000	-3,000	191,000	-236,000			184,000		-261,000	-77,000			-154,000	2,629,000			2,124,000
forfeited shares, net of issued shares					-27
general and administrative expenses						7,889,250	10,326,000	10,517,000	10,714,000	15,374,000	7,905,000	10,025,000	9,936,000	8,879,000	7,389,000	8,106,000	7,232,000	8,029,000	6,060,000	7,739,000	7,541,000	8,306,000	5,152,000	6,149,000	6,794,000	7,338,000	7,725,000	7,919,000	6,840,000	5,123,000	7,136,000	6,958,000	5,956,000	5,064,000	8,202,000	6,347,000	6,743,000	6,878,000	6,937,000	4,994,000	6,999,000	4,998,000	5,382,000	6,894,000	6,160,000	5,199,000	3,327,000	6,941,000	6,459,000	4,930,000	7,085,000	5,943,000	3,760,000	3,920,000	4,637,000	4,359,000	4,624,000	3,025,000	1,532,000	4,336,000	4,999,000	4,554,000	3,392,000	3,094,000	5,147,000	5,206,000	4,081,000	5,330,000	4,378,000	2,634,000	3,452,000	3,210,000	4,460,000	2,840,000	3,232,000	2,926,000
income tax benefit										11,000	-29,000	-28,000	-54,000	-7,000	816,000	-9,000	16,000	-13,000		1,000	-3,734,000				-424,000	-683,000	179,000	94,000	-73,000	-1,780,000	355,000	323,000	770,000	342,000	-65,000	295,000		-258,000	-305,000	258,000	-204,000	361,000	1,233,000	-54,000	215,000	-204,000	254,000	14,000	560,000			-142,000				201,000
weighted-average number of ordinary shares used in the determination of earnings and loss per share
basic	33,618,851	33,816,820	33,760,337	33,969,716	33,949,967	34,097,572	34,120,955	34,238,863	34,272,230	34,067,974	34,070,818	34,070,818	34,059,185	33,908,156	33,127,384	33,871,359	32,926,227	34,204,364	32,929,097	34,667,114	34,522,994	36,172,216	35,677,554	35,776,736	36,138,245	36,079,419	36,841,623	36,100,665	35,972,665	35,951,659	35,952,472	36,952,472	37,087,169	37,002,260	37,345,985	37,025,703	37,341,338	37,267,145	37,323,575	37,281,392	37,107,039	36,670,466	36,710,216	37,303,265	37,173,008	37,242,687	36,984,650	37,246,922	36,808,386	36,838,128	36,875,716	36,830,046	36,730,315	36,702,128	36,678,653	36,660,267	36,550,953	36,548,466	36,153,743	36,153,743	36,118,963	36,420,719	36,452,224	36,436,903			36,286,514	36,252,925				35,981,386	35,981,312	30,311,639	35,981,312	27,472,993
diluted	34,174,109	34,502,525	33,760,337	34,423,679	34,418,262	34,653,453	34,810,066	34,699,182	34,653,381	34,797,859	34,801,864	38,267,137	38,231,607	39,769,790	33,127,384	40,111,152	32,926,227	34,351,016	32,929,097	34,821,248	34,646,783	36,278,028	35,779,703	35,776,736	36,138,245	36,079,419	36,921,490	36,829,963	36,364,358	35,951,659	35,952,472	36,952,472	37,087,169	37,002,260	37,375,273	37,042,506	37,376,649	37,340,018	37,385,481	37,281,392	37,422,921	36,670,466	36,710,216	37,303,265	37,173,008	37,874,387	36,984,650	37,902,106	36,808,386	37,585,167	37,645,053	37,537,500	37,424,894	37,361,338	37,402,725	36,660,267	37,279,371	37,286,454	36,153,743	36,153,743	36,118,963	37,224,173	37,218,906	37,218,783			36,828,726	36,689,711				36,652,441	35,981,312	30,813,243	35,981,312	27,980,421
income from investment in related party investment fund [net of related party expenses of 703 and 1,981, (three and nine months ended september 30, 2019: 1,325 and 9,888, respectively)]																						-8,521,500	6,431,000
income from investment in related party investment fund [net of related party expenses of 616 and 1,278, (three and six months ended june 30, 2019: 3,131 and 8,563, respectively)]																								1,609,000
income from investment in related party investment fund [net of related party expenses of 662 and 5,432, respectively]																									-42,126,000
income from investment in related party investment fund [net of related party expenses of 1,326, 803, 9,888 and 803, respectively]																										12,942,500	6,609,000
net investment income [net of related party expenses of 0, 4,131, 0, and 8,585, respectively]																										2,316,250	3,312,000	4,386,000
loss attributable to non-controlling interest in related party joint venture																														169,000	1,159,000	621,000	2,326,000
net income attributable to greenlight capital re, ltd.																										-30,346,000	5,140,000	15,314,000	5,906,000
income from investment in related party investment fund [net of related party expenses of 3,131, 0, 8,563 and 0, respectively]																												14,405,000
income from investment in related party investment fund [net of related party expenses of 5,432 and 0, respectively]																													30,756,000
net investment income [net of related party expenses of 0 and 4,454, respectively]																													1,567,000
income from investment in related party investment fund [net of related party expenses of 803; 0; 803 and 0, respectively]																														-2,506,250	-10,025,000
net investment income [net of related party expenses of 1,832; 8,369; 10,418 and 17,013, respectively]																														-64,180,750	-70,851,000
loss and loss adjustment expenses incurred																														96,454,000	86,780,000	84,815,000	95,824,000	122,658,000	168,918,000	106,016,000	104,812,000	97,304,000	81,467,000	111,376,000	90,668,000	79,816,000	97,421,000	76,653,000	63,207,000	57,951,000	53,028,000	56,644,000	67,363,000	99,504,000	94,366,000	78,345,000	66,278,000	89,333,000	126,624,000	87,337,000	63,307,000	56,696,000	62,399,000	56,870,000	65,725,000	62,082,000	50,257,000	35,544,000	29,135,000	30,659,000	34,643,000	23,547,000	30,196,000	19,247,000	14,777,000	9,337,000	12,124,000	8,042,000	11,339,000	11,138,000
net income including non-controlling interest																														-68,335,250	-90,274,000	-37,989,000	-145,078,000	-37,934,000	20,953,000	-36,019,000	8,626,000	50,052,000	30,992,000	-63,786,000	29,442,000	-43,986,000	-223,586,000	-39,920,000		62,862,000	-53,137,000	112,628,000	-9,078,000	85,442,000	58,276,000	29,393,000	59,357,000	-61,270,000	47,472,000	-36,518,000	68,765,000
net investment income [net of related party expenses of 4,131, 3,148, 8,585 and 8,644]																																-40,656,000
net investment income [net of related party expenses of 4,454 and 5,497]																																	-145,216,000
loss attributable to non-controlling interest in joint venture																																		-195,000	-1,078,000	550,000	-252,000	-856,000	-981,000	791,000	-773,000	881,000	3,909,000		394,000	-377,250	1,369,000		197,000					-1,129,500	-1,335,000	449,000	-3,632,000
income before income tax expense																																										-44,347,000	-224,819,000	-39,866,000		63,066,000	-53,391,000	112,614,000	-9,638,000	85,440,000	58,366,000	29,535,000	59,665,000	-61,891,000	48,117,000	-36,719,000
income attributable to non-controlling interest in joint venture																																												324,000				-3,075,000		-1,512,000	-1,740,000	-893,000	-2,624,000
loss before income tax expense																																													-24,656,000
net loss including non-controlling interest																																													-24,441,000
weighted-average number of ordinary shares used in the determination of earnings per share
basic	33,618,851	33,816,820	33,760,337	33,969,716	33,949,967	34,097,572	34,120,955	34,238,863	34,272,230	34,067,974	34,070,818	34,070,818	34,059,185	33,908,156	33,127,384	33,871,359	32,926,227	34,204,364	32,929,097	34,667,114	34,522,994	36,172,216	35,677,554	35,776,736	36,138,245	36,079,419	36,841,623	36,100,665	35,972,665	35,951,659	35,952,472	36,952,472	37,087,169	37,002,260	37,345,985	37,025,703	37,341,338	37,267,145	37,323,575	37,281,392	37,107,039	36,670,466	36,710,216	37,303,265	37,173,008	37,242,687	36,984,650	37,246,922	36,808,386	36,838,128	36,875,716	36,830,046	36,730,315	36,702,128	36,678,653	36,660,267	36,550,953	36,548,466	36,153,743	36,153,743	36,118,963	36,420,719	36,452,224	36,436,903			36,286,514	36,252,925				35,981,386	35,981,312	30,311,639	35,981,312	27,472,993
diluted	34,174,109	34,502,525	33,760,337	34,423,679	34,418,262	34,653,453	34,810,066	34,699,182	34,653,381	34,797,859	34,801,864	38,267,137	38,231,607	39,769,790	33,127,384	40,111,152	32,926,227	34,351,016	32,929,097	34,821,248	34,646,783	36,278,028	35,779,703	35,776,736	36,138,245	36,079,419	36,921,490	36,829,963	36,364,358	35,951,659	35,952,472	36,952,472	37,087,169	37,002,260	37,375,273	37,042,506	37,376,649	37,340,018	37,385,481	37,281,392	37,422,921	36,670,466	36,710,216	37,303,265	37,173,008	37,874,387	36,984,650	37,902,106	36,808,386	37,585,167	37,645,053	37,537,500	37,424,894	37,361,338	37,402,725	36,660,267	37,279,371	37,286,454	36,153,743	36,153,743	36,118,963	37,224,173	37,218,906	37,218,783			36,828,726	36,689,711				36,652,441	35,981,312	30,813,243	35,981,312	27,980,421
other expense																																																									-212,000
income from continuing operations before income tax expense																																																									69,027,000
net income before non-controlling interest and income tax expense																																																														58,732,000	30,352,000	18,556,000	-12,861,000	38,502,000	32,649,000
non-controlling interest in loss of joint venture																																																										373,000		513,000	1,136,000				479,000				-330,000
net income before income tax expense																																																														56,679,000	29,039,000	17,702,000	-12,382,000	38,073,000	32,269,000
net investment loss																																																													-36,176,000												-5,762,000
net loss before non-controlling interest and income tax expense																																																													-44,125,000
net loss before income tax expense																																																													-42,989,000
loss per share
basic																																																													-1.19
diluted																																																													-1.19
weighted-average number of ordinary shares used in the determination of:
basic	33,618,851	33,816,820	33,760,337	33,969,716	33,949,967	34,097,572	34,120,955	34,238,863	34,272,230	34,067,974	34,070,818	34,070,818	34,059,185	33,908,156	33,127,384	33,871,359	32,926,227	34,204,364	32,929,097	34,667,114	34,522,994	36,172,216	35,677,554	35,776,736	36,138,245	36,079,419	36,841,623	36,100,665	35,972,665	35,951,659	35,952,472	36,952,472	37,087,169	37,002,260	37,345,985	37,025,703	37,341,338	37,267,145	37,323,575	37,281,392	37,107,039	36,670,466	36,710,216	37,303,265	37,173,008	37,242,687	36,984,650	37,246,922	36,808,386	36,838,128	36,875,716	36,830,046	36,730,315	36,702,128	36,678,653	36,660,267	36,550,953	36,548,466	36,153,743	36,153,743	36,118,963	36,420,719	36,452,224	36,436,903			36,286,514	36,252,925				35,981,386	35,981,312	30,311,639	35,981,312	27,472,993
diluted	34,174,109	34,502,525	33,760,337	34,423,679	34,418,262	34,653,453	34,810,066	34,699,182	34,653,381	34,797,859	34,801,864	38,267,137	38,231,607	39,769,790	33,127,384	40,111,152	32,926,227	34,351,016	32,929,097	34,821,248	34,646,783	36,278,028	35,779,703	35,776,736	36,138,245	36,079,419	36,921,490	36,829,963	36,364,358	35,951,659	35,952,472	36,952,472	37,087,169	37,002,260	37,375,273	37,042,506	37,376,649	37,340,018	37,385,481	37,281,392	37,422,921	36,670,466	36,710,216	37,303,265	37,173,008	37,874,387	36,984,650	37,902,106	36,808,386	37,585,167	37,645,053	37,537,500	37,424,894	37,361,338	37,402,725	36,660,267	37,279,371	37,286,454	36,153,743	36,153,743	36,118,963	37,224,173	37,218,906	37,218,783			36,828,726	36,689,711				36,652,441	35,981,312	30,813,243	35,981,312	27,980,421
gross premium ceded																																																														-2,057,000
net premium written																																																														74,715,750	147,608,000
non-controlling interest in income of joint venture																																																														-421,750
weighted-average number of ordinary shares used in the determination of
basic	33,618,851	33,816,820	33,760,337	33,969,716	33,949,967	34,097,572	34,120,955	34,238,863	34,272,230	34,067,974	34,070,818	34,070,818	34,059,185	33,908,156	33,127,384	33,871,359	32,926,227	34,204,364	32,929,097	34,667,114	34,522,994	36,172,216	35,677,554	35,776,736	36,138,245	36,079,419	36,841,623	36,100,665	35,972,665	35,951,659	35,952,472	36,952,472	37,087,169	37,002,260	37,345,985	37,025,703	37,341,338	37,267,145	37,323,575	37,281,392	37,107,039	36,670,466	36,710,216	37,303,265	37,173,008	37,242,687	36,984,650	37,246,922	36,808,386	36,838,128	36,875,716	36,830,046	36,730,315	36,702,128	36,678,653	36,660,267	36,550,953	36,548,466	36,153,743	36,153,743	36,118,963	36,420,719	36,452,224	36,436,903			36,286,514	36,252,925				35,981,386	35,981,312	30,311,639	35,981,312	27,472,993
diluted	34,174,109	34,502,525	33,760,337	34,423,679	34,418,262	34,653,453	34,810,066	34,699,182	34,653,381	34,797,859	34,801,864	38,267,137	38,231,607	39,769,790	33,127,384	40,111,152	32,926,227	34,351,016	32,929,097	34,821,248	34,646,783	36,278,028	35,779,703	35,776,736	36,138,245	36,079,419	36,921,490	36,829,963	36,364,358	35,951,659	35,952,472	36,952,472	37,087,169	37,002,260	37,375,273	37,042,506	37,376,649	37,340,018	37,385,481	37,281,392	37,422,921	36,670,466	36,710,216	37,303,265	37,173,008	37,874,387	36,984,650	37,902,106	36,808,386	37,585,167	37,645,053	37,537,500	37,424,894	37,361,338	37,402,725	36,660,267	37,279,371	37,286,454	36,153,743	36,153,743	36,118,963	37,224,173	37,218,906	37,218,783			36,828,726	36,689,711				36,652,441	35,981,312	30,813,243	35,981,312	27,980,421
earnings (loss) per share
basic																																																																	-0.34				0.77
diluted																																																																	-0.34				0.77
weighted average number of ordinary shares used in the determination of
basic																																																																	35,949,107	36,230,501			36,078,258	35,970,479	35,995,236
diluted																																																																	35,949,107	36,723,552			36,334,870	35,970,479	35,995,236
net income before non-controlling interest and corporate income tax expense																																																																				93,145,000	28,215,000
net income before corporate income tax expense																																																																				92,139,000	27,885,000
corporate income tax benefit																																																																				57,000
corporate income tax expense																																																																					75,000
net income before minority interest																																																																						-31,571,000	-119,645,000	33,932,000
minority interest in loss of joint venture																																																																						312,000	1,212,000		33,000
(loss) earnings per share
basic																																																																						-0.623	-3.29
diluted																																																																						-0.623	-3.29
minority interest in income of joint venture																																																																								-394,000
net loss before minority interest																																																																									-4,783,000
interest income on related party promissory note receivable

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-05-04	2009-03-31	2009-02-23	2008-11-04	2008-09-30	2008-06-30	2008-03-31	2008-02-23	2007-12-31	2007-09-30	2007-06-30

assets
investments
investment in related party investment fund, at fair value	515,244,000	504,555,000	456,861,000	461,265,000	435,341,000	387,144,000	397,888,000	351,468,000	307,138,000	258,890,000																				235,612,000	346,721,000
fixed maturity investments, at fair value	150,902,000	65,609,000
other investments	66,441,000	62,911,000	63,182,000	76,036,000	73,266,000	73,160,000	73,559,000	73,159,000	72,656,000	73,293,000	67,648,000	68,670,000	71,162,000	70,279,000	65,081,000	65,809,000	54,647,000	47,384,000	42,480,000	31,418,000	26,152,000	29,418,000	22,241,000	22,045,000	17,724,000	16,384,000	15,848,000	15,761,000	11,172,000	11,408,000
total investments	732,587,000	633,075,000	520,043,000	537,301,000	508,607,000	460,304,000	471,447,000	424,627,000	379,794,000	332,183,000	296,639,000	285,515,000	267,222,000	248,476,000	260,280,000	255,065,000	205,657,000	230,975,000	222,719,000	206,554,000	226,034,000	196,153,000	207,197,000	199,703,000	207,622,000	256,440,000	244,047,000	254,533,000	257,564,000	283,928,000	478,027,000	903,575,000	1,044,732,000	1,362,984,000	1,336,766,000	1,198,101,000	1,201,954,000	1,022,537,000	1,084,819,000	1,170,467,000	1,198,627,000	1,064,164,000	1,103,537,000	1,418,573,000	1,452,662,000	1,430,978,000	1,388,084,000	1,500,458,000	1,342,950,000	1,393,679,000	1,149,952,000	1,014,449,000	1,266,124,000	1,177,928,000	1,221,471,000	1,206,330,000	1,180,155,000	1,030,146,000	1,015,608,000	1,038,893,000	1,097,802,000	1,052,021,000	937,288,000	874,390,000	900,985,000	830,600,000	771,085,000
cash and cash equivalents	75,088,000	111,756,000	68,789,000	82,362,000	47,477,000	64,685,000	54,642,000	52,240,000	61,598,000	51,082,000	41,302,000	55,597,000	40,024,000	38,238,000	32,278,000	28,000,000	31,327,000	76,307,000	37,380,000	35,204,000	33,537,000	8,935,000	8,159,000	7,318,000	8,094,000	25,813,000	11,781,000	14,934,000	9,500,000	18,215,000	43,912,000	65,441,000	37,454,000	27,285,000	31,887,000	41,661,000	37,961,000	39,858,000	39,163,000	45,556,000	196,134,000	112,162,000	99,351,000	90,955,000	11,466,000	12,030,000	8,802,000	5,693,000	4,283,000	3,722,000	83,683,000	177,838,000	10,973,000	21,890,000	22,301,000	11,262,000	5,363,000	42,284,000	32,669,000	9,611,000	37,029,000	45,540,000	9,726,000	16,033,000	52,105,000	31,717,000	23,314,000	133,472,000	56,310,000	56,310,000	94,144,000	216,137,000	216,137,000	97,523,000	59,657,000	94,144,000	64,192,000	119,982,000	85,182,000
restricted cash and cash equivalents	535,151,000	531,976,000	586,444,000	576,698,000	595,282,000	584,402,000	567,091,000	561,930,000	581,208,000	604,648,000	622,624,000	627,734,000	626,236,000	668,310,000	648,897,000	669,603,000	701,412,000	634,794,000	692,542,000	709,672,000	697,689,000	745,371,000	723,107,000	731,292,000	735,954,000	742,093,000	762,225,000	745,908,000	730,155,000	685,016,000	673,835,000	1,264,941,000	1,254,055,000	1,503,813,000	1,349,989,000	1,352,839,000	1,344,059,000	1,202,651,000	1,098,718,000	1,077,546,000	1,157,656,000	1,236,589,000	1,046,157,000	1,649,016,000	1,524,999,000	1,296,914,000	1,367,168,000	1,318,823,000	1,228,916,000	1,334,074,000	1,316,584,000	1,226,080,000	1,378,563,000	1,206,837,000	1,289,434,000	922,889,000	1,021,034,000	957,462,000	940,757,000	956,663,000	938,173,000	977,293,000	631,758,000	523,986,000	610,455,000	590,871,000	493,755,000	387,172,000	344,520,000	344,520,000	248,330,000	400,360,000	400,360,000	441,747,000	272,995,000	248,330,000	371,607,000	403,873,000	303,270,000
reinsurance balances receivable	672,463,000	664,381,000	731,707,000	755,296,000	768,711,000	704,483,000	718,719,000	686,743,000	693,742,000	619,401,000	640,391,000	616,727,000	581,641,000	505,555,000	473,564,000	446,285,000	441,645,000	405,365,000	380,417,000	392,154,000	386,858,000	330,232,000	264,227,000	251,163,000	243,754,000	230,384,000	273,270,000	287,739,000	326,618,000	300,251,000	289,366,000	321,873,000	326,256,000	301,762,000	294,253,000	266,747,000	268,447,000	219,126,000	227,425,000	216,803,000	246,862,000	187,940,000	156,952,000	141,010,000	137,597,000	151,185,000	165,515,000	145,329,000	185,833,000	167,340,000	195,064,000	171,849,000	195,998,000	173,221,000	185,068,000	179,958,000	204,130,000	141,278,000	131,419,000	118,429,000	109,421,000	109,567,000	147,745,000	137,920,000	106,130,000	72,584,000	87,092,000	105,727,000	87,932,000	87,932,000	59,573,000	66,006,000	66,006,000	69,654,000	77,363,000	59,573,000	43,856,000	53,379,000	61,057,000
reinsurance recoverable on unpaid loss and loss adjustment expenses	86,237,000	81,392,000	82,783,000
deferred acquisition costs	100,691,000	99,954,000	98,476,000	98,816,000	96,759,000	82,249,000	82,206,000	83,305,000	84,891,000	79,956,000	85,102,000	83,017,000	84,555,000	82,391,000	78,836,000	70,343,000	66,378,000	63,026,000	60,634,000	60,780,000	58,591,000	51,014,000	51,696,000	49,227,000	48,034,000	49,665,000	50,607,000	56,754,000	52,657,000	49,929,000	52,717,000	56,136,000	60,263,000	62,350,000	77,241,000	78,216,000	73,470,000	61,022,000	55,818,000	52,828,000	68,184,000	59,823,000	54,023,000	43,055,000	42,554,000	34,420,000	38,245,000	32,259,000	53,046,000	51,797,000	62,083,000	63,712,000	64,027,000	59,177,000	57,735,000	60,321,000	75,722,000	68,725,000	79,859,000	80,625,000	87,090,000	87,389,000	85,172,000	45,338,000	36,626,000	34,401,000	37,180,000	34,117,000	24,347,000	24,347,000	17,629,000	17,804,000	17,804,000	15,251,000	15,135,000	17,629,000	7,302,000	11,276,000	15,275,000
unearned premiums ceded	58,528,000	39,223,000	36,123,000	36,623,000	38,895,000	29,545,000	35,270,000	28,184,000	25,202,000	17,261,000	18,700,000	19,227,000	20,783,000	18,153,000	13,659,000	9,294,000	4,878,000	42,000	26,000					165,000	558,000	901,000	7,739,000	25,724,000	24,253,000	24,981,000	25,900,000	28,735,000	25,450,000	25,120,000	6,131,000	2,979,000	3,155,000	2,377,000	3,131,000	3,669,000	2,805,000	3,251,000	2,680,000	2,683,000	3,670,000	4,027,000	5,264,000	5,635,000	6,050,000	3,173,000	3,143,000	2,901,000	2,468,000	3,616,000	6,041,000	11,929,000	27,004,000	27,233,000	19,954,000	18,159,000	7,809,000	7,424,000	6,325,000	5,510,000	4,869,000	6,478,000	7,819,000	9,813,000	6,464,000	6,464,000	7,367,000	10,147,000	10,147,000	15,595,000	13,257,000	7,367,000	8,744,000	16,207,000	20,854,000
other assets	8,527,000	8,026,000	9,690,000	6,957,000	8,402,000	4,765,000	6,364,000	4,272,000	5,769,000	5,089,000	6,680,000	6,293,000	7,128,000	6,019,000	6,425,000	5,107,000	5,882,000	5,885,000	6,737,000	3,838,000	4,394,000	2,993,000	3,264,000	1,521,000	1,738,000	2,164,000	3,099,000	2,622,000	2,849,000	2,559,000	4,118,000	4,327,000	3,818,000	3,230,000	5,697,000	6,247,000	3,717,000	4,303,000	4,878,000	7,077,000	7,189,000	6,864,000	6,008,000	8,742,000	6,028,000	5,478,000	7,454,000	8,072,000	5,475,000	4,565,000	4,048,000	6,269,000	3,424,000	3,559,000	3,553,000	4,755,000	2,783,000	5,492,000	3,602,000	5,364,000	2,557,000	3,886,000	2,947,000	6,537,000	3,231,000	4,754,000	5,302,000	3,797,000	4,417,000	4,417,000	3,915,000	956,000	956,000	2,006,000	1,788,000	3,915,000	965,000	805,000	1,200,000
total assets	2,269,272,000	2,169,783,000	2,134,055,000	2,188,024,000	2,152,096,000	2,016,223,000	2,001,686,000	1,899,948,000	1,876,969,000	1,735,307,000	1,739,629,000	1,715,665,000	1,644,516,000	1,580,381,000	1,524,543,000	1,493,123,000	1,468,548,000	1,427,494,000	1,413,537,000	1,422,534,000	1,422,112,000	1,357,650,000	1,296,060,000	1,279,456,000	1,288,049,000	1,355,193,000	1,422,180,000	1,455,803,000	1,479,256,000	1,435,445,000	1,704,312,000	2,778,768,000	2,876,649,000	3,357,393,000	3,170,708,000	3,012,244,000	3,008,836,000	2,664,693,000	2,593,752,000	2,704,784,000	2,929,828,000	2,712,522,000	2,514,379,000	3,424,828,000	3,253,228,000	2,995,292,000	3,030,895,000	3,130,836,000	2,941,285,000	3,095,276,000	2,933,892,000	2,755,270,000	3,020,211,000	2,722,753,000	2,857,670,000	2,477,409,000	2,603,411,000	2,343,488,000	2,279,230,000	2,284,745,000	2,336,528,000	2,338,002,000	1,861,461,000	1,651,602,000	1,762,152,000	1,624,216,000	1,466,389,000	1,312,716,000	1,128,804,000	1,128,804,000	958,005,000	1,116,700,000	1,116,700,000	1,260,021,000	1,058,741,000	958,005,000	1,094,145,000	1,106,581,000	1,002,812,000
liabilities and equity
liabilities
loss and loss adjustment expense reserves	966,339,000	967,960,000	938,308,000	944,985,000	916,600,000	860,969,000	811,152,000	752,757,000	730,655,000	661,554,000	658,234,000	621,101,000	595,799,000	555,468,000	540,827,000	526,445,000	549,141,000	524,010,000	540,779,000	514,642,000	512,843,000	494,179,000	481,770,000	467,655,000	455,669,000	470,588,000	479,435,000	470,066,000	507,931,000	482,662,000	474,943,000	474,338,000	484,599,000	464,380,000	445,778,000	359,355,000	340,030,000	306,641,000	282,941,000	354,703,000	341,132,000	305,997,000	302,165,000	270,435,000	260,310,000	264,243,000	278,504,000	303,097,000	329,012,000	329,894,000	325,652,000	301,859,000	349,902,000	356,470,000	349,395,000	294,647,000	277,913,000	241,279,000	241,100,000	218,618,000	219,709,000	186,467,000	161,180,000	164,747,000	146,253,000	137,360,000	131,611,000	115,534,000	99,734,000	99,734,000	81,425,000	68,504,000	68,504,000	57,367,000	52,139,000	81,425,000	42,377,000	39,375,000	28,628,000
unearned premium reserves	414,315,000	361,704,000	379,274,000	383,424,000	384,311,000	324,551,000	347,103,000	349,015,000	348,631,000	306,310,000	340,582,000	338,054,000	337,889,000	307,820,000	298,173,000	268,254,000	246,130,000	227,584,000	237,926,000	244,597,000	235,725,000	201,089,000	203,855,000	185,378,000	177,469,000	179,460,000	196,578,000	237,099,000	226,968,000	211,789,000	227,517,000	244,807,000	255,758,000	255,818,000	281,618,000	277,349,000	265,268,000	222,527,000	213,835,000	201,376,000	237,919,000	211,954,000	189,945,000	160,172,000	160,981,000	128,736,000	133,921,000	120,619,000	177,332,000	173,057,000	191,310,000	207,726,000	207,594,000	188,185,000	185,053,000	208,766,000	265,583,000	225,735,000	222,049,000	226,915,000	227,630,000	234,983,000	233,491,000	164,469,000	128,283,000	118,899,000	134,358,000	129,920,000	112,482,000	112,482,000	88,926,000	99,988,000	99,988,000	95,289,000	97,892,000	88,926,000	59,298,000	81,994,000	97,758,000
reinsurance balances payable	109,404,000	95,853,000	97,980,000	106,103,000	93,730,000	105,892,000	88,152,000	76,253,000	71,640,000	68,983,000	69,882,000	109,534,000	109,249,000	105,135,000	108,772,000	95,374,000	95,692,000	91,224,000	77,525,000	88,813,000	94,059,000	92,247,000	80,364,000	94,217,000	114,208,000	122,665,000	129,959,000	136,472,000	150,071,000	139,218,000	137,321,000	147,096,000	139,112,000	144,058,000	76,292,000	55,369,000	52,249,000	41,415,000	33,115,000	96,986,000	19,704,000	18,326,000	18,652,000	16,642,000	11,940,000	40,372,000	43,051,000	43,901,000	43,382,000	38,789,000	38,922,000	35,307,000	35,282,000	35,292,000	36,289,000	37,947,000	39,861,000	38,379,000	35,731,000	28,152,000	18,845,000	20,164,000	35,239,000	32,028,000	31,686,000	32,013,000	36,214,000	45,097,000	37,176,000	37,176,000	34,963,000	34,035,000	34,035,000	33,172,000	27,501,000	34,963,000	19,140,000	22,364,000	22,521,000
funds withheld	22,359,000	16,105,000	15,139,000	22,577,000	21,825,000	21,878,000	20,788,000	18,266,000	20,796,000	17,289,000	13,406,000	15,605,000	21,846,000	21,907,000	11,446,000	12,522,000	3,929,000	3,792,000	5,087,000	5,092,000	3,622,000	4,475,000	5,232,000	4,644,000	5,664,000	4,958,000	9,953,000	12,908,000	15,056,000	16,418,000	16,129,000	16,946,000	15,610,000	23,579,000	16,487,000	7,031,000	5,576,000	5,927,000	5,930,000	6,112,000	7,036,000	7,143,000	6,428,000	6,861,000	6,770,000	6,558,000	7,462,000	8,600,000	9,804,000	10,126,000	9,469,000	10,184,000	13,068,000	17,415,000	18,433,000	33,185,000	33,566,000	31,844,000	24,765,000	27,251,000	24,562,000	22,887,000	22,482,000	17,787,000	15,612,000	6,835,000	3,212,000	2,936,000	3,382,000	3,382,000	3,581,000	4,720,000	4,720,000	9,180,000	8,976,000	3,581,000	7,542,000	5,677,000	2,753,000
other liabilities	10,944,000	15,460,000	9,720,000	8,728,000	8,992,000	6,305,000	8,491,000	8,042,000	8,323,000	11,795,000	6,781,000	7,125,000	7,311,000	6,397,000	4,927,000	5,323,000	5,503,000	7,164,000	5,228,000	5,664,000	8,406,000	5,009,000	3,756,000	3,021,000	5,064,000	6,825,000	7,776,000	6,163,000	4,119,000	5,067,000	8,615,000	7,284,000	6,814,000	10,413,000	12,739,000	11,628,000	13,639,000	14,527,000	12,824,000	10,839,000	12,146,000	12,725,000	12,629,000	14,770,000	19,002,000	14,949,000	12,234,000	9,502,000	12,598,000	11,857,000	12,018,000	9,906,000	13,449,000	10,488,000	10,260,000	7,777,000	11,432,000	10,054,000	10,704,000	10,373,000	9,331,000	11,786,000	10,859,000	11,786,000	11,082,000	12,796,000	10,048,000	9,726,000	6,651,000	6,651,000	6,229,000	5,099,000	5,099,000	4,983,000	3,905,000	6,229,000	2,869,000
debt	4,739,000	4,724,000	34,745,000	58,889,000	59,834,000	60,749,000	62,582,000	61,595,000	72,466,000	73,281,000	74,879,000
total liabilities	1,528,100,000	1,461,806,000	1,475,166,000	1,524,706,000	1,485,292,000	1,380,344,000	1,338,268,000	1,265,928,000	1,252,511,000	1,139,212,000	1,163,764,000	1,154,544,000	1,134,475,000	1,077,261,000	1,057,591,000	1,008,830,000	1,000,141,000	951,831,000	963,023,000	955,708,000	949,993,000	892,793,000	869,193,000	849,552,000	851,150,000	878,010,000	915,637,000	955,065,000	994,941,000	955,981,000	1,130,264,000	2,110,667,000	2,169,028,000	2,505,967,000	2,284,978,000	2,148,360,000	2,107,673,000	1,773,006,000	1,755,202,000	1,888,538,000	2,050,853,000	1,863,749,000	1,622,763,000	2,297,332,000	2,082,580,000	1,801,251,000	1,896,134,000	1,945,641,000	1,868,091,000	2,008,972,000	1,933,297,000	1,814,054,000	2,109,409,000	1,862,343,000	1,963,455,000	1,631,713,000	1,722,107,000	1,497,790,000	1,513,272,000	1,514,560,000	1,550,874,000	1,498,841,000	1,094,661,000	916,338,000	1,045,458,000	894,978,000	817,712,000	698,170,000	608,259,000	608,259,000	472,623,000	598,441,000	598,441,000	624,267,000	457,327,000	472,623,000	488,563,000	530,391,000	425,299,000
commitments and contingencies
shareholders' equity
preferred share capital
ordinary share capital	3,368,000	3,390,000	3,394,000	3,420,000	3,456,000	3,483,000	3,483,000	3,532,000	3,532,000	3,534,000	3,534,000	3,527,000	3,526,000	3,482,000	3,482,000	3,472,000	3,472,000	3,384,000	3,384,000	3,417,000	3,485,000	3,452,000	3,537,000	3,627,000	3,743,000	3,699,000	3,699,000	3,679,000	3,672,000	3,638,000	3,639,000	3,742,000	3,755,000	3,736,000	3,735,000	3,737,000	3,744,000	3,737,000	3,736,000	3,732,000	3,723,000	3,703,000	3,703,000	3,746,000	3,752,000	3,738,000	3,733,000	3,729,000	3,721,000	3,705,000	3,688,000	3,687,000	3,682,000	3,670,000	3,668,000	3,668,000	3,663,000	36,544,000	3,651,000	3,658,000	3,654,000	3,646,000	3,646,000	3,645,000	3,642,000	3,632,000	3,631,000	3,628,000	3,624,000	3,624,000	3,604,000	3,627,000	3,627,000	3,627,000	3,623,000	3,604,000	3,610,000	3,610,000	3,610,000
additional paid-in capital	476,377,000	478,910,000	479,099,000	479,097,000	482,876,000	481,551,000	481,672,000	487,462,000	485,878,000	484,532,000	481,908,000	480,648,000	479,429,000	478,439,000	477,021,000	475,903,000	474,805,000	481,784,000	480,939,000	483,365,000	489,218,000	488,488,000	492,429,000	497,559,000	504,375,000	503,547,000	502,561,000	501,916,000	500,814,000	499,726,000	498,600,000	503,331,000	504,570,000	503,316,000	501,766,000	500,682,000	501,180,000	500,337,000	499,497,000	498,189,000	497,141,000	496,401,000	495,258,000	500,641,000	501,587,000	500,553,000	499,638,000	498,439,000	497,574,000	496,622,000	495,610,000	494,509,000	493,492,000	492,469,000	491,262,000	490,215,000	489,310,000	488,478,000	487,671,000	487,567,000	486,566,000	485,555,000	484,535,000	483,327,000	482,366,000	481,449,000	480,553,000	479,311,000	478,516,000	478,516,000	477,571,000	479,166,000	479,166,000	478,228,000	477,430,000	477,571,000	476,861,000	476,457,000	475,686,000
retained earnings	261,427,000	225,677,000	176,396,000	180,801,000	180,472,000	150,845,000	178,263,000	143,026,000	135,048,000	108,029,000	90,423,000	76,946,000	27,086,000	21,199,000	-13,551,000	4,918,000	-9,870,000	-9,505,000	-33,809,000	-19,956,000	-20,584,000	-27,083,000	-69,099,000	-71,282,000	-71,219,000	-30,063,000	283,000	-4,857,000	-20,171,000	-26,077,000	54,742,000	143,873,000	181,520,000	324,272,000	362,004,000	342,318,000	378,542,000	370,168,000	320,972,000	290,961,000	353,956,000	325,287,000	368,392,000	594,937,000	636,813,000	660,860,000	600,172,000	651,940,000	542,387,000	551,268,000	467,338,000	410,802,000	382,302,000	325,569,000	386,172,000	340,035,000	376,104,000	310,971,000	240,770,000	245,251,000	261,212,000	304,202,000	247,835,000	218,821,000	201,169,000	213,560,000	156,382,000	124,212,000	32,017,000	32,017,000	4,207,000	35,466,000	35,466,000	153,899,000	120,361,000	4,207,000	125,111,000	96,123,000	98,217,000
total shareholders' equity	741,172,000	707,977,000	658,889,000	663,318,000	666,804,000	635,879,000	663,418,000	634,020,000	624,458,000	596,095,000	575,865,000	561,121,000	510,041,000	503,120,000	466,952,000	484,293,000	468,407,000	475,663,000	450,514,000	466,826,000	472,119,000	464,857,000	426,867,000	429,904,000	436,899,000
total liabilities and equity	2,269,272,000	2,169,783,000	2,134,055,000	2,188,024,000	2,152,096,000	2,016,223,000	2,001,686,000	1,899,948,000	1,876,969,000	1,735,307,000	1,739,629,000	1,715,665,000	1,644,516,000	1,580,381,000	1,524,543,000	1,493,123,000	1,468,548,000	1,427,494,000	1,413,537,000	1,422,534,000	1,422,112,000	1,357,650,000	1,296,060,000	1,279,456,000											3,170,708,000	3,012,244,000	3,008,836,000	2,664,693,000	2,593,752,000	2,704,784,000	2,929,828,000	2,712,522,000	2,514,379,000	3,424,828,000	3,253,228,000	2,995,292,000	3,030,895,000	3,130,836,000	2,941,285,000	3,095,276,000	2,933,892,000	2,755,270,000	3,020,211,000	2,722,753,000	2,857,670,000	2,477,409,000	2,603,411,000	2,343,488,000
loss and loss adjustment expenses recoverable				93,971,000	87,963,000	85,790,000	65,947,000	58,647,000	44,765,000	25,687,000	28,191,000	21,555,000	16,927,000	13,239,000	10,604,000	9,426,000	11,369,000	11,100,000	13,082,000	14,332,000	15,009,000	16,851,000	19,949,000	20,225,000	23,095,000	27,531,000	41,535,000	40,787,000	46,196,000	43,705,000	37,835,000	37,005,000	39,482,000	29,459,000	18,447,000	2,661,000	2,582,000	2,704,000	3,220,000	72,328,000	3,548,000	3,368,000	3,253,000	2,906,000	2,655,000	11,523,000	11,214,000	12,848,000	16,192,000	16,829,000	17,996,000	20,136,000	21,133,000	34,451,000	34,006,000	36,911,000	36,676,000	29,758,000	21,683,000	15,236,000	14,580,000	11,976,000
investment in related party investment fund											228,991,000	216,845,000	196,060,000	178,197,000	195,199,000	189,256,000	151,010,000	183,591,000	180,239,000	175,136,000	199,882,000	166,735,000	184,956,000	177,658,000	189,898,000	240,056,000	228,199,000	238,772,000	246,392,000
convertible senior notes payable												63,125,000	62,381,000	80,534,000	93,446,000	100,912,000	99,746,000	98,057,000	96,478,000	96,900,000	95,338,000	95,794,000	94,216,000	94,637,000	93,076,000	93,514,000	91,936,000	92,357,000	90,796,000
notes receivable																						6,101,000	18,461,000	18,842,000	19,200,000	20,202,000	27,877,000	26,802,000	29,464,000	26,861,000	29,436,000	28,612,000	31,008,000	28,497,000	29,653,000	33,627,000	35,236,000	33,734,000	34,102,000	34,785,000	35,537,000	25,146,000	27,546,000	29,857,000	30,115,000	1,566,000	2,046,000	4,261,000	15,917,000	16,049,000	15,784,000	15,919,000	15,865,000	19,330,000	19,078,000	19,082,000	18,305,000	17,437,000	17,664,000	17,955,000	15,367,000	14,205,000	14,491,000	15,434,000	15,175,000	15,424,000	16,152,000	16,952,000	16,915,000	16,915,000
total liabilities, redeemable non-controlling interest and equity																									1,288,049,000	1,355,193,000	1,422,180,000	1,455,803,000	1,479,256,000	1,435,445,000	1,704,312,000	2,778,768,000	2,876,649,000	3,357,393,000
equity securities, trading, at fair value																														36,908,000	57,776,000	820,493,000	955,255,000	1,203,672,000	1,195,864,000	1,053,640,000	1,054,427,000	844,001,000	834,281,000	899,904,000	934,232,000	905,994,000	966,755,000	1,217,462,000	1,245,720,000	1,266,175,000	1,214,510,000	1,321,426,000	1,227,911,000	1,282,156,000	1,030,207,000	912,202,000	1,112,684,000	1,042,715,000	1,068,534,000	1,058,729,000	1,033,572,000	890,822,000	794,088,000	831,175,000	897,429,000	839,921,000	744,292,000	649,431,000	652,869,000	593,201,000	546,805,000	401,139,000	436,490,000	436,490,000	409,329,000	368,864,000	368,864,000			409,329,000
due to related party investment fund																														9,642,000	111,697,000
redeemable non-controlling interest in related party joint venture																														1,692,000	15,310,000	6,436,000	6,705,000	7,169,000
equity
shareholders’ equity attributable to greenlight capital re, ltd.																										477,183,000	506,543,000	500,738,000	484,315,000	477,287,000
non-controlling interest in related party joint venture																														485,000	1,757,000	10,719,000	11,071,000	12,933,000
total equity																										477,183,000	506,543,000	500,738,000	484,315,000	477,772,000	558,738,000	661,665,000	700,916,000	844,257,000	885,730,000	863,884,000	901,163,000	891,687,000	838,550,000	816,246,000	878,975,000	848,773,000	891,616,000	1,127,496,000	1,170,648,000	1,194,041,000	1,134,761,000	1,185,195,000	1,073,194,000	1,086,304,000	1,000,595,000	941,216,000	910,802,000	860,410,000	894,215,000	845,696,000	881,304,000	845,698,000
debt instruments, trading, at fair value																															25,000	13,831,000	19,350,000	7,180,000	1,737,000	6,271,000	8,074,000	22,473,000	74,058,000	93,893,000	73,879,000	39,087,000	28,657,000	43,482,000	47,338,000	49,212,000	23,648,000	4,600,000	4,330,000	4,312,000	12,499,000	8,506,000	7,100,000	1,763,000	6,361,000	9,088,000	6,755,000	10,639,000	2,926,000	3,364,000	2,912,000	15,610,000	20,060,000	55,294,000	90,721,000	95,838,000	157,686,000	134,347,000
financial contracts receivable, at fair value																															69,166,000	68,123,000	54,131,000	12,893,000	20,644,000	29,166,000	38,255,000	76,381,000	42,478,000	23,725,000	13,286,000	13,215,000	14,872,000	38,031,000	41,482,000	47,171,000	37,103,000	97,458,000	82,623,000	104,048,000	85,555,000	56,117,000	61,636,000	22,744,000	18,983,000	23,972,000	32,239,000	23,673,000	16,015,000	23,810,000	26,700,000	28,701,000	16,491,000	17,504,000	24,377,000	30,117,000	18,039,000	19,156,000	23,563,000	23,563,000	21,419,000	6,323,000	6,323,000	4,620,000	3,961,000	21,419,000	222,000	1,681,000	1,151,000
securities sold, not yet purchased, at fair value																																681,278,000	676,938,000	912,797,000	890,001,000	878,714,000	867,709,000	859,902,000	802,863,000	797,773,000	876,248,000	882,906,000	800,105,000	1,285,354,000	1,327,605,000	1,090,731,000	1,113,300,000	1,102,298,000	986,408,000	1,111,690,000	1,065,072,000	950,076,000	1,092,473,000	908,368,000	1,020,031,000	663,542,000	745,520,000	683,816,000	652,012,000	680,863,000	636,675,000	726,737,000	578,790,000	488,366,000	584,926,000	570,875,000	469,718,000	369,293,000	319,337,000	319,337,000	234,301,000	369,504,000	369,504,000	409,218,000	258,322,000	234,301,000	332,706,000	345,861,000	241,317,000
financial contracts payable, at fair value																															20,749,000	18,746,000	15,397,000	22,222,000	10,409,000	15,355,000	3,215,000	2,237,000	2,570,000	5,290,000	9,106,000	28,245,000	25,864,000	28,035,000	40,312,000	44,592,000	30,133,000	22,449,000	23,659,000	18,857,000	17,962,000	27,345,000	14,847,000	19,637,000	15,609,000	12,972,000	15,962,000	6,324,000	7,593,000	12,896,000	12,648,000	22,746,000	25,653,000	15,624,000	14,787,000	16,200,000	16,296,000	12,966,000	26,465,000	26,465,000	17,140,000	10,272,000	10,272,000	1,643,000	1,880,000	17,140,000	17,746,000	32,413,000	27,579,000
due to prime brokers and other financial institutions																															43,687,000	520,172,000	574,800,000	672,700,000
convertible senior notes payable, net of deferred costs																														91,185,000	89,606,000
other investments, at fair value																															73,505,000	69,251,000	70,127,000	152,132,000	139,165,000	138,190,000	139,453,000	156,063,000	176,480,000	176,670,000	190,516,000	119,083,000	108,125,000	157,629,000	159,604,000	115,591,000	149,926,000	174,432,000	110,709,000	107,211,000	107,246,000	93,741,000	146,340,000	133,450,000	146,576,000	138,513,000	139,828,000	128,685,000	218,594,000	204,354,000	197,461,000	196,490,000	172,936,000	169,665,000	157,395,000	141,561,000	66,594,000	60,144,000	11,755,000	11,755,000	14,423,000	12,165,000	12,165,000	11,013,000		14,423,000
shareholders’ equity attributable to shareholders																															556,981,000	650,946,000	689,845,000	831,324,000	867,505,000	846,737,000	883,466,000	874,242,000	824,205,000	792,882,000	854,820,000	825,391,000	867,353,000	1,099,324,000	1,142,152,000	1,165,151,000	1,103,543,000	1,154,108,000	1,043,682,000	1,051,595,000	966,636,000	908,998,000	879,476,000	821,708,000	881,102,000	833,918,000	869,077,000	803,103,000
due to prime brokers																																			547,699,000	543,559,000	558,798,000	319,830,000	398,711,000	415,459,000	544,481,000	396,453,000	266,975,000	515,063,000	255,660,000	211,070,000	266,677,000	311,130,000	285,896,000	314,702,000	239,074,000	249,728,000	366,681,000	326,488,000	296,739,000	365,007,000	315,291,000	260,359,000	319,318,000	309,492,000	401,474,000	273,071,000	22,822,000	21,013,000	112,829,000
performance compensation payable to related party																																			3,955,000		1,189,000		2,413,000		3,081,000						10,852,000	24,045,000			33,818,000	21,923,000	16,113,000		31,646,000	7,870,000	16,979,000						4,145,000	518,000			16,255,000	12,698,000	3,032,000	3,032,000				6,145,000
non-controlling interest in joint venture																																			18,225,000	17,147,000	17,697,000	17,445,000	14,345,000	23,364,000	24,155,000	23,382,000	24,263,000	28,172,000	28,496,000	28,890,000	31,218,000	31,087,000	29,512,000	34,709,000	33,959,000	32,218,000	31,326,000	38,702,000	13,113,000	11,778,000	12,227,000	42,595,000	33,866,000	33,709,000	34,222,000	45,758,000	30,784,000	29,471,000	29,517,000	30,597,000	8,111,000	7,395,000	6,388,000	6,388,000
liabilities and shareholders’ equity
shareholders’ equity
total shareholders’ equity																																																											765,958,000	770,185,000	785,654,000	839,161,000	766,800,000	735,264,000	716,694,000	729,238,000	648,677,000	614,546,000	520,545,000	520,545,000	485,382,000	518,259,000	518,259,000	635,754,000	601,414,000	485,382,000	605,582,000	576,190,000	577,513,000
total liabilities and shareholders’ equity																																																											2,279,230,000	2,284,745,000	2,336,528,000	2,338,002,000	1,861,461,000	1,651,602,000	1,762,152,000	1,624,216,000	1,466,389,000	1,312,716,000	1,128,804,000	1,128,804,000	958,005,000	1,116,700,000	1,116,700,000	1,260,021,000	1,058,741,000	958,005,000	1,094,145,000	1,106,581,000	1,002,812,000
loss and loss adjustment expense recoverable																																																															9,518,000		8,199,000
loss and loss adjustment expense recoverables																																																																8,950,000		7,270,000	6,651,000	6,880,000	7,000,000	7,000,000	11,662,000	9,480,000	9,480,000	7,680,000	7,916,000	11,662,000	6,721,000	7,462,000	5,269,000
investments in securities
total investments in securities																																																																				595,630,000	557,336,000	557,336,000	493,966,000	389,487,000	389,487,000	605,945,000	606,669,000	493,966,000	590,536,000	491,537,000	507,003,000
debt securities, trading, at fair value																																																																					109,091,000	109,091,000	70,214,000	8,458,000	8,458,000	6,328,000		70,214,000
minority interest in joint venture																																																																							6,058,000	6,319,000	6,319,000	7,270,000	6,712,000	6,058,000
equity investments, trading, at fair value																																																																										588,604,000
fixed maturities, trading at fair value																																																																											4,296,000		1,520,000	1,528,000	2,163,000
equity investments, trading at fair value																																																																											589,146,000		570,440,000	482,424,000	501,175,000
other investments, at estimated fair value																																																																											13,227,000		18,576,000	7,585,000	3,665,000
performance fee payable to related party																																																																													6,885,000
investment income receivable																																																																														379,000	2,551,000
dividends payable on securities sold, not yet purchased																																																																														1,057,000	696,000
accounts payable and accrued expenses																																																																														1,500,000	2,698,000
performance and management fees payable to related party																																																																														150,000	1,349,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-09-30	2009-05-04	2009-02-23	2008-06-30	2007-09-30	2007-06-30

cash flows from operating activities
net income	35,750,000	49,281,000	-4,405,000	329,000	29,627,000	-27,418,000	35,237,000	7,978,000	27,019,000	17,606,000	13,477,000	49,860,000	5,887,000	34,750,000	-18,469,000	14,788,000	-5,727,000	24,304,000	-13,853,000	628,000	6,499,000	42,016,000	2,183,000	-63,000	-40,270,000	-30,346,000	5,140,000	15,314,000	5,906,000	-85,094,000	-89,115,000	-37,368,000	-142,752,000	-37,732,000	19,875,000	-35,469,000	8,374,000	49,196,000	30,011,000	-62,995,000	28,669,000	-43,105,000	-219,677,000	-39,596,000	-24,047,000	60,688,000	-51,768,000	109,553,000	-8,881,000	83,930,000	56,536,000	28,500,000	56,733,000	-60,603,000	46,137,000	-36,069,000	65,133,000	70,201,000	-4,481,000			56,367,000	29,014,000	17,652,000	-12,391,000	152,264,000	27,810,000	-31,259,000	28,788,000	6,084,000	8,178,000
adjustments to reconcile net income or loss to net cash from operating activities:
income from investments in related party investment fund	-33,689,000			18,276,000	-32,197,000	8,817,000	-19,844,000	-4,330,000	-18,248,000
net realized and unrealized losses on investments	234,000
net realized and unrealized losses on derivatives			-39,000	-38,000	64,000	-393,000	623,000	-93,000	-472,000
share-based compensation expense	2,434,000	2,632,000	1,976,000	1,185,000	1,298,000	-121,000	1,649,000	1,584,000	1,344,000	2,624,000	1,267,000	1,220,000	1,034,000	1,418,000	1,163,000	1,098,000	1,005,000	845,000	793,000	827,000	763,000	1,084,000	-321,000	840,000	872,000	986,000	665,000	1,109,000	1,122,000																															1,013,000	1,011,000	1,020,000	1,209,000	974,000	885,000	2,549,000	743,000
accretion of debt offering costs, net of change in interest accruals	15,000	-21,000	-706,000	-8,000	23,000
net change in:
reinsurance balances receivable	-8,082,000	67,326,000	23,589,000	13,415,000	-64,228,000	14,247,000	-31,976,000	6,999,000	-74,352,000	21,452,000	-34,140,000	-29,453,000	-72,203,000	-17,168,000	-41,933,000	-19,438,000	-36,280,000	-24,948,000	11,737,000	-5,296,000	-56,626,000	-66,005,000	-13,064,000	-7,409,000	-13,459,000	42,886,000	14,469,000	38,879,000	-26,367,000	-10,885,000	32,507,000	4,383,000	-24,494,000	-7,509,000	-27,506,000	1,700,000	-49,321,000	8,299,000	-10,622,000	30,059,000	-58,922,000	-77,346,000	-15,942,000	-3,413,000	13,588,000	14,330,000	-20,186,000	40,504,000	-18,493,000	27,724,000	-23,215,000	24,149,000	-22,777,000	11,847,000	-5,110,000	24,172,000	-62,852,000	-9,859,000	-12,990,000	-9,008,000	146,000	38,178,000	-9,825,000	-31,790,000	-23,382,000	-27,519,000	-28,359,000	6,433,000	-25,798,000	-33,757,000	-41,435,000
reinsurance recoverable on unpaid loss and loss adjustment expenses	-4,845,000	1,391,000
deferred acquisition costs	-737,000	-1,478,000	340,000	-2,057,000	-14,510,000	-43,000	1,099,000	1,586,000	-4,935,000	8,562,000	-2,710,000	365,000	-3,782,000	-3,555,000	-8,493,000	-3,965,000	-3,352,000	-2,392,000	146,000	-2,189,000	-7,577,000	682,000	-2,469,000	-1,193,000	1,631,000	942,000	6,147,000	-4,097,000	-2,728,000	2,788,000	3,419,000	4,127,000	2,087,000	14,891,000	975,000	-4,746,000	-12,448,000	-5,204,000	-2,990,000	15,356,000	-8,361,000	-5,800,000	-10,968,000	-501,000	-8,134,000	3,825,000	-5,986,000	20,787,000	-1,249,000	10,286,000	1,629,000	315,000	-4,850,000	-1,442,000	2,586,000	15,401,000	-6,997,000	11,134,000	766,000	6,465,000	299,000	-2,217,000	-39,834,000	-8,712,000	-2,225,000	-19,551,000	-6,718,000	175,000	-7,949,000	5,006,000	1,007,000
unearned premiums ceded	-19,305,000	-3,100,000	500,000	2,272,000	-9,350,000	5,725,000	-7,086,000	-2,982,000	-7,941,000	1,439,000	527,000	1,556,000	-2,630,000	-4,494,000	-4,365,000	-4,416,000	-4,836,000	-16,000				0	165,000	393,000	343,000	6,838,000	17,985,000	-1,471,000	728,000	919,000	2,835,000	-3,285,000	-330,000	-18,989,000	-3,152,000	176,000	-778,000	754,000	538,000	-864,000	446,000	-571,000	3,000	987,000	357,000	1,237,000	371,000	415,000	-2,877,000	-30,000	-242,000	-433,000	1,148,000	2,425,000	5,888,000	15,075,000	229,000	-7,279,000	-1,795,000	-10,350,000	-385,000	-1,099,000	-815,000	-641,000	1,609,000	-452,000	903,000	2,780,000	-6,851,000	-16,207,000	-20,854,000
loss and loss adjustment expense reserves	-1,621,000	29,652,000	-6,677,000	28,385,000	55,631,000	49,817,000	58,395,000	22,102,000	69,101,000	2,408,000	44,616,000	21,353,000	37,709,000	3,380,000	24,033,000	-12,770,000	25,131,000	-16,769,000	26,137,000	1,799,000	18,664,000	12,409,000	14,115,000	11,986,000	-14,919,000	-8,847,000	9,369,000	-37,865,000	25,269,000	7,719,000	605,000	-10,261,000	20,219,000	18,602,000	86,423,000	19,325,000	33,389,000	23,700,000	-71,762,000	13,571,000	35,135,000	3,832,000	31,730,000	10,125,000	-3,933,000	-14,261,000	-24,593,000	-25,915,000	-882,000	4,242,000	23,793,000	-48,043,000	-6,568,000	7,075,000	54,748,000	16,734,000	36,634,000	179,000	22,482,000	-1,091,000	33,242,000	25,287,000	-3,567,000	18,494,000	8,893,000	50,186,000	18,309,000	12,921,000	14,990,000	34,398,000	23,651,000
unearned premium reserves	52,611,000	-17,570,000	-4,150,000	-887,000	59,760,000	-22,552,000	-1,912,000	384,000	42,321,000	-45,103,000	4,648,000	3,720,000	35,225,000	9,647,000	29,919,000	22,124,000	18,546,000	-10,342,000	-6,671,000	8,872,000	34,636,000	-2,766,000	18,477,000	7,909,000	-1,991,000	-17,118,000	-40,521,000	10,131,000	15,179,000	-15,728,000	-17,290,000	-10,951,000	-60,000	-25,800,000	4,269,000	12,081,000	42,741,000	8,692,000	12,459,000	-36,543,000	25,965,000	22,009,000	29,773,000	-809,000	32,245,000	-5,185,000	13,302,000	-56,713,000	4,275,000	-18,253,000	-16,416,000	132,000	19,409,000	3,132,000	-23,713,000	-56,817,000	39,848,000	3,686,000	-4,866,000	-715,000	-7,353,000	1,492,000	69,022,000	36,186,000	9,384,000	45,432,000	23,556,000	-11,062,000	35,991,000	34,448,000	50,212,000
reinsurance balances payable	13,551,000	-2,127,000	-8,123,000	12,373,000	-12,162,000	17,740,000	11,899,000	4,613,000	2,657,000	-899,000	-39,652,000	285,000	4,114,000	-3,637,000	13,398,000	-318,000	4,468,000	13,699,000	-11,288,000	-5,246,000	1,812,000	11,883,000	-13,853,000	-19,991,000	-8,457,000	-7,294,000	-6,513,000	-13,599,000	10,853,000	1,897,000	-9,775,000	7,984,000	-4,946,000	67,766,000	20,923,000	3,120,000	10,834,000	8,300,000	-63,871,000	77,282,000	1,378,000	29,244,000	2,010,000	4,702,000	-28,432,000	-2,679,000	-850,000	519,000	4,593,000	-133,000	3,615,000	25,000	-10,000	-997,000	-1,658,000	-1,914,000	7,669,000	2,648,000	7,579,000	9,307,000	-1,319,000	-15,075,000	3,211,000	342,000	-2,615,000	1,251,000	2,213,000	928,000	14,032,000	18,128,000	18,285,000
funds withheld	6,254,000	966,000	-7,438,000	752,000	-53,000	1,090,000	2,522,000	-2,530,000	3,507,000	3,883,000	-2,199,000	-6,241,000	-61,000	10,461,000	-1,076,000	8,593,000	137,000	-1,295,000	-5,000	1,470,000	-853,000	-757,000	588,000	-1,020,000	706,000	-4,995,000	-2,955,000	-2,148,000	-1,362,000	289,000	-817,000	1,336,000	-7,969,000	7,092,000	9,456,000	1,455,000	-351,000	-3,000	-182,000	-924,000	-107,000	715,000	-433,000	91,000	212,000	-904,000	-1,138,000	-1,204,000	-322,000	657,000	-715,000	-2,884,000	-4,347,000	-1,018,000	-14,752,000	-381,000	-4,465,000	7,079,000	-2,486,000	2,689,000	1,675,000	405,000	4,695,000	2,175,000	901,000	-369,000	-199,000	-1,139,000	1,638,000	5,677,000	2,753,000
other items	-5,326,000	9,551,000	-1,197,000	484,000	-1,240,000	1,842,000	-2,992,000	1,302,000	-3,510,000
net cash from operating activities	37,244,000	100,212,000	31,181,000	68,440,000	10,379,000	29,534,000	41,301,000	22,709,000	17,960,000	22,137,000	-15,196,000	1,825,000	-1,259,000	-4,375,000	-13,410,000	-2,396,000	-11,618,000	-37,517,000	1,056,000	-1,092,000	-18,743,000	-46,665,000	-1,934,000	-10,954,000	-31,770,000	10,311,000	-2,905,000	1,338,000	-7,113,000	-37,242,000	6,568,000	537,000	-29,171,000	19,137,000	27,525,000	32,315,000	15,442,000	36,751,000	-68,206,000	3,912,000	-8,244,000	-41,338,000	-3,790,000	-22,511,000	7,694,000	-47,507,000	-47,149,000	-28,787,000	-10,289,000	-35,946,000	-4,998,000	-33,303,000	-18,450,000	-15,896,000	-34,619,000	-2,805,000	2,728,000	-19,140,000	-9,232,000	-5,952,000	7,896,000	20,862,000	18,376,000	-2,709,000	1,931,000	58,044,000	10,992,000	6,424,000	23,886,000	-218,428,000	-253,178,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	37,244,000	100,212,000	31,181,000	68,440,000	10,379,000	29,534,000	41,301,000	22,709,000	17,960,000	22,137,000	-15,196,000	1,825,000	-1,259,000	-4,375,000	-13,410,000	-2,396,000	-11,618,000	-37,517,000	1,056,000	-1,092,000	-18,743,000	-46,665,000	-1,934,000	-10,954,000	-31,770,000	10,311,000	-2,905,000	1,338,000	-7,113,000	-37,242,000	6,568,000	537,000	-29,171,000	19,137,000	27,525,000	32,315,000	15,442,000	36,751,000	-68,206,000	3,912,000	-8,244,000	-41,338,000	-3,790,000	-22,511,000	7,694,000	-47,507,000	-47,149,000	-28,787,000	-10,289,000	-35,946,000	-4,998,000	-33,303,000	-18,450,000	-15,896,000	-34,619,000	-2,805,000	2,728,000	-19,140,000	-9,232,000	-5,952,000	7,896,000	20,862,000	18,376,000	-2,709,000	1,931,000	58,044,000	10,992,000	6,424,000	23,886,000	-218,428,000	-253,178,000
cash flows from investing activities
proceeds from redemptions of investment in solasglas	33,000,000	0	0	0	14,000,000	20,000,000
contributions to investment in solasglas	-10,000,000	-11,500,000	-10,000,000	-44,200,000	-30,000,000	-18,073,000	-40,576,000
proceeds from sales of fixed maturity investments	10,853,000
proceeds from redemptions and maturities of fixed maturity investments	1,418,000
purchases of fixed maturity investments	-98,183,000
purchases of other investments	-3,143,000	-1,363,000	0			-916,000	-400,000
proceeds from sale of other investments		1,650,000
purchases of other assets	-32,000	-189,000
net cash from investing activities	-66,087,000	-76,965,000	-9,273,000	-46,937,000	-15,995,000	660,000	-26,976,000	-40,414,000	-29,832,000	-30,585,000	-15,499,000	15,027,000	-22,076,000	42,776,000	3,603,000	-32,620,000	33,256,000	18,696,000	-12,758,000	21,490,000	-4,337,000	74,815,000	-511,000	13,288,000	8,034,000	-15,884,000	15,752,000	20,340,000	43,126,000	23,117,000	-701,281,000	44,558,000	-211,657,000	-23,897,000	-37,181,000	-27,582,000	-17,874,000	-29,974,000	61,813,000	-154,490,000	92,216,000	54,066,000	25,639,000	106,239,000	-8,258,000	50,735,000	50,258,000	30,197,000	10,850,000	-44,015,000	-89,210,000	199,927,000	7,314,000	15,167,000	45,658,000	8,713,000	-39,658,000	28,747,000	32,290,000	-21,458,000	-16,415,000	14,952,000	-24,683,000	-33,353,000	18,415,000	-129,245,000	-49,048,000	-126,112,000	9,436,000
cash flows from financing activities
borrowings from debt facility	5,000,000
repayment of debt	-5,000,000	-30,000,000
repurchase of ordinary shares	-4,989,000	-2,825,000	-2,000,000
net cash from financing activities	-4,989,000	-32,825,000	-25,438,000	-5,937,000	-938,000	-1,876,000	-7,488,000	-10,938,000	-938,000	0	11,793,000	0	-17,085,000	-13,409,000				0	-3,252,000			-5,110,000	-4,899,000							1,000	82,825,000			0	-551,000							83,000	-13,453,000							0	53,000	241,000	219,000				9,000				8,000	0	0	-10,000	42,000	371,000	222,000		9,000	255,706,000	255,656,000
effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	339,000	-1,923,000	-297,000	735,000	226,000	-964,000	726,000	7,000	-114,000	252,000	-503,000	219,000	132,000	381,000	-202,000							0	0	0	-122,000	-527,000	317,000	-491,000	411,000	-392,000	-747,000	-3,469,000	1,239,000
decrease in cash, cash equivalents and restricted cash	-33,493,000				-6,328,000	27,354,000	7,563,000	-28,636,000	-12,924,000
cash, cash equivalents and restricted cash at beginning of the period	643,732,000	0	0	0	649,087,000	0	0	0	655,730,000	0	0	0	706,548,000	0	0	0	711,101,000	0	0	0	754,306,000	0	0	0	767,906,000	0	0	0	703,231,000	0	0	0	1,531,098,000
cash, cash equivalents and restricted cash at end of the period	610,239,000	-11,501,000	-3,827,000	16,301,000	642,759,000	27,354,000	7,563,000	-28,636,000	642,806,000	-8,196,000	-19,405,000	17,071,000	666,260,000	25,373,000	-16,428,000	-35,136,000	732,739,000	-18,821,000	-14,954,000	13,650,000	731,226,000	23,040,000	-7,344,000	-5,438,000	744,048,000	-6,100,000	13,164,000	21,187,000	739,655,000	-14,516,000	-612,635,000	38,873,000	1,291,509,000
supplementary information:
interest paid in cash	83,000	345,000	1,876,000	1,173,000	1,362,000	1,365,000	510,000	1,591,000	1,724,000	1,785,000	1,758,000	0	1,578,000	101,000	2,023,000	0	2,000,000	0	2,000,000	0	2,000,000	0	2,000,000	0	2,000,000	0	2,000,000	0	1,933,000	1,240,000	1,725,000	4,256,000	3,867,000	4,187,000	0	3,992,000	1,883,000	221,000	2,327,000	2,699,000	2,576,000	2,722,000	5,036,000	10,460,000	3,741,000	4,180,000	3,483,000	10,219,000	3,600,000	3,834,000	4,352,000	11,305,000	4,250,000	5,741,000	3,969,000	9,010,000	4,786,000	3,679,000	3,000,000	5,059,000	4,144,000	3,104,000	2,336,000	3,091,000	2,413,000	3,430,000	1,574,000	2,810,000	6,909,000	2,360,000	153,000
income tax paid (refund received) in cash					-9,000	31,000	39,000
net realized gain on repurchases of convertible senior notes payable
sale of fixed maturity investments
proceeds from term loans
repayment of convertible senior notes payable										0
repurchase of convertible senior notes payable
income tax paid
loss from investments in related party investment fund											1,853,000	-32,782,000	3,138,000	-30,370,000	-8,521,000			-22,283,000	6,214,000			-38,517,000	-6,431,000			5,714,000	-6,609,000			50,548,000
net realized and unrealized losses on other investments			11,875,000	-33,000	-111,000	594,000	0	-89,000	413,000
depreciation expense																		0	0	9,000	7,000	0	7,000	7,000	7,000	0	7,000	7,000	7,000	17,000	26,000	125,000	92,000	93,000	91,000	92,000	92,000	92,000	95,000	101,000	102,000	101,000	101,000	102,000	101,000	102,000	105,000	115,000	114,000	103,000	97,000	62,000	63,000	62,000	63,000	62,000	63,000	62,000	58,000	56,000	56,000	57,000	56,000	56,000	56,000	60,000	10,000
increase in cash, cash equivalents and restricted cash			-3,827,000
income tax paid in cash			112,000								35,000	0	21,000					3,000	0																															271,000				10,000				8,000	347,000			75,000	2,000	5,000	10,000
loss and loss adjustment expenses recoverable				-6,008,000	-2,173,000	-19,629,000	-7,300,000	-13,882,000	-19,292,000	2,134,000	-6,691,000	-4,628,000	-3,688,000	-2,651,000	-1,178,000	1,943,000	-269,000	1,982,000	1,250,000	677,000	1,842,000	3,098,000	276,000	2,870,000	4,389,000	14,004,000	-748,000	5,409,000	-2,491,000	-5,870,000	-830,000	2,477,000	-10,023,000	-11,012,000	-15,786,000	-79,000	122,000	516,000	69,108,000	-68,780,000	-180,000	-9,186,000	-347,000	-251,000	8,868,000	-309,000	1,634,000	3,344,000	637,000	1,167,000	2,140,000	997,000	13,318,000	-445,000	2,905,000	-235,000	-6,918,000	-8,075,000	-6,447,000	-656,000	-2,604,000
proceeds on disposal of other investments				0	5,000	721,000	0	0	168,000
repayment of term loans				-937,000	-938,000	-1,876,000	0	-10,938,000	-938,000
supplementary information
repurchase of shares						0
current expected credit losses recognized on reinsurance assets							0	0	225,000	423,000	0
accretion of debt offering costs and change in interest accruals							987,000	67,000	123,000	-1,598,000
repurchases of convertible senior notes payable										0	-113,000	0	-17,085,000	-13,409,000
net realized gain on repurchase of convertible senior notes payable										0	0	0	-265,000	-194,000
proceeds from redemptions of investment in silp
contributions to investment in silp									-30,000,000
proceeds from redemptions from related party investment fund										5,000,000	36,000,000	11,997,000	26,000,000	47,372,000	17,705,000	13,630,000	46,658,000	63,931,000	9,683,000	22,740,000	19,481,000	89,239,000	10,988,000	38,900,000	19,220,000	6,915,000	27,740,000	22,253,000	57,169,000	87,126,000
contributions to related party investment fund										-33,994,000	-49,999,000	0	-47,001,000	0	-15,127,000	-40,000,000	-10,000,000	-45,000,000	-21,000,000	0	-48,604,000	-32,501,000	-11,855,000	-25,051,000	-11,188,000	-24,486,000	-10,558,000	-228,000	-520,000	-27,069,000
purchases of investments										-1,591,000	-1,500,000	-2,970,000	-1,075,000	-4,596,000	1,025,000	-6,250,000	-3,402,000	-235,000	-1,441,000	-1,250,000	-2,070,000	-1,049,000	-25,000			0	-355,000
proceeds from maturity of term deposit										0
change in notes receivable																														2,575,000	-824,000	2,396,000	-2,511,000	1,156,000	3,974,000	1,609,000	-1,502,000	368,000	683,000	752,000	-10,391,000	28,259,000	2,311,000	258,000	-28,549,000	480,000	6,715,000	11,656,000	132,000	-265,000	135,000	-54,000	3,465,000	-252,000	4,000	-777,000	-868,000	227,000	291,000	-2,588,000	-1,162,000	286,000	943,000	-259,000	249,000	-14,383,000	-15,146,000
repurchase of class a ordinary shares														0				0	-3,252,000			-5,110,000	-4,899,000							0	-13,750,000			0	-551,000							0	-13,453,000
net change in unrealized gains and losses on investments and derivatives
net realized losses on investments											0	0	800,000										0
foreign exchange losses											2,081,000	-4,785,000	-4,931,000	-4,190,000	4,962,000
accrued interest receivable											-33,000	-32,000	-58,000
other assets, excluding depreciation											-272,000	835,000	-1,109,000	406,000	-1,318,000	775,000	3,000	852,000	-2,899,000	547,000	-1,408,000	271,000
other liabilities											-344,000	-186,000	914,000	1,470,000	-396,000	-180,000	-1,661,000	1,936,000	-436,000	-2,742,000	3,397,000	1,253,000	735,000	-2,043,000	-1,761,000	-951,000	1,613,000	2,044,000	-948,000	-3,548,000	1,331,000	470,000	-3,599,000	-2,326,000	1,111,000	-2,011,000	-888,000	1,703,000	1,985,000	-1,307,000	-579,000	96,000	-2,141,000	-4,232,000	4,053,000	2,715,000	2,732,000	-3,096,000	741,000	-161,000	2,112,000	-3,543,000	2,961,000	228,000	2,483,000	-3,655,000	1,378,000	-650,000	331,000	1,042,000	-2,455,000	927,000	-927,000	704,000	-1,714,000	3,819,000	422,000	1,130,000	2,114,000
proceeds from term loans, net of expenses
net increase in cash, cash equivalents and restricted cash											-19,405,000	17,071,000	-40,288,000	25,373,000	-16,428,000	-35,136,000	21,638,000	-18,821,000	-14,954,000	13,650,000	-23,080,000	23,040,000	-7,344,000	-5,438,000	-23,858,000	-6,100,000	13,164,000	21,187,000	36,424,000	-14,516,000	-612,635,000	38,873,000	-239,589,000
net change in unrealized gains and losses on investments												-506,000	-550,000
amortization and interest expense, net of change in accruals												744,000	-803,000	691,000	-933,000	1,166,000	-845,000	1,579,000	-422,000	1,562,000	-456,000	1,578,000
proceeds from maturity of investments
cash from operating activities
adjustments to reconcile net income or loss to net cash from operating activities
loss from investment accounted for under the equity method																						27,000
net change in unrealized gains and losses on investments and notes receivable														-621,000	-54,000	-5,284,000	-3,899,000	-4,700,000	-9,636,000	-3,996,000	-1,228,000	-6,006,000	-47,000	-3,335,000	-15,771,000
net realized losses on investments and notes receivable																		0	0
current expected credit losses recognized on notes receivable and reinsurance assets																						-1,000,000	0	0	250,000
net change in
investing activities
proceeds from sales of investments
financing activities
loss (income) from investments in related party investment fund																	-4,077,000				-4,024,000				42,126,000				-30,756,000
net realized (gains) losses on investments and notes receivable																					-14,210,000
foreign exchange (gains) losses on investments																	38,000				19,000				441,000				-408,000												4,112,000				7,973,000
cash and cash equivalents																	31,327,000				33,537,000				8,094,000				9,500,000
restricted cash and cash equivalents																	701,412,000				697,689,000				735,954,000				730,155,000																																									-249,153,000	-148,550,000
total cash, cash equivalents and restricted cash presented in the condensed consolidated statements of cash flows																	732,739,000				731,226,000				744,048,000				739,655,000
foreign exchange losses on investments																		31,000	15,000			-149,000	-44,000			430,000	-220,000			402,000	-49,000	-554,000	387,000						318,000			-17,771,000	5,126,000
change in due to related party investment fund																										0	0	0	-9,642,000
non-controlling interest withdrawal from related party joint venture
non-cash transfer of investments																										0	0	0	36,673,000	0
non-cash addition of right-of-use asset																										0	0	0	323,000
sales of investments																			0	0	20,755,000
net change in notes receivable																			0	0	6,101,000			358,000	2,000	1,687,000	-1,075,000	2,662,000	-2,603,000
loss (income) from investment accounted for under the equity method
payments for financial contracts																														-891,000	-16,484,000	-27,386,000	-85,146,000	-4,775,000	-4,721,000	-4,680,000	-10,538,000	-5,857,000	-19,965,000	-4,616,000	-29,976,000
proceeds from financial contracts																														7,594,000	10,106,000	8,231,000	18,665,000	14,466,000	16,607,000	4,421,000	47,295,000	5,592,000	2,178,000	3,533,000	9,123,000
securities sold, not yet purchased																														0	71,962,000	129,048,000	139,683,000	147,515,000	311,930,000	337,788,000	323,273,000	129,065,000	95,207,000	184,487,000	290,478,000	157,208,000	200,040,000	143,069,000	391,768,000	223,815,000	293,606,000	167,481,000	249,867,000	240,187,000	252,204,000	97,132,000	350,963,000
dispositions of securities sold, not yet purchased																														0	-249,045,000	-146,958,000	-448,376,000	-198,819,000	-328,174,000	-380,870,000	-345,313,000	-87,467,000	-118,729,000	-310,405,000	-276,369,000	-129,627,000	-574,683,000	-181,788,000	-182,793,000	-161,486,000	-277,862,000	-99,987,000	-413,508,000	-113,681,000	-228,156,000	-244,685,000	-180,158,000
change in due to prime brokers and other financial institutions																														-43,687,000	-476,485,000	-54,628,000	-97,900,000
notes receivable collected																						19,126,000
net proceeds from issuance of convertible senior notes payable, net of costs																														1,000
non-controlling interest contribution into (withdrawal from) related party joint venture																										0	0	0	-1,278,000	-14,721,000
loss from equity accounted investment																										-433,000	183,000			151,000
amortization and interest expense, net of accruals																								1,561,000	-438,000
other assets																								210,000	419,000	935,000	-484,000	220,000	-297,000	1,542,000	183,000	-634,000	-680,000	2,374,000	459,000	-2,622,000	494,000	483,000	2,104,000	11,000	-427,000	-957,000	2,633,000	-2,816,000	-651,000	1,874,000	513,000	-2,712,000	-1,024,000	-264,000	2,808,000	-2,907,000	72,000	-68,000	1,139,000	-2,034,000	2,646,000	-1,952,000	2,164,000	-2,863,000	1,273,000	-996,000	3,534,000	-3,362,000	1,467,000	-1,763,000	-2,281,000	-2,969,000	-1,061,000	469,000	84,000
loss (income) from equity accounted investment																									-888,000				-431,000
net realized (gains) losses on investments																									15,000,000
net change in unrealized gains and losses on investments, financial contracts and notes receivable
net realized losses on investments and financial contracts																										0	0			-17,175,000	124,915,000	-11,108,000	140,255,000	-872,000	-18,360,000	-19,419,000	-48,967,000												-89,627,000	-24,705,000	-25,293,000	-78,532,000	-13,446,000				16,335,000								6,361,000
amortization and interest expense																										1,578,000	-421,000	1,561,000	-389,000	1,578,000
net change in unrealized gains and losses on investments and financial contracts																											-12,000	-28,500,000	14,150,000	27,977,000	-52,270,000	53,195,000	3,695,000	15,982,000	-55,791,000	57,875,000	23,378,000	-51,349,000	-49,803,000	-30,141,000	-78,700,000	48,862,000	167,402,000	19,287,000	29,850,000	-10,278,000	146,024,000	-65,820,000	102,477,000	-85,132,000	-50,224,000	46,294,000	-65,730,000	101,014,000	-106,012,000	48,172,000	-110,481,000	-35,009,000	17,846,000	68,460,000	24,373,000	-49,412,000	-17,584,000			-164,936,000
net realized (gains) losses on investments and financial contracts																													-14,150,000																										-24,055,000
sales of investments, trading																														35,247,000	316,744,000	218,646,000	431,737,000	264,077,000	336,021,000	197,519,000	239,048,000	353,380,000	578,273,000	230,406,000	308,059,000	492,928,000	394,958,000	247,419,000	252,857,000	663,791,000	301,042,000	390,868,000	367,235,000	142,843,000	154,555,000	461,754,000	174,204,000
share-based compensation expense, net of forfeitures																														1,125,000	1,004,000	1,222,000	1,273,000	1,551,000	1,444,000	1,008,000	850,000	841,000	1,312,000	1,057,000	760,000	1,060,000	1,159,000	1,007,000	1,048,000	920,000	1,203,000	873,000	968,000	1,029,000	1,049,000	781,000	816,000	891,000	1,047,000	919,000	832,000	802,000
income attributable to total non-controlling interest in related party joint venture																															-1,159,000	-621,000	-2,326,000
performance compensation payable to related party																																					1,189,000				3,081,000						-13,193,000				11,895,000	5,810,000	16,113,000		23,776,000	-9,109,000	16,979,000						3,627,000			16,255,000	3,032,000	0	-740,000
purchases of investments, trading																															-126,587,000	-84,791,000	-167,809,000	-221,976,000	-379,978,000	-152,625,000	-365,970,000	-253,181,000	-425,612,000	-208,979,000	-423,065,000	-425,169,000	-349,601,000	-227,131,000	-251,068,000	-705,242,000	-255,758,000	-367,281,000	-275,575,000	-390,814,000	-153,701,000	-193,438,000	-193,083,000
foreign exchange losses on restricted cash and investments
change in restricted cash and cash equivalents																																		-152,621,000	3,020,000	-15,505,000	-143,135,000	-95,237,000	-23,474,000	79,354,000	76,329,000	-190,865,000	599,094,000	-118,471,000	-239,358,000	74,602,000	-50,250,000	-94,576,000	105,700,000	-13,390,000	-94,196,000	157,401,000	-157,747,000	86,061,000	-365,119,000	100,000,000	-66,635,000	-17,775,000	17,653,000	-20,725,000	33,725,000	-342,948,000	-122,692,000	107,432,000	-21,817,000	-247,589,000	-98,488,000
short-swing sale profit from shareholder
effect of foreign exchange rate changes on cash and cash equivalents																																		158,000	433,000	1,235,000	535,000
net increase in cash and cash equivalents																																		-4,602,000	-9,774,000	3,700,000	-1,897,000	695,000	-6,393,000	-150,578,000	83,972,000	12,811,000	8,396,000	79,489,000	-564,000	3,228,000	3,109,000	1,410,000	561,000		-94,155,000	166,865,000	-10,917,000								-8,511,000			-36,072,000	20,388,000	-70,830,000		-121,993,000	33,331,000	37,278,000	2,478,000
cash and cash equivalents at beginning of the period																																		0	0	0	39,858,000	0	0	0	112,162,000	0	0	0	12,030,000	0	0	0	3,722,000	0	0	0	21,890,000	0	0	0	42,284,000		0	0	45,540,000			0	31,717,000	94,144,000	94,144,000		64,192,000	82,704,000	82,704,000
cash and cash equivalents at end of the period																																		-4,602,000	-9,774,000	3,700,000	37,961,000	695,000	-6,393,000	-150,578,000	196,134,000	12,811,000	8,396,000	79,489,000	11,466,000	3,228,000	3,109,000	1,410,000	4,283,000	-79,961,000	-94,155,000	166,865,000	10,973,000	-411,000	11,039,000	5,899,000	5,363,000		23,058,000	-27,418,000	37,029,000			-36,072,000	52,105,000	23,314,000	56,310,000		97,523,000	119,982,000	85,182,000
non-cash transfer to notes receivable
foreign exchange losses on cash and investments																																			-1,939,000	1,568,000	6,480,000
income attributable to non-controlling interest in joint venture																																			1,078,000	-550,000	252,000	856,000	981,000	-791,000	773,000	-881,000	-3,909,000	-324,000	-394,000	2,174,000	-1,369,000	3,075,000	-197,000	1,512,000	1,741,000	892,000	2,624,000	-667,000	1,335,000	-449,000	3,632,000
change in due to prime brokers																																			4,140,000	-15,239,000	238,968,000	-78,881,000	-16,748,000	-129,022,000	148,028,000	129,478,000	-248,088,000	259,403,000	44,590,000	-55,607,000	-44,453,000	25,234,000	-28,806,000	75,628,000	-10,654,000	-116,953,000	40,193,000	29,749,000	-68,268,000	49,716,000	54,932,000	-58,959,000	9,826,000	-91,982,000	128,403,000	250,249,000	1,809,000	-91,816,000	112,829,000
non-controlling interest withdrawal from joint venture																																						2,244,000								-4,502,000	1,500,000	-1,500,000	-5,000,000	-762,000	0	0	-10,000,000		0	0	-34,000,000		0	0	-10,400,000
interest received in cash																																												659,000	782,000	143,000	151,000	103,000	165,000	675,000	235,000	304,000	254,000	358,000	357,000	-266,000	764,000	-99,000	-247,000	66,000	810,000	10,008,000	534,000	1,876,000	1,470,000	3,500,000	629,000	1,710,000	6,906,000	10,764,000	1,328,000
net realized gains on investments and financial contracts																																						-8,179,000	9,700,000	73,704,000	38,611,000	8,360,000	9,690,000	-15,267,000	-25,010,000	-86,556,000	-95,855,000													-56,062,000	-1,332,000	-26,935,000	-39,104,000			-8,073,000
weighted-average shares outstanding - basic																																									37,107,039,000				37,173,008,000
effect of dilutive employee and director share-based awards																																									315,882,000
weighted-average shares outstanding - diluted																																									37,422,921,000				37,173,008,000
anti-dilutive stock options outstanding																																									485,991,000				71,821,000
participating securities excluded from calculation of loss per share																																													322,971,000
adjustments to reconcile net income to net cash from operating activities
purchases of financial contracts																																										-11,399,000	4,460,000	-14,827,000	-3,999,000	3,395,000	-2,542,000	-6,954,000	-7,201,000	-6,405,000	-23,439,000	-8,147,000	-26,162,000
dispositions of financial contracts																																										3,253,000	-2,852,000	-1,693,000	8,294,000	11,489,000	78,260,000	5,256,000	18,006,000	23,000,000	14,726,000	46,917,000	5,639,000
fixed assets additions																																																		-356,000								0								-1,453,000
net proceeds from exercise of stock options																																																		0	70,000	236,000	207,000											0	32,000	584,000	222,000	0	9,000
effect of dilutive service provider share-based awards
foreign exchange losses on restricted cash and cash equivalents																																														-4,348,000	1,905,000	4,669,000	-542,000	-4,100,000	3,692,000	-4,918,000	-13,979,000				3,063,000	1,070,000
net decrease in cash and cash equivalents																																																							11,039,000	5,899,000	-36,921,000		23,058,000								-37,834,000
net proceeds from share issue																																																				5,000	12,000				9,000				8,000				10,000					255,706,000	255,656,000
cash from
operating activities
non-controlling interest contribution in (withdrawal from) joint venture
foreign exchange (gains) losses on restricted cash and cash equivalents																																																							-1,426,000
purchases of investments and financial contracts																																																							-230,193,000	-481,096,000	-328,492,000	-326,478,000	-550,688,000	-227,625,000	-573,004,000			-438,291,000	-280,990,000	-890,780,000
sales of investments and financial contracts																																																							709,234,000	340,870,000	335,405,000	426,292,000	555,668,000	321,462,000	406,023,000	276,893,000	261,121,000	390,481,000	208,745,000	1,024,623,000
computer software																																																							0
furniture and fixtures																																																							0
leasehold improvements																																																							0
total																																																							0
options repurchased																																																																		-213,000
cash and cash equivalents at beginning of the year
cash and cash equivalents at end of the year
non-controlling interest in income of joint venture																																																											157,000			2,053,000	1,312,000	854,000	-479,000	1,716,000	330,000
foreign exchange gains and losses on restricted cash and cash equivalents
net loss																																																													-42,990,000
adjustments to reconcile net loss to net cash from operating activities
foreign exchange gains on restricted cash and cash equivalents																																																													5,395,000
non-controlling interest in loss of joint venture																																																													-1,136,000
non-controlling interest contribution in joint venture																																																																	-601,000
foreign exchange loss on restricted cash and cash equivalents																																																																	2,233,000	2,164,000	2,298,000		14,437,000
loss and loss adjustment expense recoverable
purchase of investments and financial contracts
non-controlling interest (withdrawal) contribution from/to joint venture
net proceeds from exercising of stock options
cash and cash equivalents at beginning of period
cash and cash equivalents at end of period
foreign exchange gain on restricted cash and cash equivalents																																																																				-15,874,000
loss and loss adjustment expense recoverables																																																																-751,000	-929,000	5,011,000	4,662,000	-2,182,000	-959,000	-7,462,000	-5,269,000
adjustments to reconcile net income to net cash from (used in) operating activities
net change in unrealized gains on investments and financial contracts																																																																	13,877,000
financial contracts receivable, at fair value																																																																						-1,681,000	-1,151,000
financial contracts payable, at fair value																																																																						23,773,000	18,939,000
net cash provided by (used in) financing activities
non-controlling interest in joint venture																																																																		337,000
net change in unrealized gains and losses on securities and financial contracts																																																																				-15,149,000
net realized gains on securities and financial contracts																																																																			-42,477,000	60,682,000	-86,679,000
purchases of securities and financial contracts																																																																			-250,091,000	-487,817,000	-575,339,000
sales of securities and financial contracts																																																																			314,677,000	194,374,000	662,443,000
net change in unrealized losses on securities and financial contracts																																																																			6,738,000		40,177,000
change in
minority interest in loss of joint venture																																																																				312,000
purchases of securities
sales of securities																																																																						732,578,000
minority interest in joint venture																																																																				-573,000	6,909,000
purchase of fixed assets
proceeds on disposal of fixed assets
collection of related party promissory note receivable
net change in interest receivable on related party promissory note receivable
net cash (used in) provided by financing activities
stock options and awards expense																																																																					1,375,000	2,233,000
depreciation																																																																					20,000	30,000	20,000
cash provided by
minority interest in income of joint venture																																																																					361,000
net change in unrealized gains on securities																																																																							-5,091,000
net realized gains on securities																																																																						-34,411,000	-14,591,000
performance fee payable to related party
adjustments to reconcile net income to net cash (used in) provided by operating activities
net change in unrealized losses on securities																																																																						16,651,000
purchase of securities																																																																						-741,016,000	-390,998,000
investment income receivable																																																																						75,000	-2,097,000
dividends payable on securities sold, not yet purchased																																																																						703,000	342,000
accounts payable and accrued expenses																																																																						-520,000	678,000
performance and management fees payable to related party																																																																						-14,474,000	-13,275,000
stock options and stock awards expense																																																																							1,512,000
proceeds on sale of securities																																																																							264,472,000
investing activity

Greenlight Capital Re, Ltd(NASDAQ:GLRE)

Greenlight Capital Re, Ltd
(NASDAQ:GLRE)