Part I [Business](index=5&type=section&id=ITEM%201.%20BUSINESS) Greenlight Capital Re, Ltd. is a global specialty property and casualty reinsurer with a dual-pillar strategy and value-oriented investment approach - The company operates a **two-pillar strategy**: 1) **Traditional property and casualty reinsurance** (excess of loss and quota share) and 2) **Risk innovation and strategic partnerships (Greenlight Re Innovations)**[22](index=22&type=chunk)[23](index=23&type=chunk)[27](index=27&type=chunk) - The company's investment strategy is **non-traditional**, managed by DME Advisors with a **value-oriented philosophy** of taking long positions in undervalued securities and short positions in overvalued securities[19](index=19&type=chunk)[70](index=70&type=chunk) - Success is measured by **long-term growth in book value per share**, which is the **primary gauge of performance** and aligns with incentive compensation plans[26](index=26&type=chunk) Gross Premiums Written by Line of Business ($ in thousands) | Line of Business | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | **Property** | **$58,463** | **$85,957** | **$101,030** | | Commercial | $11,190 | $14,165 | $10,487 | | Motor | $33,054 | $59,402 | $76,425 | | Personal | $14,219 | $12,390 | $14,118 | | **Casualty** | **$302,237** | **$362,374** | **$377,785** | | General Liability | $4,228 | $2,401 | $1,429 | | Motor Liability | $127,379 | $233,591 | $291,690 | | Workers' Compensation | $82,189 | $50,369 | $24,101 | | Multi-line | $88,237 | $76,461 | $57,497 | | **Other** | **$119,091** | **$75,646** | **$88,716** | | Accident & Health | $56,284 | $39,175 | $69,605 | | Financial | $23,231 | $23,087 | $16,611 | | Other Specialty | $38,806 | $13,224 | $2,106 | | **Total** | **$479,791** | **$523,977** | **$567,531** | Gross Premiums Written by Geographic Area ($ in thousands) | Geographic Area | 2020 | % of Total | 2019 | % of Total | | :--- | :--- | :--- | :--- | :--- | | U.S. and Caribbean | $390,000 | 81.3% | $435,458 | 83.1% | | Worldwide | $84,204 | 17.5% | $84,728 | 16.2% | | Asia | $5,587 | 1.2% | $3,804 | 0.7% | | Europe | $0 | 0.0% | ($13) | 0.0% | | **Total** | **$479,791** | **100.0%** | **$523,977** | **100.0%** | - The company sources a **majority** of its business through reinsurance brokers, with the **top four brokers** (Guy Carpenter, Trean Re, Willis Re, Aon Benfield) accounting for **76.9% of gross premiums written in 2020**[30](index=30&type=chunk)[33](index=33&type=chunk) - The company holds an **"A- (Excellent)" rating** from A.M. Best, which is the **fourth highest of 13 ratings**, with A.M. Best assigning a **negative outlook** on this rating[53](index=53&type=chunk)[54](index=54&type=chunk) Investment Portfolio Returns (Net) | Year | Full Year Return | | :--- | :--- | | 2020 | 1.4% | | 2019 | 9.3% | | 2018 | (30.3)% | | 2017 | 1.5% | | 2016 | 7.2% | [Risk Factors](index=23&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company faces significant risks across business, regulatory, investment, and share structure, including COVID-19, ratings, reserves, and tax - **Business Risks**: The ongoing **COVID-19 pandemic** presents significant uncertainty, potentially impacting premiums, increasing loss expenses, and causing investment volatility, while results are also subject to fluctuation due to underwriting and investment strategies[114](index=114&type=chunk)[117](index=117&type=chunk)[125](index=125&type=chunk) - **Ratings Risk**: A **downgrade or withdrawal** of the company's **"A- (Excellent)" A.M. Best rating** could severely limit its ability to write new reinsurance contracts and may trigger cancellation clauses in existing agreements[126](index=126&type=chunk)[127](index=127&type=chunk) - **Reserve Risk**: The company's financial condition could be materially affected if **actual losses and loss adjustment expenses significantly exceed established reserves**, a risk heightened for reinsurers due to reporting delays and reliance on cedent data[133](index=133&type=chunk)[135](index=135&type=chunk) - **Investment Strategy Risks**: The investment portfolio, managed by DME Advisors via SILP, is concentrated in a **value-oriented strategy** with potentially large, undiversified positions and the use of short sales, exposing the company to **unlimited loss potential** and volatility greater than traditional fixed-income strategies[194](index=194&type=chunk)[199](index=199&type=chunk) - **Regulatory & Compliance Risks**: The company relies on an exemption under the U.S. Investment Company Act for foreign insurance companies, and if deemed inapplicable, it would be subject to extensive, restrictive regulations, also requiring maintenance of minimum capital and surplus in the Cayman Islands and Ireland[176](index=176&type=chunk)[177](index=177&type=chunk)[181](index=181&type=chunk) - **Taxation Risks**: U.S. shareholders may be subject to adverse tax consequences if the company is classified as a **Passive Foreign Investment Company (PFIC)** or a **Controlled Foreign Corporation (CFC)**, with the Tax Cuts and Jobs Act of 2017 introducing a bright-line test (applicable insurance liabilities > 25% of total assets) to avoid PFIC status[266](index=266&type=chunk)[270](index=270&type=chunk)[275](index=275&type=chunk) [Unresolved Staff Comments](index=50&type=section&id=ITEM%201B.%20UNRESOLVED%20STAFF%20COMMENTS) The company reports that it has no unresolved staff comments from the SEC - None[286](index=286&type=chunk) [Properties](index=50&type=section&id=ITEM%202.%20PROPERTIES) The company leases office space in Grand Cayman and Dublin, which management deems sufficient for current operations - The company leases office space in Grand Cayman, Cayman Islands and Dublin, Ireland[287](index=287&type=chunk) [Legal Proceedings](index=50&type=section&id=ITEM%203.%20LEGAL%20PROCEEDINGS) The company may be involved in routine legal disputes, but management anticipates no material adverse effect on its financial condition or results - The company is not currently involved in any legal proceedings that are expected to have a material adverse effect on its business[288](index=288&type=chunk) [Mine Safety Disclosures](index=50&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the company - Not applicable[289](index=289&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=50&type=section&id=ITEM%205.%20MARKET%20FOR%20REGISTRANT%27S%20COMMON%20EQUITY%2C%20RELATED%20STOCKHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) The company's Class A ordinary shares trade on Nasdaq under 'GLRE', with no dividends paid or planned, and an active share repurchase program - The company's Class A ordinary shares trade on the Nasdaq Global Select Market under the symbol **"GLRE"**[291](index=291&type=chunk) - The company has not paid any cash dividends since its inception and does not currently intend to declare or pay dividends in the foreseeable future[293](index=293&type=chunk)[295](index=295&type=chunk) - The Board of Directors has authorized a share repurchase plan for up to **5.0 million Class A ordinary shares** and up to **$25.0 million of its 4.00% Convertible Senior Notes due 2023**, with the plan extended to June 30, 2021[299](index=299&type=chunk) Share Repurchases (Q4 2020) | Period | Total Shares Purchased | Average Price Paid per Share | Maximum Shares Remaining for Purchase | | :--- | :--- | :--- | :--- | | Oct 1-31, 2020 | 176,025 | $6.89 | 2,949,556 | | Nov 1-30, 2020 | 296,634 | $7.85 | 2,652,922 | | Dec 1-31, 2020 | 200,019 | $7.85 | 2,452,903 | | **Total Q4** | **672,678** | **$7.60** | **2,452,903** | [Selected Financial Data](index=52&type=section&id=ITEM%206.%20SELECTED%20FINANCIAL%20DATA) The company presents five-year selected financial data, showing improved net income and combined ratio in 2020 despite decreased gross premiums written Selected Consolidated Statement of Operations Data ($ in thousands, except per share data) | Metric | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | Gross premiums written | $479,791 | $523,977 | $567,531 | $692,651 | $536,072 | | Net premiums earned | $455,411 | $483,580 | $508,363 | $626,004 | $513,118 | | Net investment income (loss) | $25,532 | $52,267 | ($323,106) | $20,231 | $76,183 | | Net income (loss) | $3,866 | ($3,986) | ($350,054) | ($44,952) | $44,881 | | Basic EPS | $0.11 | ($0.11) | ($9.74) | ($1.21) | $1.20 | | Diluted EPS | $0.11 | ($0.11) | ($9.74) | ($1.21) | $1.20 | | Combined ratio | 100.4% | 106.9% | 102.8% | 108.6% | 103.6% | Selected Consolidated Balance Sheet Data ($ in thousands, except per share data) | Metric | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | | :--- | :--- | :--- | | Total investments | $196,153 | $256,440 | $283,928 | | Total assets | $1,357,650 | $1,355,193 | $1,435,445 | | Loss and loss adjustment expense reserves | $494,179 | $470,588 | $482,662 | | Total liabilities | $892,793 | $878,010 | $955,981 | | Total shareholders' equity | $464,857 | $477,183 | $477,772 | | Basic adjusted book value per share* | $13.47 | $12.90 | $13.12 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=54&type=section&id=ITEM%207.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) In 2020, Greenlight Re's book value per share increased, driven by net income and share repurchases, with improved underwriting and decreased gross premiums - The company's primary financial goal is to increase fully diluted book value per share over the long term, with a **4.2% increase** to **$13.42** in 2020[364](index=364&type=chunk)[376](index=376&type=chunk) Key Performance Indicators | Metric | 2020 | 2019 | | :--- | :--- | :--- | | Net Income (Loss) | $3.9M | ($4.0M) | | Underwriting Loss | ($1.6M) | ($33.5M) | | Total Investment Income | $25.5M | $52.3M | | Combined Ratio | 100.4% | 106.9% | | Adjusted Combined Ratio* | 96.0% | 97.1% | - Gross premiums written decreased by **8.4%** in 2020, primarily due to the non-renewal of motor contracts, partially offset by growth in workers' compensation and new contracts in other specialty lines[380](index=380&type=chunk) - The loss ratio improved to **74.2%** in 2020 from **80.3%** in 2019, mainly due to a significant reduction in adverse prior year loss development, particularly in motor contracts[386](index=386&type=chunk)[387](index=387&type=chunk) - Total investments decreased by **23.5%** to **$196.2 million** as of Dec 31, 2020, primarily due to withdrawals from SILP to pay claims, fund collateral, and post Funds at Lloyd's[403](index=403&type=chunk) - As of January 1, 2021, the company's estimated Probable Maximum Loss (PML) from a single catastrophic event at a 1-in-250 year return period was **$86.8 million**[414](index=414&type=chunk) Contractual Obligations ($ in thousands) | Obligation | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating lease obligations | $581 | $0 | $0 | $0 | $581 | | Interest and convertible note payable | $4,000 | $108,000 | $0 | $0 | $112,000 | | Loss and loss adjustment expense reserves | $242,148 | $144,794 | $53,371 | $53,866 | $494,179 | [Quantitative and Qualitative Disclosures About Market Risk](index=79&type=section&id=ITEM%207A.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company is exposed to equity price, commodity, foreign currency, interest rate, credit, and political risks, primarily from its SILP investment - **Equity Price Risk**: A hypothetical **10% decline** in the price of each underlying listed equity security and derivative instrument in the Investment Portfolio would result in a **$9.2 million loss** as of December 31, 2020[438](index=438&type=chunk) Commodity Price Risk Sensitivity ($ in millions) | Commodity | Impact of 10% Price Increase | Impact of 10% Price Decrease | | :--- | :--- | :--- | | Gold | $1.8 | ($1.8) | | Natural Gas | $0.5 | ($0.5) | | **Total** | **$2.2** | **($2.2)** | - **Foreign Currency Risk**: The company has net liability exposures in GBP and EUR, where a **10% decrease** in the U.S. dollar against these currencies would result in an estimated foreign exchange loss of **$0.2 million** for each currency[445](index=445&type=chunk) - **Interest Rate Risk**: As of December 31, 2020, a **100 basis point increase or decrease** in interest rates would have **no meaningful impact** on the value of the Investment Portfolio[449](index=449&type=chunk) - **Credit Risk**: The company is exposed to credit risk from reinsurance counterparties and brokers, mitigated by obtaining collateral (funds withheld, trusts, letters of credit) and monitoring counterparty financial strength[450](index=450&type=chunk)[451](index=451&type=chunk) [Financial Statements and Supplementary Data](index=77&type=section&id=ITEM%208.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) This section refers to the detailed financial statements and schedules located in Part IV, Item 15 of the report - This item refers to the full financial statements and supplementary data schedules included in Part IV, Item 15[455](index=455&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=77&type=section&id=ITEM%209.%20CHANGES%20IN%20AND%20DISAGREEMENTS%20WITH%20ACCOUNTANTS%20ON%20ACCOUNTING%20AND%20FINANCIAL%20DISCLOSURE) This item is not applicable to the company - Not applicable[455](index=455&type=chunk) [Controls and Procedures](index=77&type=section&id=ITEM%209A.%20CONTROLS%20AND%20PROCEDURES) Management, including CEO and CFO, concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2020 - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of the end of the period covered by the report[456](index=456&type=chunk) - Management concluded that the company's system of internal control over financial reporting was **effective** as of December 31, 2020, based on the COSO 2013 framework[461](index=461&type=chunk) - There were **no changes** in the company's internal control over financial reporting during the fourth quarter of 2020 that materially affected, or are reasonably likely to materially affect, these controls[459](index=459&type=chunk) [Other Information](index=78&type=section&id=ITEM%209B.%20OTHER%20INFORMATION) The company reports no other information for this item - None[462](index=462&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=78&type=section&id=ITEM%2010.%20DIRECTORS%2C%20EXECUTIVE%20OFFICERS%20AND%20CORPORATE%20GOVERNANCE) Information for this item is incorporated by reference from the company's definitive proxy statement for the 2021 annual meeting - This information is incorporated by reference from the definitive proxy statement to be filed with the SEC[463](index=463&type=chunk) [Executive Compensation](index=78&type=section&id=ITEM%2011.%20EXECUTIVE%20COMPENSATION) Information for this item is incorporated by reference from the company's definitive proxy statement for the 2021 annual meeting - This information is incorporated by reference from the definitive proxy statement to be filed with the SEC[464](index=464&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=84&type=section&id=ITEM%2012.%20SECURITY%20OWNERSHIP%20OF%20CERTAIN%20BENEFICIAL%20OWNERS%20AND%20MANAGEMENT%20AND%20RELATED%20STOCKHOLDER%20MATTERS) Information for this item is incorporated by reference from the company's definitive proxy statement for the 2021 annual meeting - This information is incorporated by reference from the definitive proxy statement to be filed with the SEC[465](index=465&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=84&type=section&id=ITEM%2013.%20CERTAIN%20RELATIONSHIPS%20AND%20RELATED%20TRANSACTIONS%2C%20AND%20DIRECTOR%20INDEPENDENCE) Information for this item is incorporated by reference from the company's definitive proxy statement for the 2021 annual meeting - This information is incorporated by reference from the definitive proxy statement to be filed with the SEC[466](index=466&type=chunk) [Principal Accounting Fees and Services](index=84&type=section&id=ITEM%2014.%20PRINCIPAL%20ACCOUNTING%20FEES%20AND%20SERVICES) Information for this item is incorporated by reference from the company's definitive proxy statement for the 2021 annual meeting - This information is incorporated by reference from the definitive proxy statement to be filed with the SEC[467](index=467&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=85&type=section&id=ITEM%2015.%20EXHIBITS%20AND%20FINANCIAL%20STATEMENT%20SCHEDULES) This section lists the financial statements, financial statement schedules, and exhibits filed as part of the Form 10-K - This section lists all documents filed as part of the Form 10-K, including financial statements, schedules, and exhibits[470](index=470&type=chunk) [10-K Summary](index=85&type=section&id=ITEM%2016.%2010-K%20SUMMARY) The company did not provide a 10-K summary - None[471](index=471&type=chunk)

Greenlight Capital Re Ltd (NASDAQ:GLRE) Q3 2020 Earnings Conference Call November 5, 2020 9:00 AM ET Company Participants Simon Burton - CEO, Chief Underwriting Officer & Director David Einhorn - Chairman Neil Greenspan - CFO Conference Call Participants Mikel Abasolo - Solo Capital Management Suleman Soorani - Tricap Investments Operator Thank you for joining the Greenlight Re Conference Call for the Third Quarter of 2020 Earnings. The company reminds you that forward-looking statements that may be made i ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________ FORM 10-Q __________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-33493 ________________________________________________________________ ...

Greenlight Capital Re, Ltd. (NASDAQ:GLRE) Q2 2020 Earnings Conference Call August 6, 2020 9:00 AM ET Company Participants Simon Burton - Chief Executive Officer David Einhorn - Chairman Tim Courtis - Chief Financial Officer Conference Call Participants Mikel Abasolo - Solo Capital Management Operator Good day and thank you for joining the Greenlight Re Conference Call for the Second Quarter of 2020 Earnings. The company reminds you that forward-looking statements that may have been made in this call are int ...

PART I — FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including Balance Sheets, Statements of Operations, Shareholders' Equity, and Cash Flows, for the periods ended June 30, 2020 and 2019 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2020 (unaudited) | December 31, 2019 (audited) | | :--- | :--- | :--- | | **Total Assets** | **$1,279,456** | **$1,355,193** | | Total Investments | $199,703 | $256,440 | | Restricted Cash and Cash Equivalents | $731,292 | $742,093 | | **Total Liabilities** | **$849,552** | **$878,010** | | Loss and Loss Adjustment Expense Reserves | $467,655 | $470,588 | | **Total Shareholders' Equity** | **$429,904** | **$477,183** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Key Operating Results (in thousands, except per share data) | Metric | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | | :--- | :--- | :--- | :--- | :--- | | Net Premiums Earned | $108,414 | $120,441 | $219,435 | $245,803 | | Total Revenues | $114,745 | $140,349 | $190,690 | $299,103 | | Net Income (Loss) | $(63) | $15,314 | $(40,333) | $21,220 | | Diluted EPS | $0.00 | $0.42 | $(1.12) | $0.58 | [Condensed Consolidated Statements of Shareholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders'%20Equity) - Total shareholders' equity decreased from **$477.2 million** at the end of 2019 to **$429.9 million** as of June 30, 2020. The decrease was primarily driven by a net loss of **$40.3 million** and the repurchase of Class A ordinary shares for **$7.8 million** during the six-month period[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2020 | 2019 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | $(42,724) | $(5,775) | | Net Cash Provided by Investing Activities | $21,322 | $63,466 | | Net Cash Used in Financing Activities | $(7,772) | $0 | | **Net (Decrease) Increase in Cash** | **$(29,296)** | **$57,611** | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) - The COVID-19 pandemic is expected to have a significant adverse impact on the property and casualty insurance industry. The company has included its best estimate of losses in its reserves, but notes considerable uncertainty remains, and significant adjustments may be required in future periods[25](index=25&type=chunk) - In Q1 2020, the company adopted ASU 2016-13 regarding expected credit losses, resulting in a cumulative-effect adjustment to retained earnings of **$0.9 million** as of January 1, 2020[27](index=27&type=chunk)[49](index=49&type=chunk) - The company's investment in the related party investment fund, Solasglas Investments, LP (SILP), had a net asset value of **$177.7 million** as of June 30, 2020, down from **$240.1 million** at year-end 2019. The company recognized a loss of **$40.5 million** from this investment for the six months ended June 30, 2020, primarily due to market disruptions from the COVID-19 pandemic[55](index=55&type=chunk)[56](index=56&type=chunk) - For the six months ended June 30, 2020, the company recognized a **$5.7 million** increase in estimated net losses related to prior accident years, primarily from general liability, health, and multi-line contracts[74](index=74&type=chunk) - During the six months ended June 30, 2020, the company repurchased **1.2 million** Class A ordinary shares. As of June 30, 2020, **3.8 million** shares remained available for repurchase under the plan[92](index=92&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results for the three and six months ended June 30, 2020, noting a **$40.3 million net loss** driven by investment losses, improved underwriting with a **100.0% combined ratio**, and the impact of COVID-19 on liquidity and capital [Results of Operations](index=32&type=section&id=Results%20of%20Operations) - For the six months ended June 30, 2020, the company reported a net loss of **$40.3 million**, a significant shift from the **$21.2 million** net income in the same period of 2019. The loss was primarily driven by a net investment loss of **$29.7 million**, compared to a **$51.1 million** gain in the prior year[163](index=163&type=chunk) - Fully diluted book value per share decreased by **8.3%** to **$11.81** in the first six months of 2020, down from **$12.88** at the end of 2019[162](index=162&type=chunk) Underwriting Ratio Summary | Ratio | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | | :--- | :--- | :--- | | Loss Ratio | 75.1% | 81.9% | | Acquisition Cost Ratio | 22.6% | 23.9% | | Composite Ratio | 97.7% | 105.8% | | **Combined Ratio** | **100.0%** | **108.3%** | - Gross premiums written decreased by **28.1%** to **$226.5 million** for the first six months of 2020, primarily due to the non-renewal of certain motor contracts in both the Property and Casualty segments[166](index=166&type=chunk) - The investment portfolio managed by DME Advisors (SILP) returned a loss of **7.8%** for the first six months of 2020, compared to a gain of **9.1%** in the same period of 2019. The loss was driven by disruptions in global financial markets associated with the COVID-19 pandemic[183](index=183&type=chunk) [Financial Condition](index=43&type=section&id=Financial%20Condition) - Total investments decreased by **22.1%** to **$199.7 million** as of June 30, 2020, from **$256.4 million** at year-end 2019, mainly due to investment losses in SILP and withdrawals for claim payments[193](index=193&type=chunk) - Total shareholders' equity fell by **$47.3 million** to **$429.9 million** as of June 30, 2020. The decline was caused by the **$40.3 million** net loss and **$7.8 million** used for share repurchases[205](index=205&type=chunk) - As of July 1, 2020, the company's estimated probable maximum loss (PML) for a single 1-in-250 year catastrophe event was **$90.9 million**, with the peak exposure in the United States, Canada, and the Caribbean[204](index=204&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) - The company believes it has sufficient cash flow from operations and investments to meet its foreseeable liquidity needs for the next twelve months, including potential impacts from the COVID-19 pandemic[211](index=211&type=chunk) - As of June 30, 2020, the company provided **$731.7 million** in collateral to cedents through letters of credit and trust arrangements, secured by **$731.3 million** in restricted cash and cash equivalents[214](index=214&type=chunk) - The Board extended the share repurchase plan to June 30, 2021, authorizing the repurchase of up to **5.0 million** Class A shares and **$25.0 million** of its convertible senior notes. During the first six months of 2020, **1.2 million** shares were repurchased[217](index=217&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risks are equity price and foreign currency, with a **$7.0 million loss** for a 10% equity decline and a **$1.2 million loss** for a 10% USD/GBP change - The company's primary market risk exposure is equity price risk through its investment in SILP. A hypothetical **10% decline** in the price of underlying listed equity securities and derivatives would result in a loss of **$7.0 million**, or **1.5%** of the Investment Portfolio[228](index=228&type=chunk) - The company is exposed to foreign currency risk, with a net exposure to GBP-denominated balances of **£9.8 million**. A **10% adverse change** in the U.S. dollar against the GBP would result in an estimated **$1.2 million** foreign exchange loss[234](index=234&type=chunk) - As of June 30, 2020, a **100 basis point change** in interest rates or a **10% change** in the value of the U.S. dollar against other foreign currencies would have no meaningful impact on the value of the Investment Portfolio[236](index=236&type=chunk)[238](index=238&type=chunk) [Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2020, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[244](index=244&type=chunk) - No changes were made to the company's internal control over financial reporting during the fiscal quarter ended June 30, 2020, that have materially affected, or are reasonably likely to materially affect, these controls[247](index=247&type=chunk) PART II — OTHER INFORMATION [Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) The company may face legal disputes in the normal course of business, but management does not anticipate any material adverse effects - The company states that while it may be involved in legal disputes in the normal course of business, it does not expect any existing disputes to have a material adverse effect on its financial condition or results[250](index=250&type=chunk) [Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported since the Form 10-K/A filing for the fiscal year ended December 31, 2019 - The report states there have been no material changes to the risk factors previously disclosed in the Form 10-K/A filed on April 29, 2020[252](index=252&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **1,161,659 Class A ordinary shares** at an average of **$6.69 per share** in Q2 2020, with **3,838,341 shares** remaining for repurchase Issuer Purchases of Equity Securities (Q2 2020) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2020 | 292,985 | $6.46 | | May 2020 | 344,776 | $6.50 | | June 2020 | 523,898 | $6.77 | | **Total** | **1,161,659** | **$6.69** | - The Board of Directors extended the share repurchase plan to June 30, 2021, and increased the authorization to **5.0 million** Class A ordinary shares and up to **$25.0 million** of its convertible senior notes[253](index=253&type=chunk) [Other Information](index=53&type=section&id=Item%205.%20Other%20Information) An amended agreement with investment advisors limits gross long exposure to **50% of surplus** and waives management fees on cash and short-term government securities until June 30, 2021 - Effective July 1, 2020, the company amended its agreement with DME Advisors to limit the gross long exposure of its investment portfolio to **50%** of the company's surplus[258](index=258&type=chunk) - Under the amended agreement, until June 30, 2021, cash, cash equivalents, and short-term U.S. government securities held in the investment portfolio will not be subject to management or performance fees[258](index=258&type=chunk) [Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including employment agreements, bonus agreements, an advisor letter agreement, and CEO/CFO certifications

Greenlight Capital Re, Ltd. (NASDAQ:GLRE) Q1 2020 Earnings Conference Call May 6, 2020 9:00 AM ET Company Participants Simon Burton - Chief Executive Officer David Einhorn - Chairman Tim Courtis - Chief Financial Officer Conference Call Participants Michael Katz - Glenrock Advisory Associates Operator Thank you for joining the Greenlight Re conference call for the First Quarter 2020 Earnings. The company reminds you that forward-looking statements that may be made in this call are intended to be covered by ...

FORM 10-Q __________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 or UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________ ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to GREENLIGHT CAPITAL RE, LTD. (Exact name of registrant as specified in its charter) __________________ ...

Part I [Business](index=5&type=section&id=Business) Greenlight Capital Re, Ltd. is a global property and casualty reinsurer utilizing a two-pillar strategy of underwriting and value-oriented investments, primarily serving the U.S. and Caribbean markets - The company operates a **two-pillar strategy** combining property and casualty reinsurance with a non-traditional, value-oriented investment approach[19](index=19&type=chunk)[20](index=20&type=chunk)[23](index=23&type=chunk) - In response to A.M. Best revising its rating outlook to "negative" in Q2 2019, the Board initiated a **strategic review** and **de-risked the investment portfolio**, holding the majority of investable assets in cash and short-term treasuries[20](index=20&type=chunk) Gross Premiums Written by Line of Business (2017-2019) | Line of Business | 2019 ($ in thousands) | 2018 ($ in thousands) | 2017 ($ in thousands) | | :--- | :--- | :--- | :--- | | **Property** | **85,957** | **101,030** | **132,935** | | Commercial | 14,165 | 10,487 | 12,256 | | Motor | 59,402 | 76,425 | 71,188 | | Personal | 12,390 | 14,118 | 49,491 | | **Casualty** | **362,374** | **377,785** | **443,150** | | Motor Liability | 233,591 | 291,690 | 281,551 | | Workers' Compensation | 50,369 | 24,101 | 24,803 | | Multi-line | 76,461 | 57,497 | 123,340 | | **Other** | **75,646** | **88,716** | **116,566** | | Accident & Health | 39,175 | 69,605 | 66,800 | | Financial | 23,087 | 16,611 | 48,380 | | **Total** | **$523,977** | **$567,531** | **$692,651** | Gross Premiums Written by Geographic Area (2017-2019) | Geographic Area | 2019 ($ in thousands) | 2018 ($ in thousands) | 2017 ($ in thousands) | | :--- | :--- | :--- | :--- | | U.S. and Caribbean | 435,458 | 507,705 | 606,510 | | Worldwide | 84,728 | 59,366 | 86,714 | | Europe | (13) | 506 | (612) | | Asia | 3,804 | (46) | 39 | | **Total** | **$523,977** | **$567,531** | **$692,651** | - The company relies heavily on reinsurance brokers, with the top three brokers (Guy Carpenter, Trean Re, and Aon Benfield) accounting for **80.8%** of gross premiums written in 2019[35](index=35&type=chunk) [Glossary of Selected Reinsurance Terms](index=20&type=section&id=Glossary%20of%20Selected%20Reinsurance%20Terms) This section defines essential reinsurance and insurance industry terms used throughout the report for clarity and understanding - The glossary defines essential terms for understanding the company's financial reporting and business operations in the reinsurance sector[105](index=105&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) [Risk Factors](index=24&type=section&id=Risk%20Factors) The company faces significant business, regulatory, investment, and taxation risks, including strategic review uncertainties, potential rating downgrades, and PFIC classification concerns - The **ongoing strategic review**, initiated in August 2019, presents uncertainty and could disrupt business operations, divert management attention, and incur substantial expenses[110](index=110&type=chunk)[111](index=111&type=chunk) - A potential downgrade or withdrawal of the company's **A- (Excellent) A.M. Best rating** could severely limit its ability to write new reinsurance contracts and negatively impact its business strategy[118](index=118&type=chunk)[119](index=119&type=chunk) - The company's investment strategy, managed by DME Advisors through the SILP fund, is subject to **market volatility** and may be concentrated in a few large positions, creating the potential for **large losses**[115](index=115&type=chunk)[192](index=192&type=chunk) - The company faces the risk of being classified as a **Passive Foreign Investment Company (PFIC)** if it fails to meet the active insurance business test under U.S. tax law, which requires applicable insurance liabilities to exceed **25%** of total assets. The company met this test for 2018 and 2019 but cannot guarantee future compliance[262](index=262&type=chunk)[271](index=271&type=chunk)[272](index=272&type=chunk) - The company is subject to the risk of being classified as an **investment company** under the **U.S. Investment Company Act of 1940** if it does not qualify for the exemption for foreign insurance companies, which could force substantial changes to its business and investment strategy[176](index=176&type=chunk)[177](index=177&type=chunk) [Unresolved Staff Comments](index=48&type=section&id=Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the Securities and Exchange Commission - There are no unresolved staff comments[280](index=280&type=chunk) [Properties](index=48&type=section&id=Properties) The company leases its principal office spaces in Grand Cayman and Dublin, with lease agreements extending to 2020 and 2031 respectively - The company does not own its principal properties but leases office space in the Cayman Islands and Ireland[281](index=281&type=chunk) [Legal Proceedings](index=48&type=section&id=Legal%20Proceedings) The company is involved in routine legal disputes but anticipates no material adverse effect on its financial condition or operating results - The company reports no material litigation that would adversely affect its business[282](index=282&type=chunk) [Mine Safety Disclosures](index=48&type=section&id=Mine%20Safety%20Disclosures) This item is not applicable to the company's business operations - Not applicable[283](index=283&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=49&type=section&id=Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's Class A ordinary shares trade on Nasdaq, with no historical or anticipated cash dividends, and a renewed share repurchase plan saw no activity in 2019 - The company has **never paid a cash dividend** and does not anticipate paying one in the foreseeable future, intending to retain earnings to support business growth[287](index=287&type=chunk)[289](index=289&type=chunk) - A share repurchase plan authorizing the purchase of up to **2.5 million** Class A ordinary shares was renewed and is effective until June 30, 2020. **No shares were repurchased in 2019**[293](index=293&type=chunk) [Selected Financial Data](index=51&type=section&id=Selected%20Financial%20Data) This section presents key historical consolidated financial data, highlighting a narrowed net loss of **$4.0 million** in 2019 and a combined ratio of **106.9%** Selected Consolidated Statement of Operations Data (2015-2019) | Metric ($ in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | | :--- | :--- | :--- | :--- | :--- | :--- | | Gross premiums written | 523,977 | 567,531 | 692,651 | 536,072 | 502,124 | | Net premiums earned | 483,580 | 508,363 | 626,004 | 513,118 | 408,387 | | Net investment income (loss) | 52,267 | (323,106) | 20,231 | 76,183 | (281,924) | | Net income (loss) | (3,986) | (350,054) | (44,952) | 44,881 | (326,425) | Selected Ratios (2015-2019) | Ratio | 2019 | 2018 | 2017 | 2016 | 2015 | | :--- | :--- | :--- | :--- | :--- | :--- | | Loss ratio | 80.3% | 71.6% | 80.3% | 74.2% | 77.6% | | Combined ratio | 106.9% | 102.8% | 108.6% | 103.6% | 110.3% | Selected Consolidated Balance Sheet Data (as of Dec 31) | Metric ($ in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total assets | 1,355,193 | 1,435,445 | 3,357,393 | 2,664,693 | 2,712,522 | | Total liabilities | 878,010 | 955,981 | 2,505,967 | 1,773,006 | 1,863,749 | | Total equity | 477,183 | 477,772 | 844,257 | 885,803 | 836,509 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=53&type=section&id=Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the 2019 financial performance, noting a narrowed net loss driven by improved investment results despite a widened underwriting loss and decreased gross premiums written - The primary driver for the improved net loss in 2019 was the positive swing in investment performance, with the investment portfolio returning **9.3%** compared to a loss of **30.3%** in 2018[366](index=366&type=chunk) - The underwriting loss increased in 2019, mainly due to **$30.1 million** in adverse prior-year loss development on private automobile business in Florida, which was impacted by adverse legal rulings[363](index=363&type=chunk) Key Performance Ratios (2019 vs. 2018) | Ratio | 2019 | 2018 | | :--- | :--- | :--- | | Loss ratio | 80.3% | 71.6% | | Acquisition cost ratio | 24.2% | 28.6% | | Composite ratio | 104.5% | 100.2% | | Underwriting expense ratio | 2.4% | 2.6% | | **Combined ratio** | **106.9%** | **102.8%** | - Gross premiums written decreased by **7.7%** in 2019 to **$524.0 million**, primarily due to the non-renewal of certain motor contracts[368](index=368&type=chunk) - Fully diluted adjusted book value per share, a key management metric, decreased by **1.7%** from **$13.10** at year-end 2018 to **$12.88** at year-end 2019[362](index=362&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=75&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is primarily exposed to equity price risk, with lesser foreign currency, interest rate, and credit risks, as detailed by hypothetical market shifts - The primary market risk is equity price risk. As of December 31, 2019, a hypothetical **10%** decline in the price of underlying listed equity securities and derivatives would result in a loss of **$9.8 million**, or **1.8%** of the Investment Portfolio[430](index=430&type=chunk) - Foreign currency risk is actively monitored. As of December 31, 2019, a **10%** increase or decrease in the U.S. dollar against foreign currencies would have no meaningful impact on the Investment Portfolio's value[435](index=435&type=chunk) - Interest rate risk from debt instruments and swaps is also monitored. A **100 basis point** change in interest rates would result in a change in fair value of approximately **$3.0 million**[437](index=437&type=chunk) [Financial Statements and Supplementary Data](index=76&type=section&id=Financial%20Statements%20and%20Supplementary%20Data) This section directs readers to the detailed consolidated financial statements and supplementary data located in Part IV, Item 15 - This item directs the reader to the full financial statements located in Part IV, Item 15[441](index=441&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=76&type=section&id=Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) This item is not applicable, indicating no changes in or disagreements with the company's accountants - Not applicable[442](index=442&type=chunk) [Controls and Procedures](index=77&type=section&id=Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2019, with no material changes reported - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the fiscal year[444](index=444&type=chunk) - Management's report on internal control over financial reporting concluded that the system was **effective** as of December 31, 2019, based on the COSO 2013 framework[449](index=449&type=chunk) - There were **no material changes** in the company's internal control over financial reporting during the fourth quarter of 2019[447](index=447&type=chunk) [Other Information](index=78&type=section&id=Other%20Information) This section discloses potential indirect exposure to Iran through global reinsurance activities, which the company deems immaterial and not specifically reportable for 2019 - The company discloses that its global reinsurance portfolio may have indirect exposure to Iran, but believes any associated premiums are **immaterial** and is not aware of any specific reportable activities for 2019[451](index=451&type=chunk)[452](index=452&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=78&type=section&id=Directors,%20Executive%20Officers%20and%20Corporate%20Governance) Information for this item is incorporated by reference from the company's forthcoming 2020 definitive proxy statement - Information is incorporated by reference from the forthcoming proxy statement[454](index=454&type=chunk) [Executive Compensation](index=78&type=section&id=Executive%20Compensation) Information for this item is incorporated by reference from the company's forthcoming 2020 definitive proxy statement - Information is incorporated by reference from the forthcoming proxy statement[455](index=455&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=78&type=section&id=Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information for this item is incorporated by reference from the company's forthcoming 2020 definitive proxy statement - Information is incorporated by reference from the forthcoming proxy statement[456](index=456&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=78&type=section&id=Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) Information for this item is incorporated by reference from the company's forthcoming 2020 definitive proxy statement - Information is incorporated by reference from the forthcoming proxy statement[457](index=457&type=chunk) [Principal Accounting Fees and Services](index=79&type=section&id=Principal%20Accounting%20Fees%20and%20Services) Information for this item is incorporated by reference from the company's forthcoming 2020 definitive proxy statement - Information is incorporated by reference from the forthcoming proxy statement[458](index=458&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=80&type=section&id=Exhibits%20and%20Financial%20Statement%20Schedules) This section provides an index of all financial statements, schedules, and exhibits included in or filed with the annual report - This item provides an index of all financial statements, schedules, and exhibits included in or filed with the annual report[460](index=460&type=chunk) [10-K Summary](index=80&type=section&id=10-K%20Summary) The company indicates that no 10-K summary is provided for this report - None[461](index=461&type=chunk)

Greenlight Capital Re, Ltd. (NASDAQ:GLRE) Q3 2019 Earnings Conference Call November 7, 2019 9:00 AM ET Company Participants Simon Burton - CEO David Einhorn - Chairman Tim Courtis - CFO Conference Call Participants Ethan Sharvit - Argos Capital Management Mikel Abasolo - Solo Capital Management Operator Thank you for joining the Greenlight Re Conference Call for the Third Quarter of 2019 Earnings. The company reminds you that forward-looking statements that may be made in this call are intended to be covere ...

Greenlight Capital Re, Ltd. (NASDAQ:GLRE) Q2 2019 Earnings Conference Call August 6, 2019 9:00 AM ET Company Participants Simon Burton - Chief Executive Officer David Einhorn - Chairman Tim Courtis - Chief Financial Officer Conference Call Participants Brett Reece - Janney Montgomery Scott Mikel Abasolo - Solo Capital Management Operator Thank you for joining the Greenlight Re Conference Call for Second Quarter 2019 Earnings. [Operator Instructions] After today's presentation, there will be an opportunity t ...