Business Context and Reporting Period
Company: GREENLIGHT CAPITAL RE, LTD.
Filing Type: Form 8-K (Current Report)
Date of Report: January 2, 2019
Reporting Period: Event date of January 2, 2019
This filing reports the completion of a specific asset disposition and the termination of a joint venture agreement involving the Registrant's subsidiaries, Greenlight Reinsurance, Ltd. ("Greenlight Re") and Greenlight Reinsurance Ireland, Designated Activity Company ("GRIL").
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the structural completion of a transaction previously disclosed.
Material Changes
- Asset Conveyance: As of January 2, 2019, Greenlight Re and GRIL substantially completed the grant and conveyance of assets underlying Participation Interests to Solasglas Investments, LP (the "Partnership").
- Agreement Termination: The Joint Venture (JV) Agreement was terminated on January 2, 2019, as contemplated by the Termination Agreement.
- Reference to Prior Disclosure: Details regarding the transaction structure were previously disclosed in Item 1.01 of a Form 8-K filed on September 4, 2018.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future outlook, or specific discussion of risks and contingencies beyond the execution of the previously announced transaction. No unusual items were reported in this specific filing.
Investor Verification Checklist
- Verify the details of the "Amended and Restated Exempted Limited Partnership Agreement" referenced in the September 4, 2018 Form 8-K.
- Confirm the specific nature and valuation of the "Participation Interests" conveyed to Solasglas Investments, LP.
- Review the terms of the "Termination Agreement" to understand the final obligations of the terminated JV Agreement.
- Check subsequent filings for any financial impact resulting from the asset conveyance and JV termination.