Business Context and Reporting Period
Company: GREENLIGHT CAPITAL RE, LTD. (GLRE)
Filing Type: Form 8-K (Current Report)
Reporting Date: August 1, 2024
Event: Entry into a Material Definitive Agreement (Amendment No. 2 to the Solasglas Investments, LP Partnership Agreement).
Key Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The document solely reports on a contractual amendment regarding investment ratios.
Material Changes
The primary material change is the amendment of the "Additional Investment Ratio" definition within the partnership agreement between GLRE subsidiaries and Solasglas Investments, LP. The new ratio is calculated as:
- Numerator: 0.70 (the "Investment Cap") multiplied by the GLRE Surplus.
- Denominator: The sum of the Capital Accounts of Greenlight Reinsurance, Ltd. and Greenlight Reinsurance Ireland, Designated Activity Company.
This amendment became effective as of August 1, 2024.
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, or specific risk factors beyond the standard incorporation of the attached amendment by reference. No unusual items or contingencies are disclosed in this report.
Investor Verification Checklist
- Verify the full text of Exhibit 10.1 (Amendment No. 2) to understand the complete legal implications of the revised "Additional Investment Ratio."
- Confirm the current GLRE Surplus and Capital Account balances to calculate the practical impact of the new 0.70 Investment Cap.
- Review the relationship between GLRE and Solasglas Investments, LP to assess how this ratio change affects future capital deployment or investment limits.