Greenlight Capital Re (GLRE) Registration Filing summary

Company overview and business model

• Operates as a global specialty property and casualty reinsurer, headquartered in the Cayman Islands, with principal operations through Greenlight Reinsurance, Ltd. (Cayman Islands), Greenlight Reinsurance Ireland DAC, and Lloyd's platform Syndicate 3456, focusing on multi-line and specialty reinsurance and insurtech partnerships.

• Strategic investments are made in early-stage insurance companies and managing general agents to complement core reinsurance activities and strengthen client relationships.

• The company’s ordinary shares are listed on the Nasdaq Global Select Market under the symbol “GLRE.”

• Maintains a strong financial strength rating of A- (Excellent) from A.M. Best for its principal operating subsidiaries, with additional high ratings for its Lloyd’s syndicate.

Financial performance and metrics

• As of June 15, 2024, 35,321,144 ordinary shares were issued and outstanding, with no preferred shares outstanding.

• No share repurchases occurred during 2023 or Q1 2024 under the current $25 million repurchase plan expiring June 30, 2025.

• 2,914,198 ordinary shares remained available for future issuance under the company’s stock incentive plan as of March 31, 2024.

• Outstanding options to purchase 902,140 ordinary shares and restricted share units convertible into 573,086 ordinary shares as of March 31, 2024.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for working capital, capital expenditures, acquisitions, and other general corporate purposes; may also be used for short-term investments or to reduce short-term borrowings.