GLRE Greenlight Capital Re Ltd

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Organization

 

Greenlight Capital Re, Ltd. (“GLRE” and, together with its wholly-owned subsidiaries, the “Company”) was incorporated as an exempted company under the Companies Law of the Cayman Islands on July 13, 2004. The Company is a global specialty property and casualty reinsurer headquartered in the Cayman Islands. The ordinary shares of GLRE are listed on Nasdaq Global Select Market under the symbol “GLRE.”

Basis of Presentation

These unaudited condensed consolidated financial statements (the “financial statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the U.S. Securities and Exchange Commission’s (“SEC”) instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. The financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s 2023 Form 10-K. The financial statements include the accounts of GLRE and the consolidated financial statements of its wholly-owned subsidiaries and all significant intercompany transactions and balances have been eliminated on consolidation.

In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position and results of operations as at the end of and for the periods presented. The results of operations for any interim period are not necessarily indicative of the results for a full year.

Tabular dollars are in thousands, with the exception of per share amounts or otherwise noted. All amounts are reported in U.S. dollars.

Reclassifications

Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current financial statements. The Company has reported separately the foreign exchange gains (losses) from “Other income” in the condensed consolidated statements of operations. This resulted in no change to the previously reported total revenues or net income. The Company has also included the foreign exchange gains (losses) as part of the net change in working capital in the condensed consolidated statements of cash flows. Further, the Company combined “Other assets, excluding depreciation” and “Other liabilities” and presented the sum as “Other items, net” in the condensed consolidated statements of cash flows. These changes in presentation in the condensed consolidated statements of cash flows have resulted in no change to the previously reported net cash provided by (used in) operating activities.

 

There were no material changes to the Company’s significant accounting policies subsequent to its 2023 Form 10-K.

Recently Issued Accounting Standards Not Yet Adopted

On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new ASU requires incremental disclosures related to a public entity’s reportable segments but does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. This new guidance is effective for the Company’s 2024 year-end financial statements, and should be adopted retrospectively unless impracticable. Early adoption is permitted.

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On December 14, 2023, FASB issued ASU 2023-09, Income Taxes Topic (740) - Improvements to Income Tax Disclosures. The new ASU provides more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. This ASU is effective for the Company’s 2024 year-end financial statements.

As the above ASUs relate solely to financial statement disclosures, the adoption of these ASUs will not impact the Company’s financial condition, results of operations, or cash flows.

For the three and six months ended June 30, 2024, there was no change to the Company’s agreement with Solasglas Investments, LP (“Solasglas”). Effective August 1, 2024, the parties amended the agreement to revise the Investment Cap from 60% to 70% (as defined in Note 3 of the 2023 Form 10-K).

The Company’s maximum exposure to loss relating to Solasglas is limited to GLRE's share of Partners’ capital in Solasglas. At June 30, 2024, GLRE’s share of Partners’ capital in Solasglas was $351.5 million (December 31, 2023: $258.9 million), representing 76.3% (December 31, 2023: 72.7%) of Solasglas’ total net assets. DME II held the remaining 23.7% (December 31, 2023: 27.3%) of Solasglas’ total net assets.

The Company’s share of the net increase in Partner’s capital for the three and six months ended June 30, 2024 was $4.3 million and $22.6 million, respectively, (three and six months ended June 30, 2023: $32.8 million and $29.6 million, respectively), as shown in the caption “Income (loss) from investment in related party investment fund” in the Company’s condensed consolidated statements of operations.

The summarized financial statements of Solasglas are presented below.

Summarized Statements of Financial Condition of Solasglas Investments, LP

						June 30, 2024						December 31, 2023
Assets
Investments, at fair value						$	401,510					$	453,358
Derivative contracts, at fair value						11,244						11,167
Due from brokers						169,898						121,754
Cash and cash equivalents						53,460						—
Interest and dividends receivable						195						1,143
Total assets						636,307						587,422
Liabilities and partners’ capital
Liabilities
Investments sold short, at fair value						(162,984)						(197,571)
Derivative contracts, at fair value						(11,147)						(12,917)
Capital withdrawals payable						—						(1,000)
Due to brokers						—						(17,398)
Interest and dividends payable						(1,404)						(2,315)
Accrued expenses and other liabilities						(164)						(247)
Total liabilities						(175,699)						(231,448)
Partners' capital						$	460,608					$	355,974
GLRE’s share of Partners' capital						$	351,468					$	258,890

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Summarized Statements of Operations of Solasglas Investments, LP

						Three months ended June 30												Six months ended June 30
						2024						2023						2024						2023
Investment income
Dividend income (net of withholding taxes)						$	941					$	724					$	1,772					$	1,351
Interest income						2,148						2,076						6,500						3,892
Total Investment income						3,089						2,800						8,272						5,243
Expenses
Management fee						(1,408)						(1,163)						(2,731)						(2,231)
Interest						(736)						(1,579)						(2,070)						(3,007)
Dividends						(731)						(793)						(1,435)						(1,212)
Professional fees and other						(335)						(607)						(659)						(889)
Total expenses						(3,210)						(4,142)						(6,895)						(7,339)
Net investment income (loss)						(121)						(1,342)						1,377						(2,096)
Realized and change in unrealized gains (losses)
Net realized gain (loss)						20,085						(845)						63,030						(2,605)
Net change in unrealized appreciation (depreciation)						(13,138)						54,825						(29,383)						53,792
Net gain (loss) on investment transactions						6,947						53,980						33,647						51,187
Net increase (decrease) in Partners' capital (1)						$	6,826					$	52,638					$	35,024					$	49,091
GLRE’s share of the increase (decrease) in Partners' capital						$	4,330					$	32,782					$	22,578					$	29,644

(1) The net increase in Partners’ capital is net of management fees and performance allocation presented below:

						Three months ended June 30												Six months ended June 30
						2024						2023						2024						2023
Management fees						$	1,408					$	1,163					$	2,731					$	2,231
Performance allocation						481						$	3,294					2,509						3,294
Total						$	1,889					$	4,457					$	5,240					$	5,525

 

At June 30, 2024, the breakdown of the Company’s other investments was as follows:

						Cost						Unrealized gains						Unrealized losses						Accrued interest						Fair value / carrying value
Private investments and unlisted equities						$	27,170					$	49,902					$	(5,206)					$	—					$	71,866
Debt and convertible debt securities						2,713						—						(1,510)						90						1,293
Total other investments						$	29,883					$	49,902					$	(6,716)					$	90					$	73,159

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At December 31, 2023, the breakdown of the Company’s other investments was as follows:

						Cost						Unrealized gains						Unrealized losses						Accrued interest						Fair value / carrying value
Private investments and unlisted equities						$	28,470					$	49,424					$	(6,737)					$	—					$	71,157
Debt and convertible debt securities						2,499						—						(499)						136						2,136
Total other investments						$	30,969					$	49,424					$	(7,236)					$	136					$	73,293

The following table presents the carrying values of the private investments and unlisted equity securities carried under the measurement alternative at June 30, 2024 and 2023, and the related adjustments recorded during the periods then ended.

						Six months ended June 30
						2024						2023
Carrying value (1)						$	71,866					$	65,904
Upward carrying value changes (2)						$	501					$	506
Downward carrying value changes and impairment (3)						$	(114)					$	(250)

(1) The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes.

(2) The cumulative upward carrying value changes from inception to June 30, 2024, totaled $50.9 million.

(3) The cumulative downward carrying value changes and impairments from inception to June 30, 2024, totaled $2.8 million.

Net investment income

The following table summarizes the change in unrealized gains (losses) and the realized gains (losses) for the Company’s other investments, which are included in “Net investment income” in the condensed consolidated statements of operations (see Note 13):

						Three months ended June 30												Six months ended June 30
						2024						2023						2024						2023
Gross realized gains						$	—					$	—					$	—					$	—
Gross realized losses						—						—						(1,332)						(800)
Net realized gains (losses)						$	—					$	—					$	(1,332)					$	(800)
Change in unrealized gains						89						506						1,008						1,056
Net realized and unrealized gains (losses) on other investments						$	89					$	506					$	(324)					$	256

During the six months ended June 30, 2024, the Company collected $0.2 million of liquidation proceeds relating to a private investment which was previously fully impaired, resulting in a gross realized loss of $1.3 million offset by a corresponding reduction in unrealized losses of $1.5 million.

During the three and six months ended June 30, 2023, the Company realized a loss of $nil and $0.8 million, respectively, and a corresponding reversal of unrealized loss relating to an investment which was previously fully impaired at December 31, 2022, resulting in no impact to the Company’s net income (loss).

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The following table shows the breakdown of the Company’s restricted cash and cash equivalents, along with a reconciliation of the total cash, cash equivalents, and restricted cash reported in the condensed consolidated statements of cash flows:

						June 30, 2024						December 31, 2023
Restricted cash and cash equivalents:
Cash securing trust accounts						$	274,275					$	300,152
Cash securing letters of credit issued						274,048						291,456
Cash securing Loan Facility						10,000						10,000
Other						3,607						3,040
Total restricted cash and cash equivalents						561,930						604,648
Cash and cash equivalents						52,240						51,082
Total cash, cash equivalents, and restricted cash						$	614,170					$	655,730

Where the Company operates as a non-admitted carrier in certain foreign jurisdictions, regulatory trust accounts and letters of credit are issued to cedents. Additionally, the Company has provided cash collateral for the Loan Facility (see Note 9).

Assets measured at fair value on a nonrecurring basis

At June 30, 2024 and December 31, 2023, the Company held $61.8 million and $61.3 million, respectively, of private investments and unlisted equities measured at fair value on a nonrecurring basis. At June 30, 2024, the Company held $10.0 million (2023: $9.9 million) of private investments and unlisted equities measured at cost. The Company classifies these investments as Level 3 within the fair value hierarchy.

The following table summarizes the periods between the most recent fair value measurement dates and June 30, 2024, for the private and unlisted equities measured at fair value on a nonrecurring basis:

			Less than 6 months						6 to 12 months						Over 1 year						Total
Fair values measured on a nonrecurring basis			$	1,423					$	26,338					$	34,086					$	61,847

Assets measured at fair value on a recurring basis

Derivative financial instruments

The Company uses interest rate swaps in connection with its risk management activities to hedge 50% of the interest rate risk relating to the outstanding Term Loans (see Note 9). The interest rate swaps are carried at fair value and are determined using a market approach valuation technique based on significant observable market inputs from third-party pricing vendors. Accordingly, the interest rates swaps are classified as Level 2 within the fair value hierarchy. These derivative instruments are not designated as accounting hedges under U.S. GAAP.

For the three and six months ended June 30, 2024, the Company recognized a reduction in unrealized loss of $0.1 million and $0.6 million, respectively, for the above derivatives to a nominal value at June 30, 2024, which is included in other liabilities in the condensed consolidated balance sheets, in interest expense in the condensed consolidated statements of operations, and in “net change in unrealized gains and losses on investments and derivatives” in the condensed consolidated statements of cash flows. There were no derivative financial instruments for the three and six months ended June 30, 2023.

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Financial Instruments Disclosed, But Not Carried, at Fair Value

The Company’s loss and loss adjustment expense (“LAE”) reserves were composed of the following:

						June 30, 2024						December 31, 2023
Case reserves						$	210,802					$	189,050
IBNR						541,955						472,504
Total						$	752,757					$	661,554

Reserve Roll-forward

The following provides a summary of changes in outstanding loss and LAE reserves for all lines of business:

Consolidated						Six months ended June 30
						2024						2023
Gross balance at January 1						$	661,554					$	555,468
Less: Losses recoverable						(25,687)						(13,239)
Net balance at January 1						635,867						542,229
Incurred losses related to:
Current year						206,647						173,428
Prior years						4,712						13,801
Total incurred						211,359						187,229
Paid losses related to:
Current year						(20,677)						(22,428)
Prior years						(129,716)						(114,056)
Total paid						(150,393)						(136,484)
Foreign currency revaluation						(2,723)						6,572
Net balance at June 30						694,110						599,546
Add: Losses recoverable (see Note 8)						58,647						21,555
Gross balance at June 30						$	752,757					$	621,101

Estimates for Significant Catastrophe Events

At June 30, 2024, the Company’s net reserves for losses and loss expenses include estimated amounts for several catastrophe and weather-related events (“CAT loss”). The magnitude and volume of losses arising from these events is inherently uncertain and, consequently, actual losses for these events may ultimately differ, potentially materially, from current estimates.

During the six months ended June 30, 2024, the Company recognized total CAT loss, net of reinsurance, of $35.2 million. Current year CAT loss events were $25.7 million, driven mainly by the Baltimore bridge collapse, the U.S. tornados (including severe convective storms), satellite failures, and a Mexican state-owned oil platform fire. Additionally, the Company incurred $9.4 million of net adverse prior year CAT loss development relating primarily to severe weather affecting U.S. homeowners’ property coverage (2021-2023 underwriting years).

During the six months ended June 30, 2023, the Company recognized total CAT loss, net of reinsurance, of $19.6 million. Current year CAT loss events were $16.4 million, driven mainly by the Turkey earthquake, New Zealand Cyclone

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Gabrielle and the U.S. tornados, coupled with $3.2 million net adverse prior year CAT loss development mainly relating to the 2022 Winter Storm Elliott.

Prior Year Reserve Development

During the six months ended June 30, 2024, the Company experienced $4.7 million in net adverse development on prior year loss and LAE reserves. This was composed of $19.5 million of reserve strengthening predominantly for the above prior year CAT loss events, coupled with additional losses reported on general liability contracts (mostly 2014-2017 underwriting years) and legacy quota share workers’ compensation treaties (mostly 2017-2021 underwriting years) due to current economic and social inflation trends. The reserve increases were partially offset by $14.8 million favorable loss development predominantly from mortgage contracts (various underwriting years), multi-line commercial treaties (mostly 2020 underwriting year), Funds at Lloyd’s (“FAL”) (2023 underwriting year), and other specialty business (mostly 2020-2022 underwriting years).

During the six months ended June 30, 2023, the Company experienced $13.8 million in net adverse development on prior year loss and LAE reserves. This was comprised of $21.5 million of reserve strengthening predominantly on casualty contracts (mostly 2018, 2019 and 2021 underwriting years) and property contracts (mostly 2020 and 2021 underwriting years) due to current economic and social inflation trends, coupled with adverse CAT loss development on U.S. homeowners’ property business relating to Winter Storm Elliott (2022 underwriting year). This was partially offset by $7.7 million better than expected loss emergence predominantly from other property catastrophe events (mostly 2019, 2021 and 2022 underwriting years).

The following table provides a breakdown of ceded reinsurance:

						Three months ended June 30												Six months ended June 30
						2024						2023						2024						2023
Gross ceded premiums						$	14,832					$	9,739					$	38,013					$	20,951
Earned ceded premiums						$	11,849					$	11,296					$	27,091					$	19,877
Loss and loss adjustment expenses ceded						$	14,773					$	9,537					$	37,849					$	15,708

Retrocession contracts do not relieve the Company from its obligations to its cedents. Failure of retrocessionaires to honor their obligations could result in losses to the Company. The following table shows a breakdown of losses recoverable on a gross and net of collateral basis:

						June 30, 2024												December 31, 2023
						Gross						Net of Collateral(1)						Gross						Net of Collateral(1)
A- or better by A.M. Best						$	33,288					$	33,288					$	8,767					$	8,767
Not rated						26,059						8,816						17,407						2,432
Total before provision						59,347						$	42,104					$	26,174					$	11,199
Provision for credit losses						(700)												(487)
Total loss and loss adjustment expenses recoverable, net						$	58,647											$	25,687

(1) Collateral is in the form of cash, letters of credit, funds withheld, and/or cash collateral held in trust accounts. This excludes any excess collateral in order to disclose the aggregate net exposure for each retrocessionaire.

At June 30, 2024, we had 3 reinsurers (December 31, 2023: 3) that accounted for 10% or more of the total loss and loss adjustment expenses recoverable, net, for an aggregate gross amount of $42.3 million (December 31, 2023: $20.4 million).

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Debt Obligations

The following table summarizes the Company’s outstanding debt obligations.

						June 30, 2024						December 31, 2023
Term loans						$	62,188					$	74,062
Accrued interest payable						38						—
Less: deferred financing costs						(631)						(781)
Total debt						$	61,595					$	73,281

During the six months ended June 30, 2024, the Company partially repaid $11.9 million of the outstanding Term loans.

Credit Facilities

At June 30, 2024, the Company had the following letter of credit (“LOC”) facilities:

						Capacity						LOCs issued						Termination Date
Citibank Europe plc ("Citi LOC")1						$	289,000					$	231,665					August 20, 2024
CIBC Bank USA ("CIBC LOC")						200,000						42,338						December 21, 2024
						$	489,000					$	274,003

1) Includes $14 million of uncommitted capacity.

The above LOCs issued are cash collateralized (see Note 5). The LOC facilities are subject to various customary affirmative, negative and financial covenants. At June 30, 2024, the Company was in compliance with all LOC facilities covenants.

On April 12, 2024, the Company received written notice from Citibank Europe plc (“Citi”) of its decision to terminate the $275 million committed capacity under the Citi LOC agreement, with an effective date of August 20, 2024. However, Citi informed the Company that it intends to continue providing the Citi LOC on an uncommitted basis for the foreseeable future following the termination date.

Ordinary Shares

The following table is a summary of changes in ordinary shares issued and outstanding for the six months ended June 30:

			2024												2023
			Ordinary												Class A						Class B
Balance – beginning of period			35,336,732												28,569,346						6,254,715
Issue of shares, net of forfeitures			(15,588)												447,952						—
Balance – end of period			35,321,144												29,017,298						6,254,715

The Company’s authorized share capital is 125,000,000 ordinary shares, par value of $0.10 per share.

On July 25, 2023, at the Company’s Annual General Meeting the shareholders approved the re-designation of Class B ordinary shares as Class A ordinary shares, and then reclassified Class A ordinary shares as “ordinary shares”, resulting in the elimination of the dual-class share structure.

At June 30, 2024, the Company has an effective Form S-3 registration statement on file with the SEC for an aggregate principal amount of $200.0 million in securities.

Share Repurchase Plan

On May 3, 2024, the Board of Directors re-approved the share repurchase plan, until June 30, 2025, authorizing the Company to repurchase up to $25.0 million of ordinary shares or securities convertible into ordinary shares in the open market,

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through privately negotiated transactions or Rule 10b5-1 stock trading plans. Any shares repurchased are canceled immediately upon repurchase. For the six months ended June 30, 2024 and 2023, there was no repurchase of ordinary shares.

Preferred Shares

The Company’s authorized share capital also consists of 50,000,000 preference shares with a par value of $0.10 each. At June 30, 2024, the Company has no issued and outstanding preferred shares.

 

Refer to Note 11 of the Company’s audited consolidated financial statements of its 2023 Form 10-K for a summary of the Company’s 2023 Incentive Plan, including the definition of performance-based and service-based stock awards.

Employee and Director Restricted Shares

The following table summarizes the activity for unvested outstanding restricted share awards (“RSs”) during the six months ended June 30, 2024 and 2023:

						Performance Restricted Shares												Service Restricted Shares
						Number of non-vested restricted  shares						Weighted  average grant date fair value						Number of non-vested restricted  shares						Weighted  average grant date fair value
Balance at December 31, 2022						794,362						$	7.62					832,896						$	7.76
Granted						357,766						9.85						177,563						9.84
Vested						—						—						(256,243)						6.75
Forfeited						(109,105)						9.37						(55,967)						8.43
Balance at June 30, 2023						1,043,023						$	8.20					698,249						$	8.60
Balance at December 31, 2023						1,042,688						$	9.94					419,604						$	9.18
Granted						—						—						—						—
Vested						—						—						(217,522)						8.78
Forfeited						(89,945)						10.84						—						—
Balance at June 30, 2024						952,743						$	9.86					202,082						$	9.61

At June 30, 2024, 2,914,198 (December 31, 2023: 3,296,771) ordinary shares remained available for future issuance under the Company’s 2023 Incentive Plan.

There was no grant of RSs during the six months ended June 30, 2024 (2023: 535,329). For the six months ended June 30, 2024, the total fair value of Service RSs vested was $1.9 million (2023: $1.7 million).

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Employee Restricted Stock Units

The following table summarizes the activity for unvested outstanding restricted stock units (“RSUs”) during the six months ended June 30, 2024 and 2023:

						Performance RSUs												Service RSUs
						Number of non-vested RSUs						Weighted  average grant date fair value						Number of non-vested RSUs						Weighted  average grant date fair value
Balance at December 31, 2022						105,008						$	6.82					172,952						$	7.58
Granted						71,121						9.85						42,811						9.85
Vested						—						—						(77,695)						6.74
Forfeited						—						—						(1,788)						7.82
Balance at June 30, 2023						176,129						$	8.04					136,280						$	8.76
Balance at December 31, 2023						154,445						$	8.03					110,425						$	8.78
Granted						258,148						11.85						124,425						11.85
Vested						—						—						(74,357)						8.84
Forfeited						—						—						—						—
Balance at June 30, 2024						412,593						$	10.42					160,493						$	11.14

For the awards granted during the six months ended June 30, 2024, the Service RSUs vest evenly over three years on January 1, subject to the grantee’s continued service with the Company. If performance goals are achieved, the Performance RSUs will cliff vest at the end of a three-year performance period within a range of 50% and 200% of the awarded Performance RSUs, with a target of 100%.

For the six months ended June 30, 2024, the total fair value of Service RSUs vested was $0.7 million (2023: $0.5 million).

Employee and Director Stock Options

During the six months ended June 30, 2024, 250,000 ordinary share purchase options were granted to the Company’s CEO, pursuant to his employment contract. These options vest 50,000 annually and expire in 10 years from the grant date. The grant date fair value of these options was $4.31 per share, based on the Black-Scholes option pricing model. The following inputs were used in this pricing model:

Expected volatility			36.4		%
Expected term (in years)			5
Expected dividend yield			—		%
Risk-free interest rate			3.9		%
Stock price at grant date			$	11.20

Stock Compensation Expense

For the six months ended June 30, 2024 and 2023, the Company recorded $2.9 million and $2.3 million of total stock compensation expense (net of forfeitures), respectively. The stock compensation expense is included in “General and administrative expenses” in the condensed consolidated statements of operations. Forfeiture recoveries were immaterial for both periods.

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The following table reconciles net income and weighted average shares used in computing basic and diluted EPS for the three and six months ended June 30, 2024 and 2023:

			Three months ended June 30												Six months ended June 30
			2024						2023						2024						2023
Numerator for EPS
Net income - basic			$	7,978					$	49,860					$	34,997					$	55,747
Add: interest on convertible notes			—						744						—						1,520
Less: gain on repurchase of convertible notes			—						—						—						(265)
Net income - diluted			$	7,978					$	50,604					$	34,997					$	57,002
Denominator for EPS
Weighted average shares outstanding - basic			34,238,863						34,070,818						34,255,454						34,065,066
Effect of dilutive employee and director share-based awards			460,319						580,494						423,871						534,958
Shares potentially issuable in connection with convertible notes			—						3,615,825						—						3,722,897
Weighted average shares outstanding - diluted			34,699,182						38,267,137						34,679,325						38,322,921
Anti-dilutive stock options outstanding			902,140						690,337						902,140						690,337
EPS:
Basic			$	0.23					$	1.46					$	1.02					$	1.64
Diluted			$	0.23					$	1.32					$	1.01					$	1.49

The following table provides a breakdown of net investment income:

						Three months ended June 30												Six months ended June 30
						2024						2023						2024						2023
Interest and dividend income, net of withholding taxes and other expenses						$	8,135					$	8,863					$	16,691					$	17,491
Net realized and unrealized gains on other investments (see Note 4)						89						506						(324)						256
Net investment-related income						8,224						9,369						16,367						17,747
Share of Solasglas' net income (see Note 3)						4,330						32,782						22,578						29,644
Total investment income						$	12,554					$	42,151					$	38,945					$	47,391

Investment Advisory Agreement

 

There has been no change to the Company’s agreement with Solasglas as described in its 2023 Form 10-K. Refer to Note 3 for a breakdown of management fees and performance fees for the six months ended June 30, 2024 and 2023.

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Green Brick Partners, Inc.

David Einhorn also serves as the Chairman of the Board of Directors of Green Brick Partners, Inc. (“GRBK”), a publicly-traded company. At June 30, 2024, Solasglas, along with certain affiliates of DME Advisors, collectively owned 25.2% of the issued and outstanding common shares of GRBK. Under applicable securities laws, DME Advisors may sometimes be limited in its ability to trade GRBK shares held in Solasglas. At June 30, 2024, Solasglas held 1.8 million shares of GRBK. Subsequent to June 30, 2024, Solasglas reduced its exposure to GRBK and as of July 31, 2024 held 1.3 million shares of GRBK.

Service Agreement

 

The Company has entered into a service agreement with DME Advisors, pursuant to which DME Advisors provides certain investor relations services to the Company for compensation of five thousand dollars per month (plus expenses). The agreement automatically renews annually until terminated by either the Company or DME Advisors for any reason with 30 days prior written notice to the other party. 

Collateral Assets Investment Management Agreement

Effective January 1, 2019, the Company (and its subsidiaries) entered into a collateral assets investment management agreement (the “CMA”) with DME Advisors, pursuant to which DME Advisors manages certain assets of the Company that are not subject to the Solasglas LPA and are held by the Company to provide collateral required by the cedents in the form of trust accounts and letters of credit. In accordance with the CMA, DME Advisors receives no fees and is required to comply with the collateral investment guidelines. The CMA can be terminated by any of the parties upon 30 days’ prior written notice to the other parties.

 

a) Concentration of Credit Risk

Cash and cash equivalents

The Company monitors its concentration of credit risk with financial institutions and limits acceptable counterparties based on current rating, outlook and other relevant factors.

Investments

The Company’s credit risk exposure to private debt and convertible debt securities within its “Other investments” are immaterial (see Note 4).

Reinsurance balances receivable, net

The following table shows the breakdown of reinsurance balances receivable:

---

						June 30, 2024												December 31, 2023
						Amount						%						Amount						%
Premiums receivable						$	260,801					38.0		%				$	186,940					30.2		%
Funds withheld:
Funds held by cedants						48,790						7.1		%				50,075						8.1		%
Premiums held by Lloyds' syndicates						264,685						38.5		%				264,278						42.7		%
Funds at Lloyd’s						110,624						16.1		%				115,772						18.6		%
Profit commission receivable						2,708						0.4		%				2,302						0.4		%
Deposit assets						—						—		%				888						0.1		%
Total before provision						687,608						100.1		%				620,255						100.1		%
Provision for expected credit losses						(865)						(0.1)		%				(854)						(0.1)		%
Reinsurance balances receivable, net						$	686,743					100.0		%				$	619,401					100.0		%

The Company has posted deposits at Lloyd’s to support underwriting capacity for certain syndicates, including Syndicate 3456. Lloyd’s has a credit rating of “A” (Excellent) from A.M. Best.

Premiums receivable includes a significant portion of estimated premiums not yet due. Brokers and other intermediaries are responsible for collecting premiums from customers on the Company’s behalf. The Company monitors its concentration of credit risks from brokers. The diversity in the Company’s client base limits credit risk associated with premiums receivable and funds (premiums) held by cedents. Further, under the reinsurance contracts the Company has contractual rights to offset premium balances receivable and funds held by cedants against corresponding payments for losses and loss expenses.

Loss and loss adjustment expenses recoverable, net

The Company regularly evaluates its net credit exposure to the retrocessionaires and their abilities to honor their respective obligations. See Note 8 for analysis of concentration of credit risk relating to retrocessionaires.

b) Lease Obligations

There was no material change to the Company’s operating lease agreements subsequent to its 2023 Form 10-K.

c) Litigation

---

 

The Company has one operating segment: Property & Casualty Reinsurance.

The following tables provide a breakdown of the Company’s gross premiums written by line and class of business, and by geographic area of risks insured for the periods indicated:

Gross Premiums Written by Line of Business

						Three months ended June 30																								Six months ended June 30
						2024												2023												2024												2023
Property
Commercial						$	12,070					7.1		%				$	14,440					9.3		%				$	30,236					7.8		%				$	29,131					8.5		%
Motor						93						0.1						352						0.2						155						—						584						0.2
Personal						10,614						6.3						16,368						10.6						17,562						4.5						32,005						9.4
Total Property						22,777						13.5						31,160						20.1						47,953						12.3						61,720						18.1
Casualty
General Liability						33,741						20.0						27,517						17.8						55,398						14.3						48,076						14.1
Motor Liability						8,638						5.1						2,707						1.7						14,656						3.8						8,306						2.4
Professional Liability						(448)						(0.3)						2,625						1.7						119						—						6,272						1.8
Workers' Compensation						(40)						—						3,899						2.5						3,380						0.9						7,058						2.1
Multi-line						38,314						22.7						51,724						33.4						113,441						29.4						105,884						31.0
Total Casualty						80,205						47.5						88,472						57.1						186,994						48.4						175,596						51.4
Other
Accident & Health						2,947						1.7						2,013						1.3						3,878						1.0						4,489						1.3
Financial						17,945						10.6						8,850						5.7						38,144						9.9						31,347						9.2
Marine						10,879						6.4						7,854						5.1						30,442						7.9						19,994						5.9
Other Specialty						34,222						20.3						16,594						10.7						78,822						20.5						48,252						14.1
Total Other						65,993						39.1						35,311						22.8						151,286						39.3						104,082						30.5
						$	168,975					100.0		%				$	154,943					100.0		%				$	386,233					100.0		%				$	341,398					100.0		%

Gross Premiums Written by Geographic Area of Risks Insured

						Three months ended June 30																								Six months ended June 30
						2024												2023												2024												2023
U.S. and Caribbean						$	61,786					36.6		%				$	59,588					38.5		%				$	119,160					30.9		%				$	129,440					37.9		%
Worldwide (1)						90,153						53.4						75,131						48.5						234,462						60.7						181,393						53.1
Europe						3,792						2.2						3,641						2.3						8,280						2.1						7,068						2.1
Asia						13,244						7.8						16,583						10.7						24,331						6.3						23,497						6.9
						$	168,975					100.0		%				$	154,943					100.0		%				$	386,233					100.0		%				$	341,398					100.0		%

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v3.24.2.u1

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-33493
Entity Registrant Name	GREENLIGHT CAPITAL RE, LTD.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	65 Market Street
Entity Address, Address Line Two	Suite 1207, Jasmine Court
Entity Address, Address Line Three	P.O. Box 31110
Entity Address, City or Town	Camana Bay
Entity Address, Country	KY
Entity Address, Postal Zip Code	KY1-1205
City Area Code	205
Local Phone Number	291-3440
Title of 12(b) Security	Ordinary Shares
Trading Symbol	GLRE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		35,321,144
Entity Central Index Key	0001385613
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

v3.24.2.u1

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments
Investment in related party investment fund, at fair value	$ 351,468	$ 258,890
Other investments	73,159	73,293
Total investments	424,627	332,183
Cash and cash equivalents	52,240	51,082
Restricted cash and cash equivalents	561,930	604,648
Reinsurance balances receivable (net of allowance for expected credit losses of 2024: $865 and 2023: $854)	686,743	619,401
Loss and loss adjustment expenses recoverable (net of allowance for expected credit losses of 2024: $701 and 2023: $487)	58,647	25,687
Deferred acquisition costs	83,305	79,956
Unearned premiums ceded	28,184	17,261
Other assets	4,272	5,089
Total assets	1,899,948	1,735,307
Liabilities
Loss and loss adjustment expense reserves	752,757	661,554
Unearned premium reserves	349,015	306,310
Reinsurance balances payable	76,253	68,983
Funds withheld	18,266	17,289
Other liabilities	8,042	11,795
Debt	61,595	73,281
Total liabilities	1,265,928	1,139,212
Commitments and Contingencies (Note 15)
Shareholders' equity
Preferred share capital (par value $0.10; none issued)	0	0
Ordinary share capital (par value $0.10; issued and outstanding, 35,321,144) (2023: par value $0.10; issued and outstanding, 35,336,732)	3,532	3,534
Additional paid-in capital	487,462	484,532
Retained earnings	143,026	108,029
Total shareholders' equity	634,020	596,095
Total liabilities and equity	$ 1,899,948	$ 1,735,307

v3.24.2.u1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for expected credit losses	$ 865	$ 854
Loss and loss adjustment expenses recoverable, allowance	$ 701	$ 487
Preferred share capital, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred share capital, issued (in shares)	0	0
Ordinary share capital, par value (in dollars per share)	$ 0.10	$ 0.10
Ordinary share capital, issued (in shares)	35,321,144	35,336,732
Ordinary share capital, outstanding (in shares)	35,321,144	35,336,732

v3.24.2.u1

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Gross premiums written	$ 168,975	$ 154,943	$ 386,233	$ 341,398
Gross premiums ceded	(14,832)	(9,739)	(38,013)	(20,951)
Net premiums written	154,143	145,204	348,220	320,447
Change in net unearned premium reserves	4,255	(5,261)	(28,286)	(37,855)
Net premiums earned	158,398	139,943	319,934	282,592
Income (loss) from investment in related party investment fund (net of related party expenses - Note 3)	4,330	32,782	22,578	29,644
Net investment income	8,224	9,369	16,367	17,747
Foreign exchange gains (losses)	(932)	4,729	(2,581)	9,660
Other income, net	4,843	2,866	9,878	5,032
Total revenues	174,863	189,689	366,176	344,675
Expenses
Net loss and loss adjustment expenses incurred	102,033	90,504	211,359	187,229
Acquisition costs	50,454	38,293	92,064	79,769
General and administrative expenses	10,517	10,025	21,231	19,961
Deposit interest expense	1,886	235	2,762	367
Interest expense	1,560	744	2,809	1,520
Total expenses	166,450	139,801	330,225	288,846
Income before income tax	8,413	49,888	35,951	55,829
Income tax expense	(435)	(28)	(954)	(82)
Net income	$ 7,978	$ 49,860	$ 34,997	$ 55,747
Earnings (loss) per share ("EPS"):
Basic (in dollars per share)	$ 0.23	$ 1.46	$ 1.02	$ 1.64
Diluted (in dollars per share)	$ 0.23	$ 1.32	$ 1.01	$ 1.49
Weighted average number of ordinary shares used in the determination of EPS:
Basic (in shares)	34,238,863	34,070,818	34,255,454	34,065,066
Diluted (in shares)	34,699,182	38,267,137	34,679,325	38,322,921

v3.24.2.u1

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Ordinary share capital	Additional paid-in capital	Retained earnings
Beginning balance at Dec. 31, 2022		$ 3,482	$ 478,439	$ 21,199
Increase (Decrease) in Stockholders' Equity
Issue of ordinary shares, net of forfeitures		45
Share-based compensation expense			2,209
Net income	$ 55,747			55,747
Ending balance at Jun. 30, 2023	561,121	3,527	480,648	76,946
Beginning balance at Mar. 31, 2023		3,526	479,429	27,086
Increase (Decrease) in Stockholders' Equity
Issue of ordinary shares, net of forfeitures		1
Share-based compensation expense			1,219
Net income	49,860			49,860
Ending balance at Jun. 30, 2023	561,121	3,527	480,648	76,946
Beginning balance at Dec. 31, 2023		3,534	484,532	108,029
Increase (Decrease) in Stockholders' Equity
Issue of ordinary shares, net of forfeitures		(2)
Share-based compensation expense			2,930
Net income	34,997			34,997
Ending balance at Jun. 30, 2024	634,020	3,532	487,462	143,026
Beginning balance at Mar. 31, 2024		3,532	485,878	135,048
Increase (Decrease) in Stockholders' Equity
Share-based compensation expense			1,584
Net income	7,978			7,978
Ending balance at Jun. 30, 2024	$ 634,020	$ 3,532	$ 487,462	$ 143,026

v3.24.2.u1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income	$ 34,997	$ 55,747
Adjustments to reconcile net income or loss to net cash provided by (used in) operating activities:
Income from investments in related party investment fund	(22,578)	(29,644)
Net realized gain on repurchases of convertible senior notes payable	0	(265)
Net realized and unrealized losses (gains) on other investments	324	(256)
Net realized and unrealized losses (gains) on derivatives	(565)	0
Current expected credit losses (gains) recognized on reinsurance assets	225	500
Share-based compensation expense	2,928	2,254
Accretion of debt offering costs and change in interest accruals	190	(59)
Net change in:
Reinsurance balances receivable	(67,353)	(111,672)
Loss and loss adjustment expenses recoverable	(33,174)	(8,316)
Deferred acquisition costs	(3,349)	(626)
Unearned premiums ceded	(10,923)	(1,074)
Loss and loss adjustment expense reserves	91,203	65,633
Unearned premium reserves	42,705	30,234
Reinsurance balances payable	7,270	4,399
Funds withheld	977	(6,302)
Other items, net	(2,208)	13
Net cash provided by (used in) operating activities	40,669	566
Cash flows from investing activities
Proceeds from redemptions of investment in Solasglas	0	37,997
Contributions to investment in Solasglas	(70,000)	(47,001)
Purchases of other investments	(414)	(4,045)
Proceeds on disposal of other investments	168	6,000
Net cash provided by (used in) investing activities	(70,246)	(7,049)
Cash flows from financing activities
Repayment of term loans	(11,876)	0
Repurchases of convertible senior notes payable	0	(17,085)
Net cash used in financing activities	(11,876)	(17,085)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(107)	351
Decrease in cash, cash equivalents and restricted cash	(41,560)	(23,217)
Cash, cash equivalents and restricted cash at beginning of the period	655,730	706,548
Cash, cash equivalents and restricted cash at end of the period	614,170	683,331
Supplementary information
Interest paid in cash	3,315	1,578
Income tax paid (refund received) in cash	$ 153	$ 21

v3.24.2.u1

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Organization   Greenlight Capital Re, Ltd. (“GLRE” and, together with its wholly-owned subsidiaries, the “Company”) was incorporated as an exempted company under the Companies Law of the Cayman Islands on July 13, 2004. The Company is a global specialty property and casualty reinsurer headquartered in the Cayman Islands. The ordinary shares of GLRE are listed on Nasdaq Global Select Market under the symbol “GLRE.” Basis of Presentation These unaudited condensed consolidated financial statements (the “financial statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the U.S. Securities and Exchange Commission’s (“SEC”) instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. The financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s 2023 Form 10-K. The financial statements include the accounts of GLRE and the consolidated financial statements of its wholly-owned subsidiaries and all significant intercompany transactions and balances have been eliminated on consolidation. In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position and results of operations as at the end of and for the periods presented. The results of operations for any interim period are not necessarily indicative of the results for a full year. Tabular dollars are in thousands, with the exception of per share amounts or otherwise noted. All amounts are reported in U.S. dollars. Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current financial statements. The Company has reported separately the foreign exchange gains (losses) from “Other income” in the condensed consolidated statements of operations. This resulted in no change to the previously reported total revenues or net income. The Company has also included the foreign exchange gains (losses) as part of the net change in working capital in the condensed consolidated statements of cash flows. Further, the Company combined “Other assets, excluding depreciation” and “Other liabilities” and presented the sum as “Other items, net” in the condensed consolidated statements of cash flows. These changes in presentation in the condensed consolidated statements of cash flows have resulted in no change to the previously reported net cash provided by (used in) operating activities.

v3.24.2.u1

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES   There were no material changes to the Company’s significant accounting policies subsequent to its 2023 Form 10-K. Recently Issued Accounting Standards Not Yet Adopted On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new ASU requires incremental disclosures related to a public entity’s reportable segments but does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. This new guidance is effective for the Company’s 2024 year-end financial statements, and should be adopted retrospectively unless impracticable. Early adoption is permitted. On December 14, 2023, FASB issued ASU 2023-09, Income Taxes Topic (740) - Improvements to Income Tax Disclosures. The new ASU provides more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. This ASU is effective for the Company’s 2024 year-end financial statements. As the above ASUs relate solely to financial statement disclosures, the adoption of these ASUs will not impact the Company’s financial condition, results of operations, or cash flows.

v3.24.2.u1

INVESTMENT IN RELATED PARTY INVESTMENT FUND	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN RELATED PARTY INVESTMENT FUND	INVESTMENT IN RELATED PARTY INVESTMENT FUND For the three and six months ended June 30, 2024, there was no change to the Company’s agreement with Solasglas Investments, LP (“Solasglas”). Effective August 1, 2024, the parties amended the agreement to revise the Investment Cap from 60% to 70% (as defined in Note 3 of the 2023 Form 10-K). The Company’s maximum exposure to loss relating to Solasglas is limited to GLRE's share of Partners’ capital in Solasglas. At June 30, 2024, GLRE’s share of Partners’ capital in Solasglas was $351.5 million (December 31, 2023: $258.9 million), representing 76.3% (December 31, 2023: 72.7%) of Solasglas’ total net assets. DME II held the remaining 23.7% (December 31, 2023: 27.3%) of Solasglas’ total net assets. The Company’s share of the net increase in Partner’s capital for the three and six months ended June 30, 2024 was $4.3 million and $22.6 million, respectively, (three and six months ended June 30, 2023: $32.8 million and $29.6 million, respectively), as shown in the caption “Income (loss) from investment in related party investment fund” in the Company’s condensed consolidated statements of operations. The summarized financial statements of Solasglas are presented below. Summarized Statements of Financial Condition of Solasglas Investments, LP June 30, 2024 December 31, 2023 Assets Investments, at fair value $ 401,510  $ 453,358  Derivative contracts, at fair value 11,244  11,167  Due from brokers 169,898  121,754  Cash and cash equivalents 53,460  —  Interest and dividends receivable 195  1,143  Total assets 636,307  587,422  Liabilities and partners’ capital Liabilities Investments sold short, at fair value (162,984) (197,571) Derivative contracts, at fair value (11,147) (12,917) Capital withdrawals payable —  (1,000) Due to brokers —  (17,398) Interest and dividends payable (1,404) (2,315) Accrued expenses and other liabilities (164) (247) Total liabilities (175,699) (231,448) Partners' capital $ 460,608  $ 355,974  GLRE’s share of Partners' capital $ 351,468  $ 258,890  Summarized Statements of Operations of Solasglas Investments, LP Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Investment income Dividend income (net of withholding taxes) $ 941  $ 724  $ 1,772  $ 1,351  Interest income 2,148  2,076  6,500  3,892  Total Investment income 3,089  2,800  8,272  5,243  Expenses Management fee (1,408) (1,163) (2,731) (2,231) Interest (736) (1,579) (2,070) (3,007) Dividends (731) (793) (1,435) (1,212) Professional fees and other (335) (607) (659) (889) Total expenses (3,210) (4,142) (6,895) (7,339) Net investment income (loss) (121) (1,342) 1,377  (2,096) Realized and change in unrealized gains (losses) Net realized gain (loss) 20,085  (845) 63,030  (2,605) Net change in unrealized appreciation (depreciation) (13,138) 54,825  (29,383) 53,792  Net gain (loss) on investment transactions 6,947  53,980  33,647  51,187  Net increase (decrease) in Partners' capital (1) $ 6,826  $ 52,638  $ 35,024  $ 49,091  GLRE’s share of the increase (decrease) in Partners' capital $ 4,330  $ 32,782  $ 22,578  $ 29,644  (1) The net increase in Partners’ capital is net of management fees and performance allocation presented below: Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Management fees $ 1,408  $ 1,163  $ 2,731  $ 2,231  Performance allocation 481  $ 3,294  2,509  3,294  Total $ 1,889  $ 4,457  $ 5,240  $ 5,525

v3.24.2.u1

OTHER INVESTMENTS	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
OTHER INVESTMENTS	OTHER INVESTMENTS     At June 30, 2024, the breakdown of the Company’s other investments was as follows: Cost Unrealized gains Unrealized losses Accrued interest Fair value / carrying value Private investments and unlisted equities $ 27,170  $ 49,902  $ (5,206) $ —  $ 71,866  Debt and convertible debt securities 2,713  —  (1,510) 90  1,293  Total other investments $ 29,883  $ 49,902  $ (6,716) $ 90  $ 73,159  At December 31, 2023, the breakdown of the Company’s other investments was as follows: Cost Unrealized gains Unrealized losses Accrued interest Fair value / carrying value Private investments and unlisted equities $ 28,470  $ 49,424  $ (6,737) $ —  $ 71,157  Debt and convertible debt securities 2,499  —  (499) 136  2,136  Total other investments $ 30,969  $ 49,424  $ (7,236) $ 136  $ 73,293  The following table presents the carrying values of the private investments and unlisted equity securities carried under the measurement alternative at June 30, 2024 and 2023, and the related adjustments recorded during the periods then ended. Six months ended June 30 2024 2023 Carrying value (1) $ 71,866  $ 65,904  Upward carrying value changes (2) $ 501  $ 506  Downward carrying value changes and impairment (3) $ (114) $ (250) (1) The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes. (2) The cumulative upward carrying value changes from inception to June 30, 2024, totaled $50.9 million. (3) The cumulative downward carrying value changes and impairments from inception to June 30, 2024, totaled $2.8 million. Net investment income The following table summarizes the change in unrealized gains (losses) and the realized gains (losses) for the Company’s other investments, which are included in “Net investment income” in the condensed consolidated statements of operations (see Note 13): Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Gross realized gains $ —  $ —  $ —  $ —  Gross realized losses —  —  (1,332) (800) Net realized gains (losses) $ —  $ —  $ (1,332) $ (800) Change in unrealized gains 89  506  1,008  1,056  Net realized and unrealized gains (losses) on other investments $ 89  $ 506  $ (324) $ 256  During the six months ended June 30, 2024, the Company collected $0.2 million of liquidation proceeds relating to a private investment which was previously fully impaired, resulting in a gross realized loss of $1.3 million offset by a corresponding reduction in unrealized losses of $1.5 million. During the three and six months ended June 30, 2023, the Company realized a loss of $nil and $0.8 million, respectively, and a corresponding reversal of unrealized loss relating to an investment which was previously fully impaired at December 31, 2022, resulting in no impact to the Company’s net income (loss).

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RESTRICTED CASH AND CASH EQUIVALENTS	6 Months Ended
	Jun. 30, 2024
Cash and Cash Equivalents [Abstract]
RESTRICTED CASH AND CASH EQUIVALENTS	RESTRICTED CASH AND CASH EQUIVALENTS The following table shows the breakdown of the Company’s restricted cash and cash equivalents, along with a reconciliation of the total cash, cash equivalents, and restricted cash reported in the condensed consolidated statements of cash flows:   June 30, 2024 December 31, 2023 Restricted cash and cash equivalents:   Cash securing trust accounts $ 274,275  $ 300,152    Cash securing letters of credit issued 274,048  291,456    Cash securing Loan Facility 10,000  10,000    Other 3,607  3,040  Total restricted cash and cash equivalents 561,930  604,648  Cash and cash equivalents 52,240  51,082  Total cash, cash equivalents, and restricted cash $ 614,170  $ 655,730  Where the Company operates as a non-admitted carrier in certain foreign jurisdictions, regulatory trust accounts and letters of credit are issued to cedents. Additionally, the Company has provided cash collateral for the Loan Facility (see Note 9).

v3.24.2.u1

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Assets measured at fair value on a nonrecurring basis At June 30, 2024 and December 31, 2023, the Company held $61.8 million and $61.3 million, respectively, of private investments and unlisted equities measured at fair value on a nonrecurring basis. At June 30, 2024, the Company held $10.0 million (2023: $9.9 million) of private investments and unlisted equities measured at cost. The Company classifies these investments as Level 3 within the fair value hierarchy. The following table summarizes the periods between the most recent fair value measurement dates and June 30, 2024, for the private and unlisted equities measured at fair value on a nonrecurring basis: Less than 6 months 6 to 12 months Over 1 year Total Fair values measured on a nonrecurring basis $ 1,423  $ 26,338  $ 34,086  $ 61,847  Assets measured at fair value on a recurring basis Derivative financial instruments The Company uses interest rate swaps in connection with its risk management activities to hedge 50% of the interest rate risk relating to the outstanding Term Loans (see Note 9). The interest rate swaps are carried at fair value and are determined using a market approach valuation technique based on significant observable market inputs from third-party pricing vendors. Accordingly, the interest rates swaps are classified as Level 2 within the fair value hierarchy. These derivative instruments are not designated as accounting hedges under U.S. GAAP. For the three and six months ended June 30, 2024, the Company recognized a reduction in unrealized loss of $0.1 million and $0.6 million, respectively, for the above derivatives to a nominal value at June 30, 2024, which is included in other liabilities in the condensed consolidated balance sheets, in interest expense in the condensed consolidated statements of operations, and in “net change in unrealized gains and losses on investments and derivatives” in the condensed consolidated statements of cash flows. There were no derivative financial instruments for the three and six months ended June 30, 2023. Financial Instruments Disclosed, But Not Carried, at Fair Value At June 30, 2024, the carrying value of debt and convertible debt securities within “Other Investments” (see Note 4) and the Term Loans approximates their fair values. The Company classifies these financial instruments as Level 2 within the fair value hierarchy.

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LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES	6 Months Ended
	Jun. 30, 2024
Insurance Loss Reserves [Abstract]
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES	LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES The Company’s loss and loss adjustment expense (“LAE”) reserves were composed of the following: June 30, 2024 December 31, 2023 Case reserves $ 210,802  $ 189,050  IBNR 541,955  472,504  Total $ 752,757  $ 661,554  Reserve Roll-forward The following provides a summary of changes in outstanding loss and LAE reserves for all lines of business: Consolidated Six months ended June 30 2024 2023 Gross balance at January 1 $ 661,554  $ 555,468  Less: Losses recoverable (25,687) (13,239) Net balance at January 1 635,867  542,229  Incurred losses related to:     Current year 206,647  173,428  Prior years 4,712  13,801  Total incurred 211,359  187,229  Paid losses related to:     Current year (20,677) (22,428) Prior years (129,716) (114,056) Total paid (150,393) (136,484) Foreign currency revaluation (2,723) 6,572  Net balance at June 30 694,110  599,546  Add: Losses recoverable (see Note 8) 58,647  21,555  Gross balance at June 30 $ 752,757  $ 621,101  Estimates for Significant Catastrophe Events At June 30, 2024, the Company’s net reserves for losses and loss expenses include estimated amounts for several catastrophe and weather-related events (“CAT loss”). The magnitude and volume of losses arising from these events is inherently uncertain and, consequently, actual losses for these events may ultimately differ, potentially materially, from current estimates. During the six months ended June 30, 2024, the Company recognized total CAT loss, net of reinsurance, of $35.2 million. Current year CAT loss events were $25.7 million, driven mainly by the Baltimore bridge collapse, the U.S. tornados (including severe convective storms), satellite failures, and a Mexican state-owned oil platform fire. Additionally, the Company incurred $9.4 million of net adverse prior year CAT loss development relating primarily to severe weather affecting U.S. homeowners’ property coverage (2021-2023 underwriting years). During the six months ended June 30, 2023, the Company recognized total CAT loss, net of reinsurance, of $19.6 million. Current year CAT loss events were $16.4 million, driven mainly by the Turkey earthquake, New Zealand Cyclone Gabrielle and the U.S. tornados, coupled with $3.2 million net adverse prior year CAT loss development mainly relating to the 2022 Winter Storm Elliott. Prior Year Reserve Development During the six months ended June 30, 2024, the Company experienced $4.7 million in net adverse development on prior year loss and LAE reserves. This was composed of $19.5 million of reserve strengthening predominantly for the above prior year CAT loss events, coupled with additional losses reported on general liability contracts (mostly 2014-2017 underwriting years) and legacy quota share workers’ compensation treaties (mostly 2017-2021 underwriting years) due to current economic and social inflation trends. The reserve increases were partially offset by $14.8 million favorable loss development predominantly from mortgage contracts (various underwriting years), multi-line commercial treaties (mostly 2020 underwriting year), Funds at Lloyd’s (“FAL”) (2023 underwriting year), and other specialty business (mostly 2020-2022 underwriting years). During the six months ended June 30, 2023, the Company experienced $13.8 million in net adverse development on prior year loss and LAE reserves. This was comprised of $21.5 million of reserve strengthening predominantly on casualty contracts (mostly 2018, 2019 and 2021 underwriting years) and property contracts (mostly 2020 and 2021 underwriting years) due to current economic and social inflation trends, coupled with adverse CAT loss development on U.S. homeowners’ property business relating to Winter Storm Elliott (2022 underwriting year). This was partially offset by $7.7 million better than expected loss emergence predominantly from other property catastrophe events (mostly 2019, 2021 and 2022 underwriting years).

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RETROCESSION	6 Months Ended
	Jun. 30, 2024
Reinsurance Disclosures [Abstract]
RETROCESSION	RETROCESSION The following table provides a breakdown of ceded reinsurance: Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Gross ceded premiums $ 14,832  $ 9,739  $ 38,013  $ 20,951  Earned ceded premiums $ 11,849  $ 11,296  $ 27,091  $ 19,877  Loss and loss adjustment expenses ceded $ 14,773  $ 9,537  $ 37,849  $ 15,708  Retrocession contracts do not relieve the Company from its obligations to its cedents. Failure of retrocessionaires to honor their obligations could result in losses to the Company. The following table shows a breakdown of losses recoverable on a gross and net of collateral basis: June 30, 2024 December 31, 2023   Gross Net of Collateral(1) Gross Net of Collateral(1) A- or better by A.M. Best $ 33,288  $ 33,288  $ 8,767  $ 8,767  Not rated 26,059  8,816  17,407  2,432  Total before provision 59,347  $ 42,104  $ 26,174  $ 11,199  Provision for credit losses (700) (487) Total loss and loss adjustment expenses recoverable, net $ 58,647  $ 25,687  (1) Collateral is in the form of cash, letters of credit, funds withheld, and/or cash collateral held in trust accounts. This excludes any excess collateral in order to disclose the aggregate net exposure for each retrocessionaire. At June 30, 2024, we had 3 reinsurers (December 31, 2023: 3) that accounted for 10% or more of the total loss and loss adjustment expenses recoverable, net, for an aggregate gross amount of $42.3 million (December 31, 2023: $20.4 million).

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DEBT AND CREDIT FACILITIES	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
DEBT AND CREDIT FACILITIES	DEBT AND CREDIT FACILITIES Debt Obligations The following table summarizes the Company’s outstanding debt obligations. June 30, 2024 December 31, 2023 Term loans $ 62,188  $ 74,062  Accrued interest payable 38  —  Less: deferred financing costs (631) (781) Total debt $ 61,595  $ 73,281  During the six months ended June 30, 2024, the Company partially repaid $11.9 million of the outstanding Term loans. Credit Facilities At June 30, 2024, the Company had the following letter of credit (“LOC”) facilities: Capacity LOCs issued Termination Date Citibank Europe plc ("Citi LOC")1 $ 289,000  $ 231,665  August 20, 2024 CIBC Bank USA ("CIBC LOC") 200,000  42,338  December 21, 2024   $ 489,000  $ 274,003  1) Includes $14 million of uncommitted capacity. The above LOCs issued are cash collateralized (see Note 5). The LOC facilities are subject to various customary affirmative, negative and financial covenants. At June 30, 2024, the Company was in compliance with all LOC facilities covenants. On April 12, 2024, the Company received written notice from Citibank Europe plc (“Citi”) of its decision to terminate the $275 million committed capacity under the Citi LOC agreement, with an effective date of August 20, 2024. However, Citi informed the Company that it intends to continue providing the Citi LOC on an uncommitted basis for the foreseeable future following the termination date.

v3.24.2.u1

SHARE CAPITAL	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
SHARE CAPITAL	SHARE CAPITAL Ordinary Shares The following table is a summary of changes in ordinary shares issued and outstanding for the six months ended June 30:   2024 2023 Ordinary Class A Class B Balance – beginning of period 35,336,732  28,569,346  6,254,715  Issue of shares, net of forfeitures (15,588) 447,952  —  Balance – end of period 35,321,144  29,017,298  6,254,715  The Company’s authorized share capital is 125,000,000 ordinary shares, par value of $0.10 per share. On July 25, 2023, at the Company’s Annual General Meeting the shareholders approved the re-designation of Class B ordinary shares as Class A ordinary shares, and then reclassified Class A ordinary shares as “ordinary shares”, resulting in the elimination of the dual-class share structure. At June 30, 2024, the Company has an effective Form S-3 registration statement on file with the SEC for an aggregate principal amount of $200.0 million in securities. Share Repurchase Plan On May 3, 2024, the Board of Directors re-approved the share repurchase plan, until June 30, 2025, authorizing the Company to repurchase up to $25.0 million of ordinary shares or securities convertible into ordinary shares in the open market, through privately negotiated transactions or Rule 10b5-1 stock trading plans. Any shares repurchased are canceled immediately upon repurchase. For the six months ended June 30, 2024 and 2023, there was no repurchase of ordinary shares. Preferred Shares The Company’s authorized share capital also consists of 50,000,000 preference shares with a par value of $0.10 each. At June 30, 2024, the Company has no issued and outstanding preferred shares.

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SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION   Refer to Note 11 of the Company’s audited consolidated financial statements of its 2023 Form 10-K for a summary of the Company’s 2023 Incentive Plan, including the definition of performance-based and service-based stock awards. Employee and Director Restricted Shares The following table summarizes the activity for unvested outstanding restricted share awards (“RSs”) during the six months ended June 30, 2024 and 2023: Performance Restricted Shares Service Restricted Shares   Number of non-vested restricted  shares Weighted  average grant date fair value Number of non-vested restricted  shares Weighted  average grant date fair value Balance at December 31, 2022 794,362  $ 7.62  832,896  $ 7.76  Granted 357,766  9.85  177,563  9.84  Vested —  —  (256,243) 6.75  Forfeited (109,105) 9.37  (55,967) 8.43  Balance at June 30, 2023 1,043,023  $ 8.20  698,249  $ 8.60  Balance at December 31, 2023 1,042,688  $ 9.94  419,604  $ 9.18  Granted —  —  —  —  Vested —  —  (217,522) 8.78  Forfeited (89,945) 10.84  —  —  Balance at June 30, 2024 952,743  $ 9.86  202,082  $ 9.61  At June 30, 2024, 2,914,198 (December 31, 2023: 3,296,771) ordinary shares remained available for future issuance under the Company’s 2023 Incentive Plan. There was no grant of RSs during the six months ended June 30, 2024 (2023: 535,329). For the six months ended June 30, 2024, the total fair value of Service RSs vested was $1.9 million (2023: $1.7 million). Employee Restricted Stock Units The following table summarizes the activity for unvested outstanding restricted stock units (“RSUs”) during the six months ended June 30, 2024 and 2023: Performance RSUs Service RSUs   Number of non-vested RSUs Weighted  average grant date fair value Number of non-vested RSUs Weighted  average grant date fair value Balance at December 31, 2022 105,008  $ 6.82  172,952  $ 7.58  Granted 71,121  9.85  42,811  9.85  Vested —  —  (77,695) 6.74  Forfeited —  —  (1,788) 7.82  Balance at June 30, 2023 176,129  $ 8.04  136,280  $ 8.76  Balance at December 31, 2023 154,445  $ 8.03  110,425  $ 8.78  Granted 258,148  11.85  124,425  11.85  Vested —  —  (74,357) 8.84  Forfeited —  —  —  —  Balance at June 30, 2024 412,593  $ 10.42  160,493  $ 11.14  For the awards granted during the six months ended June 30, 2024, the Service RSUs vest evenly over three years on January 1, subject to the grantee’s continued service with the Company. If performance goals are achieved, the Performance RSUs will cliff vest at the end of a three-year performance period within a range of 50% and 200% of the awarded Performance RSUs, with a target of 100%. For the six months ended June 30, 2024, the total fair value of Service RSUs vested was $0.7 million (2023: $0.5 million). Employee and Director Stock Options During the six months ended June 30, 2024, 250,000 ordinary share purchase options were granted to the Company’s CEO, pursuant to his employment contract. These options vest 50,000 annually and expire in 10 years from the grant date. The grant date fair value of these options was $4.31 per share, based on the Black-Scholes option pricing model. The following inputs were used in this pricing model: Expected volatility 36.4  % Expected term (in years) 5 Expected dividend yield —  % Risk-free interest rate 3.9  % Stock price at grant date $ 11.20  Stock Compensation Expense For the six months ended June 30, 2024 and 2023, the Company recorded $2.9 million and $2.3 million of total stock compensation expense (net of forfeitures), respectively. The stock compensation expense is included in “General and administrative expenses” in the condensed consolidated statements of operations. Forfeiture recoveries were immaterial for both periods.

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EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table reconciles net income and weighted average shares used in computing basic and diluted EPS for the three and six months ended June 30, 2024 and 2023: Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Numerator for EPS Net income - basic $ 7,978  $ 49,860  $ 34,997  $ 55,747  Add: interest on convertible notes —  744  —  1,520  Less: gain on repurchase of convertible notes —  —  —  (265) Net income - diluted $ 7,978  $ 50,604  $ 34,997  $ 57,002  Denominator for EPS Weighted average shares outstanding - basic 34,238,863  34,070,818  34,255,454  34,065,066  Effect of dilutive employee and director share-based awards 460,319  580,494  423,871  534,958  Shares potentially issuable in connection with convertible notes —  3,615,825  —  3,722,897  Weighted average shares outstanding - diluted 34,699,182  38,267,137  34,679,325  38,322,921  Anti-dilutive stock options outstanding 902,140  690,337  902,140  690,337  EPS: Basic $ 0.23  $ 1.46  $ 1.02  $ 1.64  Diluted $ 0.23  $ 1.32  $ 1.01  $ 1.49

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NET INVESTMENT INCOME	6 Months Ended
	Jun. 30, 2024
Net Investment Income [Abstract]
NET INVESTMENT INCOME	NET INVESTMENT INCOME The following table provides a breakdown of net investment income: Three months ended June 30 Six months ended June 30   2024 2023 2024 2023 Interest and dividend income, net of withholding taxes and other expenses $ 8,135  $ 8,863  $ 16,691  $ 17,491  Net realized and unrealized gains on other investments (see Note 4) 89  506  (324) 256  Net investment-related income 8,224  9,369  16,367  17,747  Share of Solasglas' net income (see Note 3) 4,330  32,782  22,578  29,644  Total investment income $ 12,554  $ 42,151  $ 38,945  $ 47,391

v3.24.2.u1

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS  Investment Advisory Agreement   There has been no change to the Company’s agreement with Solasglas as described in its 2023 Form 10-K. Refer to Note 3 for a breakdown of management fees and performance fees for the six months ended June 30, 2024 and 2023. Green Brick Partners, Inc. David Einhorn also serves as the Chairman of the Board of Directors of Green Brick Partners, Inc. (“GRBK”), a publicly-traded company. At June 30, 2024, Solasglas, along with certain affiliates of DME Advisors, collectively owned 25.2% of the issued and outstanding common shares of GRBK. Under applicable securities laws, DME Advisors may sometimes be limited in its ability to trade GRBK shares held in Solasglas. At June 30, 2024, Solasglas held 1.8 million shares of GRBK. Subsequent to June 30, 2024, Solasglas reduced its exposure to GRBK and as of July 31, 2024 held 1.3 million shares of GRBK. Service Agreement   The Company has entered into a service agreement with DME Advisors, pursuant to which DME Advisors provides certain investor relations services to the Company for compensation of five thousand dollars per month (plus expenses). The agreement automatically renews annually until terminated by either the Company or DME Advisors for any reason with 30 days prior written notice to the other party.  Collateral Assets Investment Management Agreement Effective January 1, 2019, the Company (and its subsidiaries) entered into a collateral assets investment management agreement (the “CMA”) with DME Advisors, pursuant to which DME Advisors manages certain assets of the Company that are not subject to the Solasglas LPA and are held by the Company to provide collateral required by the cedents in the form of trust accounts and letters of credit. In accordance with the CMA, DME Advisors receives no fees and is required to comply with the collateral investment guidelines. The CMA can be terminated by any of the parties upon 30 days’ prior written notice to the other parties.

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COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES    a) Concentration of Credit Risk Cash and cash equivalents The Company monitors its concentration of credit risk with financial institutions and limits acceptable counterparties based on current rating, outlook and other relevant factors. Investments The Company’s credit risk exposure to private debt and convertible debt securities within its “Other investments” are immaterial (see Note 4). Reinsurance balances receivable, net The following table shows the breakdown of reinsurance balances receivable: June 30, 2024 December 31, 2023 Amount % Amount % Premiums receivable $ 260,801  38.0  % $ 186,940  30.2  % Funds withheld:   Funds held by cedants 48,790  7.1  % 50,075  8.1  %   Premiums held by Lloyds' syndicates 264,685  38.5  % 264,278  42.7  %   Funds at Lloyd’s 110,624  16.1  % 115,772  18.6  % Profit commission receivable 2,708  0.4  % 2,302  0.4  % Deposit assets —  —  % 888  0.1  % Total before provision 687,608  100.1  % 620,255  100.1  % Provision for expected credit losses (865) (0.1) % (854) (0.1) % Reinsurance balances receivable, net $ 686,743  100.0  % $ 619,401  100.0  % The Company has posted deposits at Lloyd’s to support underwriting capacity for certain syndicates, including Syndicate 3456. Lloyd’s has a credit rating of “A” (Excellent) from A.M. Best. Premiums receivable includes a significant portion of estimated premiums not yet due. Brokers and other intermediaries are responsible for collecting premiums from customers on the Company’s behalf. The Company monitors its concentration of credit risks from brokers. The diversity in the Company’s client base limits credit risk associated with premiums receivable and funds (premiums) held by cedents. Further, under the reinsurance contracts the Company has contractual rights to offset premium balances receivable and funds held by cedants against corresponding payments for losses and loss expenses. Loss and loss adjustment expenses recoverable, net The Company regularly evaluates its net credit exposure to the retrocessionaires and their abilities to honor their respective obligations. See Note 8 for analysis of concentration of credit risk relating to retrocessionaires. b) Lease Obligations There was no material change to the Company’s operating lease agreements subsequent to its 2023 Form 10-K. c) Litigation From time to time, in the ordinary course of business, the Company may be involved in formal and informal dispute resolution procedures, which may include arbitration or litigation. The outcomes of these procedures determine the rights and obligations under the Company’s reinsurance contracts and other contractual agreements. In some disputes, the Company may seek to enforce its rights under an agreement or collect funds owed. In other matters, the Company may resist attempts by others to collect funds or enforce alleged rights. While the Company cannot predict the outcome of legal disputes with certainty, the Company does not believe that any existing dispute, when finally resolved, will have a material adverse effect on the Company’s business, financial condition, or operating results.

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SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING   The Company has one operating segment: Property & Casualty Reinsurance. The following tables provide a breakdown of the Company’s gross premiums written by line and class of business, and by geographic area of risks insured for the periods indicated: Gross Premiums Written by Line of Business     Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Property Commercial $ 12,070  7.1  % $ 14,440  9.3  % $ 30,236  7.8  % $ 29,131  8.5  % Motor 93  0.1  352  0.2  155  —  584  0.2  Personal 10,614  6.3  16,368  10.6  17,562  4.5  32,005  9.4  Total Property 22,777  13.5  31,160  20.1  47,953  12.3  61,720  18.1  Casualty General Liability 33,741  20.0  27,517  17.8  55,398  14.3  48,076  14.1  Motor Liability 8,638  5.1  2,707  1.7  14,656  3.8  8,306  2.4  Professional Liability (448) (0.3) 2,625  1.7  119  —  6,272  1.8  Workers' Compensation (40) —  3,899  2.5  3,380  0.9  7,058  2.1  Multi-line 38,314  22.7  51,724  33.4  113,441  29.4  105,884  31.0  Total Casualty 80,205  47.5  88,472  57.1  186,994  48.4  175,596  51.4  Other Accident & Health 2,947  1.7  2,013  1.3  3,878  1.0  4,489  1.3  Financial 17,945  10.6  8,850  5.7  38,144  9.9  31,347  9.2  Marine 10,879  6.4  7,854  5.1  30,442  7.9  19,994  5.9  Other Specialty 34,222  20.3  16,594  10.7  78,822  20.5  48,252  14.1  Total Other 65,993  39.1  35,311  22.8  151,286  39.3  104,082  30.5  $ 168,975  100.0  % $ 154,943  100.0  % $ 386,233  100.0  % $ 341,398  100.0  % Gross Premiums Written by Geographic Area of Risks Insured   Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 U.S. and Caribbean $ 61,786  36.6  % $ 59,588  38.5  % $ 119,160  30.9  % $ 129,440  37.9  % Worldwide (1) 90,153  53.4  75,131  48.5  234,462  60.7  181,393  53.1  Europe 3,792  2.2  3,641  2.3  8,280  2.1  7,068  2.1  Asia 13,244  7.8  16,583  10.7  24,331  6.3  23,497  6.9  $ 168,975  100.0  % $ 154,943  100.0  % $ 386,233  100.0  % $ 341,398  100.0  % (1) “Worldwide” is composed of contracts that reinsure risks in more than one geographic area and may include risks in the U.S.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 7,978	$ 49,860	$ 34,997	$ 55,747

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Reclassifications	Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current financial statements. The Company has reported separately the foreign exchange gains (losses) from “Other income” in the condensed consolidated statements of operations. This resulted in no change to the previously reported total revenues or net income. The Company has also included the foreign exchange gains (losses) as part of the net change in working capital in the condensed consolidated statements of cash flows. Further, the Company combined “Other assets, excluding depreciation” and “Other liabilities” and presented the sum as “Other items, net” in the condensed consolidated statements of cash flows. These changes in presentation in the condensed consolidated statements of cash flows have resulted in no change to the previously reported net cash provided by (used in) operating activities.
Recent Accounting Pronouncements	Recently Issued Accounting Standards Not Yet Adopted On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new ASU requires incremental disclosures related to a public entity’s reportable segments but does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. This new guidance is effective for the Company’s 2024 year-end financial statements, and should be adopted retrospectively unless impracticable. Early adoption is permitted. On December 14, 2023, FASB issued ASU 2023-09, Income Taxes Topic (740) - Improvements to Income Tax Disclosures. The new ASU provides more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. This ASU is effective for the Company’s 2024 year-end financial statements. As the above ASUs relate solely to financial statement disclosures, the adoption of these ASUs will not impact the Company’s financial condition, results of operations, or cash flows.

v3.24.2.u1

INVESTMENT IN RELATED PARTY INVESTMENT FUND (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Financial Information of Investment	The summarized financial statements of Solasglas are presented below. Summarized Statements of Financial Condition of Solasglas Investments, LP June 30, 2024 December 31, 2023 Assets Investments, at fair value $ 401,510  $ 453,358  Derivative contracts, at fair value 11,244  11,167  Due from brokers 169,898  121,754  Cash and cash equivalents 53,460  —  Interest and dividends receivable 195  1,143  Total assets 636,307  587,422  Liabilities and partners’ capital Liabilities Investments sold short, at fair value (162,984) (197,571) Derivative contracts, at fair value (11,147) (12,917) Capital withdrawals payable —  (1,000) Due to brokers —  (17,398) Interest and dividends payable (1,404) (2,315) Accrued expenses and other liabilities (164) (247) Total liabilities (175,699) (231,448) Partners' capital $ 460,608  $ 355,974  GLRE’s share of Partners' capital $ 351,468  $ 258,890  Summarized Statements of Operations of Solasglas Investments, LP Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Investment income Dividend income (net of withholding taxes) $ 941  $ 724  $ 1,772  $ 1,351  Interest income 2,148  2,076  6,500  3,892  Total Investment income 3,089  2,800  8,272  5,243  Expenses Management fee (1,408) (1,163) (2,731) (2,231) Interest (736) (1,579) (2,070) (3,007) Dividends (731) (793) (1,435) (1,212) Professional fees and other (335) (607) (659) (889) Total expenses (3,210) (4,142) (6,895) (7,339) Net investment income (loss) (121) (1,342) 1,377  (2,096) Realized and change in unrealized gains (losses) Net realized gain (loss) 20,085  (845) 63,030  (2,605) Net change in unrealized appreciation (depreciation) (13,138) 54,825  (29,383) 53,792  Net gain (loss) on investment transactions 6,947  53,980  33,647  51,187  Net increase (decrease) in Partners' capital (1) $ 6,826  $ 52,638  $ 35,024  $ 49,091  GLRE’s share of the increase (decrease) in Partners' capital $ 4,330  $ 32,782  $ 22,578  $ 29,644  (1) The net increase in Partners’ capital is net of management fees and performance allocation presented below: Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Management fees $ 1,408  $ 1,163  $ 2,731  $ 2,231  Performance allocation 481  $ 3,294  2,509  3,294  Total $ 1,889  $ 4,457  $ 5,240  $ 5,525

v3.24.2.u1

OTHER INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Other Investments	At June 30, 2024, the breakdown of the Company’s other investments was as follows: Cost Unrealized gains Unrealized losses Accrued interest Fair value / carrying value Private investments and unlisted equities $ 27,170  $ 49,902  $ (5,206) $ —  $ 71,866  Debt and convertible debt securities 2,713  —  (1,510) 90  1,293  Total other investments $ 29,883  $ 49,902  $ (6,716) $ 90  $ 73,159  At December 31, 2023, the breakdown of the Company’s other investments was as follows: Cost Unrealized gains Unrealized losses Accrued interest Fair value / carrying value Private investments and unlisted equities $ 28,470  $ 49,424  $ (6,737) $ —  $ 71,157  Debt and convertible debt securities 2,499  —  (499) 136  2,136  Total other investments $ 30,969  $ 49,424  $ (7,236) $ 136  $ 73,293
Schedule of Carrying Values of Private Investments and Unlisted Equity Securities Carried under Measurement Alternative	The following table presents the carrying values of the private investments and unlisted equity securities carried under the measurement alternative at June 30, 2024 and 2023, and the related adjustments recorded during the periods then ended. Six months ended June 30 2024 2023 Carrying value (1) $ 71,866  $ 65,904  Upward carrying value changes (2) $ 501  $ 506  Downward carrying value changes and impairment (3) $ (114) $ (250) (1) The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes. (2) The cumulative upward carrying value changes from inception to June 30, 2024, totaled $50.9 million. (3) The cumulative downward carrying value changes and impairments from inception to June 30, 2024, totaled $2.8 million.
Schedule of Gain (Loss) on Securities	Net investment income The following table summarizes the change in unrealized gains (losses) and the realized gains (losses) for the Company’s other investments, which are included in “Net investment income” in the condensed consolidated statements of operations (see Note 13): Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Gross realized gains $ —  $ —  $ —  $ —  Gross realized losses —  —  (1,332) (800) Net realized gains (losses) $ —  $ —  $ (1,332) $ (800) Change in unrealized gains 89  506  1,008  1,056  Net realized and unrealized gains (losses) on other investments $ 89  $ 506  $ (324) $ 256

v3.24.2.u1

RESTRICTED CASH AND CASH EQUIVALENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Cash and Cash Equivalents [Abstract]
Schedule of Restrictions on Cash and Cash Equivalents	The following table shows the breakdown of the Company’s restricted cash and cash equivalents, along with a reconciliation of the total cash, cash equivalents, and restricted cash reported in the condensed consolidated statements of cash flows:   June 30, 2024 December 31, 2023 Restricted cash and cash equivalents:   Cash securing trust accounts $ 274,275  $ 300,152    Cash securing letters of credit issued 274,048  291,456    Cash securing Loan Facility 10,000  10,000    Other 3,607  3,040  Total restricted cash and cash equivalents 561,930  604,648  Cash and cash equivalents 52,240  51,082  Total cash, cash equivalents, and restricted cash $ 614,170  $ 655,730

v3.24.2.u1

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on a Nonrecurring Basis	The following table summarizes the periods between the most recent fair value measurement dates and June 30, 2024, for the private and unlisted equities measured at fair value on a nonrecurring basis: Less than 6 months 6 to 12 months Over 1 year Total Fair values measured on a nonrecurring basis $ 1,423  $ 26,338  $ 34,086  $ 61,847

v3.24.2.u1

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES (Tables)	6 Months Ended
	Jun. 30, 2024
Insurance Loss Reserves [Abstract]
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense	The Company’s loss and loss adjustment expense (“LAE”) reserves were composed of the following: June 30, 2024 December 31, 2023 Case reserves $ 210,802  $ 189,050  IBNR 541,955  472,504  Total $ 752,757  $ 661,554  Reserve Roll-forward The following provides a summary of changes in outstanding loss and LAE reserves for all lines of business: Consolidated Six months ended June 30 2024 2023 Gross balance at January 1 $ 661,554  $ 555,468  Less: Losses recoverable (25,687) (13,239) Net balance at January 1 635,867  542,229  Incurred losses related to:     Current year 206,647  173,428  Prior years 4,712  13,801  Total incurred 211,359  187,229  Paid losses related to:     Current year (20,677) (22,428) Prior years (129,716) (114,056) Total paid (150,393) (136,484) Foreign currency revaluation (2,723) 6,572  Net balance at June 30 694,110  599,546  Add: Losses recoverable (see Note 8) 58,647  21,555  Gross balance at June 30 $ 752,757  $ 621,101

v3.24.2.u1

RETROCESSION (Tables)	6 Months Ended
	Jun. 30, 2024
Reinsurance Disclosures [Abstract]
Ceded Credit Risk	The following table provides a breakdown of ceded reinsurance: Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Gross ceded premiums $ 14,832  $ 9,739  $ 38,013  $ 20,951  Earned ceded premiums $ 11,849  $ 11,296  $ 27,091  $ 19,877  Loss and loss adjustment expenses ceded $ 14,773  $ 9,537  $ 37,849  $ 15,708
Effects of Reinsurance	The following table shows a breakdown of losses recoverable on a gross and net of collateral basis: June 30, 2024 December 31, 2023   Gross Net of Collateral(1) Gross Net of Collateral(1) A- or better by A.M. Best $ 33,288  $ 33,288  $ 8,767  $ 8,767  Not rated 26,059  8,816  17,407  2,432  Total before provision 59,347  $ 42,104  $ 26,174  $ 11,199  Provision for credit losses (700) (487) Total loss and loss adjustment expenses recoverable, net $ 58,647  $ 25,687  (1) Collateral is in the form of cash, letters of credit, funds withheld, and/or cash collateral held in trust accounts. This excludes any excess collateral in order to disclose the aggregate net exposure for each retrocessionaire.

v3.24.2.u1

DEBT AND CREDIT FACILITIES (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the Company’s outstanding debt obligations. June 30, 2024 December 31, 2023 Term loans $ 62,188  $ 74,062  Accrued interest payable 38  —  Less: deferred financing costs (631) (781) Total debt $ 61,595  $ 73,281
Schedule of Letters of Credit Facilities	At June 30, 2024, the Company had the following letter of credit (“LOC”) facilities: Capacity LOCs issued Termination Date Citibank Europe plc ("Citi LOC")1 $ 289,000  $ 231,665  August 20, 2024 CIBC Bank USA ("CIBC LOC") 200,000  42,338  December 21, 2024   $ 489,000  $ 274,003  1) Includes $14 million of uncommitted capacity.

v3.24.2.u1

SHARE CAPITAL (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Stock by Class	The following table is a summary of changes in ordinary shares issued and outstanding for the six months ended June 30:   2024 2023 Ordinary Class A Class B Balance – beginning of period 35,336,732  28,569,346  6,254,715  Issue of shares, net of forfeitures (15,588) 447,952  —  Balance – end of period 35,321,144  29,017,298  6,254,715

v3.24.2.u1

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Activity for Unvested Restricted Share Awards and Employee Restricted Stock Units	The following table summarizes the activity for unvested outstanding restricted share awards (“RSs”) during the six months ended June 30, 2024 and 2023: Performance Restricted Shares Service Restricted Shares   Number of non-vested restricted  shares Weighted  average grant date fair value Number of non-vested restricted  shares Weighted  average grant date fair value Balance at December 31, 2022 794,362  $ 7.62  832,896  $ 7.76  Granted 357,766  9.85  177,563  9.84  Vested —  —  (256,243) 6.75  Forfeited (109,105) 9.37  (55,967) 8.43  Balance at June 30, 2023 1,043,023  $ 8.20  698,249  $ 8.60  Balance at December 31, 2023 1,042,688  $ 9.94  419,604  $ 9.18  Granted —  —  —  —  Vested —  —  (217,522) 8.78  Forfeited (89,945) 10.84  —  —  Balance at June 30, 2024 952,743  $ 9.86  202,082  $ 9.61  The following table summarizes the activity for unvested outstanding restricted stock units (“RSUs”) during the six months ended June 30, 2024 and 2023: Performance RSUs Service RSUs   Number of non-vested RSUs Weighted  average grant date fair value Number of non-vested RSUs Weighted  average grant date fair value Balance at December 31, 2022 105,008  $ 6.82  172,952  $ 7.58  Granted 71,121  9.85  42,811  9.85  Vested —  —  (77,695) 6.74  Forfeited —  —  (1,788) 7.82  Balance at June 30, 2023 176,129  $ 8.04  136,280  $ 8.76  Balance at December 31, 2023 154,445  $ 8.03  110,425  $ 8.78  Granted 258,148  11.85  124,425  11.85  Vested —  —  (74,357) 8.84  Forfeited —  —  —  —  Balance at June 30, 2024 412,593  $ 10.42  160,493  $ 11.14
Schedule of Valuation Assumptions	The following inputs were used in this pricing model: Expected volatility 36.4  % Expected term (in years) 5 Expected dividend yield —  % Risk-free interest rate 3.9  % Stock price at grant date $ 11.20

v3.24.2.u1

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Net Income (Loss) and Weighted Average Number of Shares	The following table reconciles net income and weighted average shares used in computing basic and diluted EPS for the three and six months ended June 30, 2024 and 2023: Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Numerator for EPS Net income - basic $ 7,978  $ 49,860  $ 34,997  $ 55,747  Add: interest on convertible notes —  744  —  1,520  Less: gain on repurchase of convertible notes —  —  —  (265) Net income - diluted $ 7,978  $ 50,604  $ 34,997  $ 57,002  Denominator for EPS Weighted average shares outstanding - basic 34,238,863  34,070,818  34,255,454  34,065,066  Effect of dilutive employee and director share-based awards 460,319  580,494  423,871  534,958  Shares potentially issuable in connection with convertible notes —  3,615,825  —  3,722,897  Weighted average shares outstanding - diluted 34,699,182  38,267,137  34,679,325  38,322,921  Anti-dilutive stock options outstanding 902,140  690,337  902,140  690,337  EPS: Basic $ 0.23  $ 1.46  $ 1.02  $ 1.64  Diluted $ 0.23  $ 1.32  $ 1.01  $ 1.49

v3.24.2.u1

NET INVESTMENT INCOME (Tables)	6 Months Ended
	Jun. 30, 2024
Net Investment Income [Abstract]
Schedule of Other Nonoperating Income (Expense)	The following table provides a breakdown of net investment income: Three months ended June 30 Six months ended June 30   2024 2023 2024 2023 Interest and dividend income, net of withholding taxes and other expenses $ 8,135  $ 8,863  $ 16,691  $ 17,491  Net realized and unrealized gains on other investments (see Note 4) 89  506  (324) 256  Net investment-related income 8,224  9,369  16,367  17,747  Share of Solasglas' net income (see Note 3) 4,330  32,782  22,578  29,644  Total investment income $ 12,554  $ 42,151  $ 38,945  $ 47,391

v3.24.2.u1

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Letters of Credit Facilities	The following table shows the breakdown of reinsurance balances receivable: June 30, 2024 December 31, 2023 Amount % Amount % Premiums receivable $ 260,801  38.0  % $ 186,940  30.2  % Funds withheld:   Funds held by cedants 48,790  7.1  % 50,075  8.1  %   Premiums held by Lloyds' syndicates 264,685  38.5  % 264,278  42.7  %   Funds at Lloyd’s 110,624  16.1  % 115,772  18.6  % Profit commission receivable 2,708  0.4  % 2,302  0.4  % Deposit assets —  —  % 888  0.1  % Total before provision 687,608  100.1  % 620,255  100.1  % Provision for expected credit losses (865) (0.1) % (854) (0.1) % Reinsurance balances receivable, net $ 686,743  100.0  % $ 619,401  100.0  %

v3.24.2.u1

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Gross Premiums Written by Line of Business	The following tables provide a breakdown of the Company’s gross premiums written by line and class of business, and by geographic area of risks insured for the periods indicated: Gross Premiums Written by Line of Business     Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 Property Commercial $ 12,070  7.1  % $ 14,440  9.3  % $ 30,236  7.8  % $ 29,131  8.5  % Motor 93  0.1  352  0.2  155  —  584  0.2  Personal 10,614  6.3  16,368  10.6  17,562  4.5  32,005  9.4  Total Property 22,777  13.5  31,160  20.1  47,953  12.3  61,720  18.1  Casualty General Liability 33,741  20.0  27,517  17.8  55,398  14.3  48,076  14.1  Motor Liability 8,638  5.1  2,707  1.7  14,656  3.8  8,306  2.4  Professional Liability (448) (0.3) 2,625  1.7  119  —  6,272  1.8  Workers' Compensation (40) —  3,899  2.5  3,380  0.9  7,058  2.1  Multi-line 38,314  22.7  51,724  33.4  113,441  29.4  105,884  31.0  Total Casualty 80,205  47.5  88,472  57.1  186,994  48.4  175,596  51.4  Other Accident & Health 2,947  1.7  2,013  1.3  3,878  1.0  4,489  1.3  Financial 17,945  10.6  8,850  5.7  38,144  9.9  31,347  9.2  Marine 10,879  6.4  7,854  5.1  30,442  7.9  19,994  5.9  Other Specialty 34,222  20.3  16,594  10.7  78,822  20.5  48,252  14.1  Total Other 65,993  39.1  35,311  22.8  151,286  39.3  104,082  30.5  $ 168,975  100.0  % $ 154,943  100.0  % $ 386,233  100.0  % $ 341,398  100.0  %
Schedule of Gross Premiums Written by Geographic Area of Risks Insured	Gross Premiums Written by Geographic Area of Risks Insured   Three months ended June 30 Six months ended June 30 2024 2023 2024 2023 U.S. and Caribbean $ 61,786  36.6  % $ 59,588  38.5  % $ 119,160  30.9  % $ 129,440  37.9  % Worldwide (1) 90,153  53.4  75,131  48.5  234,462  60.7  181,393  53.1  Europe 3,792  2.2  3,641  2.3  8,280  2.1  7,068  2.1  Asia 13,244  7.8  16,583  10.7  24,331  6.3  23,497  6.9  $ 168,975  100.0  % $ 154,943  100.0  % $ 386,233  100.0  % $ 341,398  100.0  % (1) “Worldwide” is composed of contracts that reinsure risks in more than one geographic area and may include risks in the U.S.

v3.24.2.u1

INVESTMENT IN RELATED PARTY INVESTMENT FUND - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Aug. 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Share of Solasglas' net income (see Note 3)		$ 4,330	$ 32,782	$ 22,578	$ 29,644
Solasglas Investments, LP (SILP)
Schedule of Equity Method Investments [Line Items]
Investment cap percentage				60.00%
Solasglas Investments, LP (SILP) | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Investment cap percentage	70.00%
Solasglas Investments, LP (SILP) | GLRE Limited Partners
Schedule of Equity Method Investments [Line Items]
Equity method investments, fair value		$ 351,500		$ 351,500		$ 258,900
Equity method investment, ownership interest (as a percent)		76.30%		76.30%		72.70%
SILP General Partner
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest (as a percent)		23.70%		23.70%		27.30%

v3.24.2.u1

INVESTMENT IN RELATED PARTY INVESTMENT FUND - Financial Information of Investment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Investments, at fair value	$ 351,468	$ 258,890
Cash and cash equivalents	52,240	51,082
Total assets	1,899,948	1,735,307
Liabilities
Accrued expenses and other liabilities	(8,042)	(11,795)
Total liabilities	(1,265,928)	(1,139,212)
Solasglas Investments, LP (SILP)
Assets
Investments, at fair value	401,510	453,358
Derivative contracts, at fair value	11,244	11,167
Due from brokers	169,898	121,754
Cash and cash equivalents	53,460	0
Interest and dividends receivable	195	1,143
Total assets	636,307	587,422
Liabilities
Investments sold short, at fair value	(162,984)	(197,571)
Derivative contracts, at fair value	(11,147)	(12,917)
Capital withdrawals payable	0	(1,000)
Due to brokers	0	(17,398)
Interest and dividends payable	(1,404)	(2,315)
Accrued expenses and other liabilities	(164)	(247)
Total liabilities	(175,699)	(231,448)
Partners' capital	$ 460,608	$ 355,974

v3.24.2.u1

INVESTMENT IN RELATED PARTY INVESTMENT FUND - Summarized Statements of Assets, Liabilities and Net Assets of SILP (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Expenses
Total expenses	$ (166,450)	$ (139,801)	$ (330,225)	$ (288,846)
Net investment income (loss)	8,224	9,369	16,367	17,747
Realized and change in unrealized gains (losses)
Net change in unrealized appreciation (depreciation)			1,500
Net gain (loss) on investment transactions	89	506	(324)	256
Net increase (decrease) in Partners' capital	7,978	49,860	34,997	55,747
GLRE’s share of the increase (decrease) in Partners' capital	4,330	32,782	22,578	29,644
Management fees	1,408	1,163	2,731	2,231
Performance allocation	481	3,294	2,509	3,294
Total	1,889	4,457	5,240	5,525
Solasglas Investments, LP (SILP)
Realized and change in unrealized gains (losses)
GLRE’s share of the increase (decrease) in Partners' capital	4,330	32,782	22,578	29,644
Solasglas Investments, LP (SILP)
Investment income
Dividend income (net of withholding taxes)	941	724	1,772	1,351
Interest income	2,148	2,076	6,500	3,892
Total Investment income	3,089	2,800	8,272	5,243
Expenses
Management fee	(1,408)	(1,163)	(2,731)	(2,231)
Interest	(736)	(1,579)	(2,070)	(3,007)
Dividends	(731)	(793)	(1,435)	(1,212)
Professional fees and other	(335)	(607)	(659)	(889)
Total expenses	(3,210)	(4,142)	(6,895)	(7,339)
Net investment income (loss)	(121)	(1,342)	1,377	(2,096)
Realized and change in unrealized gains (losses)
Net realized gain (loss)	20,085	(845)	63,030	(2,605)
Net change in unrealized appreciation (depreciation)	(13,138)	54,825	(29,383)	53,792
Net gain (loss) on investment transactions	6,947	53,980	33,647	51,187
Net increase (decrease) in Partners' capital	$ 6,826	$ 52,638	$ 35,024	$ 49,091

v3.24.2.u1

OTHER INVESTMENTS - Other Investments (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI
Cost	$ 29,883	$ 30,969
Unrealized gains	49,902	49,424
Unrealized losses	(6,716)	(7,236)
Accrued interest	90	136
Fair value / carrying value	73,159	73,293
Private investments and unlisted equities
Debt and Equity Securities, FV-NI
Cost	27,170	28,470
Unrealized gains	49,902	49,424
Unrealized losses	(5,206)	(6,737)
Accrued interest	0	0
Fair value / carrying value	71,866	71,157
Debt and convertible debt securities
Debt and Equity Securities, FV-NI
Cost	2,713	2,499
Unrealized gains	0	0
Unrealized losses	(1,510)	(499)
Accrued interest	90	136
Fair value / carrying value	$ 1,293	$ 2,136

v3.24.2.u1

OTHER INVESTMENTS - Nonrecurring Fair Value Disclosures (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Upward carrying value changes	$ 50,900
Downward carrying value changes and impairment	(2,800)
Fair Value, Nonrecurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Carrying value	71,866	$ 65,904
Upward carrying value changes	501	506
Downward carrying value changes and impairment	$ (114)	$ (250)

v3.24.2.u1

OTHER INVESTMENTS - Net Investment Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Gross realized gains	$ 0	$ 0	$ 0	$ 0
Gross realized losses	0	0	(1,332)	(800)
Net realized gains (losses)	0	0	(1,332)	(800)
Change in unrealized gains	89	506	1,008	1,056
Net gain (loss) on investment transactions	$ 89	$ 506	$ (324)	$ 256

v3.24.2.u1

OTHER INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Liquidation proceeds relating to a private investment			$ 168	$ 6,000
Gross realized loss	$ 0	$ 0	1,332	800
Unrealized gain			$ 1,500
Realized loss		$ 0		$ 800

v3.24.2.u1

RESTRICTED CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash and cash equivalents	$ 561,930	$ 604,648
Cash and cash equivalents	52,240	51,082
Total cash, cash equivalents, and restricted cash	614,170	655,730	$ 683,331	$ 706,548
Cash securing trust accounts
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash and cash equivalents	274,275	300,152
Cash securing letters of credit issued
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash and cash equivalents	274,048	291,456
Cash securing Loan Facility
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash and cash equivalents	10,000	10,000
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash and cash equivalents	$ 3,607	$ 3,040

v3.24.2.u1

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Other investments	$ 73,159	$ 73,159	$ 73,293
Percentage of interest rate risk hedged	50.00%	50.00%
Unrealized gain on derivatives	$ 100	$ 600
Private investments and unlisted equities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Other investments	10,000	10,000	9,900
Fair Value, Nonrecurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Fair value / carrying value	$ 61,800	$ 61,800	$ 61,300

v3.24.2.u1

FAIR VALUE MEASUREMENTS - Assets Measured at Fair Value On a Nonrecurring Basis (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Fair values measured on a nonrecurring basis	$ 61,847
Measurement Period One
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Fair values measured on a nonrecurring basis	1,423
Measurement Period Two
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Fair values measured on a nonrecurring basis	26,338
Measurement Period Three
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Fair values measured on a nonrecurring basis	$ 34,086

v3.24.2.u1

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES - Liability for Unpaid Claims and Claims Adjustment Expense (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Insurance Loss Reserves [Abstract]
Case reserves	$ 210,802		$ 189,050
IBNR	541,955		472,504
Total	752,757	$ 621,101	661,554	$ 555,468
Liability for Unpaid Claims and Claims Adjustment Expense
Gross balance at January 1	661,554	555,468
Less: Losses recoverable			(25,687)	$ (13,239)
Net balance at January 1	635,867	542,229
Incurred losses related to:
Current year	206,647	173,428
Prior years	4,712	13,801
Total incurred	211,359	187,229
Paid losses related to:
Current year	(20,677)	(22,428)
Prior years	(129,716)	(114,056)
Total paid	(150,393)	(136,484)
Foreign currency revaluation	(2,723)	6,572
Net balance at June 30	694,110	599,546
Add: Losses recoverable (see Note 8)	58,647	21,555	$ 25,687
Gross balance at June 30	$ 752,757	$ 621,101

v3.24.2.u1

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Liability for Claims and Claims Adjustment Expense
Prior years	$ 4,712	$ 13,801
Reinsurance Contract [Axis]: Expected Loss
Liability for Claims and Claims Adjustment Expense
Net loss reserve on prior contracts increase (decrease)		(7,700)
Reinsurance Contract [Axis]: Favorable Loss
Liability for Claims and Claims Adjustment Expense
Net loss reserve on prior contracts increase (decrease)	(14,800)
Reinsurance Contract [Axis]: Newly Reported Loss
Liability for Claims and Claims Adjustment Expense
Net loss reserve on prior contracts increase (decrease)	19,500
Reinsurance Contract [Axis]: Reserve Strengthening
Liability for Claims and Claims Adjustment Expense
Net loss reserve on prior contracts increase (decrease)		21,500
CAT Losses
Liability for Claims and Claims Adjustment Expense
Net loss reserve on prior contracts increase (decrease)	35,200	19,600
Baltimore Bridge Collapse, Severe US Tornados, Satellite Failures, Mexican State-owned Oil Platform Fire
Liability for Claims and Claims Adjustment Expense
Net loss reserve on prior contracts increase (decrease)	25,700
Turkey Earthquake, New Zealand Cyclone Gabrielle, Severe U.S. Tornados
Liability for Claims and Claims Adjustment Expense
Net loss reserve on prior contracts increase (decrease)		16,400
CAT Development
Liability for Claims and Claims Adjustment Expense
Net loss reserve on prior contracts increase (decrease)	$ (9,400)	$ (3,200)

v3.24.2.u1

RETROCESSION - Ceded Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reinsurance Disclosures [Abstract]
Gross ceded premiums	$ 14,832	$ 9,739	$ 38,013	$ 20,951
Earned ceded premiums	11,849	11,296	27,091	19,877
Loss and loss adjustment expenses ceded	$ 14,773	$ 9,537	$ 37,849	$ 15,708

v3.24.2.u1

RETROCESSION - Breakdown of Losses Recoverable on a Gross and Net of Collateral Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Ceded Credit Risk
Provision for credit losses	$ (865)	$ (854)
Total loss and loss adjustment expenses recoverable, net		25,687	$ 13,239
Retrocession Portfolio
Ceded Credit Risk
Total before provision	59,347	26,174
Provision for credit losses	(700)	(487)
Total loss and loss adjustment expenses recoverable, net	58,647	25,687
Net of Collateral	42,104	11,199
A- or better by A.M. Best | Retrocession Portfolio
Ceded Credit Risk
Total before provision	33,288	8,767
Net of Collateral	33,288	8,767
Not rated | Retrocession Portfolio
Ceded Credit Risk
Total before provision	26,059	17,407
Net of Collateral	$ 8,816	$ 2,432

v3.24.2.u1

RETROCESSION - Narrative (Details) - Three Reinsurers - Total Loss and Loss Adjustment Expense Recoverability - Reinsurance Concentration Risk - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Ceded Credit Risk
Concentration risk percentage	10.00%	10.00%
Loss and loss adjustment expenses ceded	$ 42.3	$ 20.4

v3.24.2.u1

DEBT AND CREDIT FACILITIES - Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Term loans	$ 62,188	$ 74,062
Accrued interest payable	38	0
Less: deferred financing costs	(631)	(781)
Total debt	$ 61,595	$ 73,281

v3.24.2.u1

DEBT AND CREDIT FACILITIES - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Apr. 12, 2024
Line of Credit Facility [Line Items]
Committed capacity under the Citi LOC agreement	$ 489,000,000
Term Loan
Line of Credit Facility [Line Items]
Repayments of debt	(11,900,000)
Financial Standby Letter of Credit | Citibank Europe plc ("Citi LOC")1
Line of Credit Facility [Line Items]
Committed capacity under the Citi LOC agreement	$ 289,000,000	$ 275,000,000

v3.24.2.u1

DEBT AND CREDIT FACILITIES - Letter of Credit (“LOC”) Facilities (Details) - USD ($)	Jun. 30, 2024	Apr. 12, 2024
Line of Credit Facility [Line Items]
Capacity	$ 489,000,000
Financial Standby Letter of Credit
Line of Credit Facility [Line Items]
LOCs issued	274,003,000
Financial Standby Letter of Credit | Citibank Europe plc ("Citi LOC")1
Line of Credit Facility [Line Items]
Capacity	289,000,000	$ 275,000,000
LOCs issued	231,665,000
Uncommitted capacity	14,000,000
Financial Standby Letter of Credit | CIBC Bank USA ("CIBC LOC")
Line of Credit Facility [Line Items]
Capacity	200,000,000
LOCs issued	$ 42,338,000

v3.24.2.u1

SHARE CAPITAL - Stock by Class (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity
Balance – beginning of period (in shares)	35,336,732
Issue of shares, net of forfeitures (in shares)	(15,588)
Balance – end of period (in shares)	35,321,144
Class A
Increase (Decrease) in Stockholders' Equity
Balance – beginning of period (in shares)		28,569,346
Issue of shares, net of forfeitures (in shares)		447,952
Balance – end of period (in shares)		29,017,298
Class B
Increase (Decrease) in Stockholders' Equity
Balance – beginning of period (in shares)		6,254,715
Issue of shares, net of forfeitures (in shares)		0
Balance – end of period (in shares)		6,254,715

v3.24.2.u1

SHARE CAPITAL - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	May 03, 2024	Dec. 31, 2023
Equity [Abstract]
Ordinary share capital, authorized (in shares)	125,000,000
Ordinary share capital, par value (in dollars per share)	$ 0.10			$ 0.10
Aggregate principal amount	$ 200.0
Stock repurchase program, authorized amount			$ 25.0
Repurchase of ordinary shares (in shares)	0	0
Preferred share capital, authorized (in shares)	50,000,000
Preferred share capital, par value (in dollars per share)	$ 0.10			$ 0.10

v3.24.2.u1

SHARE-BASED COMPENSATION - Restricted Stock (Details) - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Performance Restricted Shares
Number of non-vested RSUs
Beginning balance (in shares)	1,042,688	794,362
Granted (in shares)	0	357,766
Vested (in shares)	0	0
Forfeited (in shares)	(89,945)	(109,105)
Ending balance (in shares)	952,743	1,043,023
Weighted  average grant date fair value
Beginning balance (in dollars per share)	$ 9.94	$ 7.62
Granted (in dollars per share)	0	9.85
Vested (in dollars per share)	0	0
Forfeited (in dollars per share)	10.84	9.37
Ending balance (in dollars per share)	$ 9.86	$ 8.20
Service Restricted Shares
Number of non-vested RSUs
Beginning balance (in shares)	419,604	832,896
Granted (in shares)	0	177,563
Vested (in shares)	(217,522)	(256,243)
Forfeited (in shares)	0	(55,967)
Ending balance (in shares)	202,082	698,249
Weighted  average grant date fair value
Beginning balance (in dollars per share)	$ 9.18	$ 7.76
Granted (in dollars per share)	0	9.84
Vested (in dollars per share)	8.78	6.75
Forfeited (in dollars per share)	0	8.43
Ending balance (in dollars per share)	$ 9.61	$ 8.60

v3.24.2.u1

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance (in shares)	2,914,198		3,296,771
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	250,000
Grants (in dollars per share)	$ 4.31
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense, net of forfeiture reversals	$ 2.9	$ 2.3
Employee and Director Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted to employees RSUs (in shares)	0	535,329
Total fair value of restricted shares vested	$ 1.9	$ 1.7
Performance RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted to employees RSUs (in shares)	258,148	71,121
Total fair value of restricted shares vested	$ 0.7	$ 0.5
Cliff vesting period after date of issuance	3 years
Cliff vesting percentage after date of issuance (in percent)	100.00%
Performance RSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cliff vesting percentage after date of issuance (in percent)	50.00%
Performance RSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cliff vesting percentage after date of issuance (in percent)	200.00%
Anti-dilutive stock options outstanding | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cliff vesting period after date of issuance	10 years
Number of options exercisable (in shares)	50,000
Performance Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted to employees RSUs (in shares)	0	357,766

v3.24.2.u1

SHARE-BASED COMPENSATION - Restricted Stock Units (Details) - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Performance RSUs
Number of non-vested RSUs
Beginning balance (in shares)	154,445	105,008
Granted (in shares)	258,148	71,121
Vested (in shares)	0	0
Forfeited (in shares)	0	0
Ending balance (in shares)	412,593	176,129
Weighted  average grant date fair value
Beginning balance (in dollars per share)	$ 8.03	$ 6.82
Granted (in dollars per share)	11.85	9.85
Vested (in dollars per share)	0	0
Forfeited (in dollars per share)	0	0
Ending balance (in dollars per share)	$ 10.42	$ 8.04
Service RSUs
Number of non-vested RSUs
Beginning balance (in shares)	110,425	172,952
Granted (in shares)	124,425	42,811
Vested (in shares)	(74,357)	(77,695)
Forfeited (in shares)	0	(1,788)
Ending balance (in shares)	160,493	136,280
Weighted  average grant date fair value
Beginning balance (in dollars per share)	$ 8.78	$ 7.58
Granted (in dollars per share)	11.85	9.85
Vested (in dollars per share)	8.84	6.74
Forfeited (in dollars per share)	0	7.82
Ending balance (in dollars per share)	$ 11.14	$ 8.76

v3.24.2.u1

SHARE-BASED COMPENSATION - Schedule of Valuation Assumptions (Details) - Chief Executive Officer	6 Months Ended
	Jun. 30, 2024 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	36.40%
Expected term (in years)	5 years
Expected dividend yield	0.00%
Risk-free interest rate	3.90%
Stock price at grant date	$ 11.20

v3.24.2.u1

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator for EPS
Net income - basic	$ 7,978	$ 49,860	$ 34,997	$ 55,747
Add: interest on convertible notes	0	744	0	1,520
Less: gain on repurchase of convertible notes	0	0	0	(265)
Net income - diluted	$ 7,978	$ 50,604	$ 34,997	$ 57,002
Denominator for EPS
Weighted average shares outstanding - basic (in shares)	34,238,863	34,070,818	34,255,454	34,065,066
Effect of dilutive employee and director share-based awards (in shares)	460,319	580,494	423,871	534,958
Shares potentially issuable in connection with convertible notes (in shares)	0	3,615,825	0	3,722,897
Weighted average shares outstanding - diluted (in shares)	34,699,182	38,267,137	34,679,325	38,322,921
EPS:
Basic (in dollars per share)	$ 0.23	$ 1.46	$ 1.02	$ 1.64
Diluted (in dollars per share)	$ 0.23	$ 1.32	$ 1.01	$ 1.49
Anti-dilutive stock options outstanding
Denominator for EPS
Anti-dilutive stock options outstanding (in shares)	902,140	690,337	902,140	690,337

v3.24.2.u1

NET INVESTMENT INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Investment Income [Abstract]
Interest and dividend income, net of withholding taxes and other expenses	$ 8,135	$ 8,863	$ 16,691	$ 17,491
Net realized and unrealized gains on other investments (see Note 4)	89	506	(324)	256
Net investment-related income	8,224	9,369	16,367	17,747
Share of Solasglas' net income (see Note 3)	4,330	32,782	22,578	29,644
Total investment income	$ 12,554	$ 42,151	$ 38,945	$ 47,391

v3.24.2.u1

RELATED PARTY TRANSACTIONS (Details) - USD ($) shares in Millions		6 Months Ended
	Jan. 01, 2019	Jun. 30, 2024	Jul. 31, 2024
Affiliated Entity | Green Bricks Partners Inc (GRBK) | Solasglas Investments, LP (SILP)
Related Party Transaction
Common stock held (in shares)		1.8
Affiliated Entity | Green Bricks Partners Inc (GRBK) | Solasglas Investments, LP (SILP) | Subsequent Event
Related Party Transaction
Common stock held (in shares)			1.3
Affiliated Entity | Green Bricks Partners Inc (GRBK) | Solasglas Investments, LP (SILP)
Related Party Transaction
Ownership percentage (in percent)		25.20%
Service Agreement | Board of Directors Chairman
Related Party Transaction
Investor relations monthly fee		$ 5,000
Contract termination prior notice period (in days)		30 days
Collateral Assets Investment Management Agreement | Board of Directors Chairman
Related Party Transaction
Contract termination prior notice period (in days)	30 days

v3.24.2.u1

COMMITMENTS AND CONTINGENCIES - Breakdown of Reinsurance Balances Receivable (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Amount
Premiums receivable	$ 260,801	$ 186,940
Funds held by cedants	48,790	50,075
Premiums held by Lloyds' syndicates	264,685	264,278
Funds at Lloyd’s	110,624	115,772
Profit commission receivable	2,708	2,302
Deposit assets	0	888
Total before provision	687,608	620,255
Provision for credit losses	(865)	(854)
Reinsurance balances receivable, net	$ 686,743	$ 619,401
%
Premiums receivable	0.380	0.302
Funds held by cedants	7.10%	8.10%
Premiums held by Lloyds' syndicates	0.385	0.427
Funds at Lloyd’s	0.161	0.186
Profit commission receivable	0.004	0.004
Deposit assets	0	0.001
Total before provision	1.001	1.001
Provision for expected credit losses	(0.001)	(0.001)
Reinsurance balances receivable, net	1.000	1.000

v3.24.2.u1

SEGMENT REPORTING - Gross Premiums Written by Line of Business (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Segment Reporting Information
Number of operating segments | segment			1
Gross premiums written	$ 168,975	$ 154,943	$ 386,233	$ 341,398
Gross premiums written (in percent)	100.00%	100.00%	100.00%	100.00%
Total Property
Segment Reporting Information
Gross premiums written	$ 22,777	$ 31,160	$ 47,953	$ 61,720
Gross premiums written (in percent)	13.50%	20.10%	12.30%	18.10%
Commercial
Segment Reporting Information
Gross premiums written	$ 12,070	$ 14,440	$ 30,236	$ 29,131
Gross premiums written (in percent)	7.10%	9.30%	7.80%	8.50%
Motor
Segment Reporting Information
Gross premiums written	$ 93	$ 352	$ 155	$ 584
Gross premiums written (in percent)	0.10%	0.20%	0.00%	0.20%
Personal
Segment Reporting Information
Gross premiums written	$ 10,614	$ 16,368	$ 17,562	$ 32,005
Gross premiums written (in percent)	6.30%	10.60%	4.50%	9.40%
Total Casualty
Segment Reporting Information
Gross premiums written	$ 80,205	$ 88,472	$ 186,994	$ 175,596
Gross premiums written (in percent)	47.50%	57.10%	48.40%	51.40%
General Liability
Segment Reporting Information
Gross premiums written	$ 33,741	$ 27,517	$ 55,398	$ 48,076
Gross premiums written (in percent)	20.00%	17.80%	14.30%	14.10%
Motor Liability
Segment Reporting Information
Gross premiums written	$ 8,638	$ 2,707	$ 14,656	$ 8,306
Gross premiums written (in percent)	5.10%	1.70%	3.80%	2.40%
Professional Liability
Segment Reporting Information
Gross premiums written	$ (448)	$ 2,625	$ 119	$ 6,272
Gross premiums written (in percent)	(0.30%)	1.70%	0.00%	1.80%
Workers' Compensation
Segment Reporting Information
Gross premiums written	$ (40)	$ 3,899	$ 3,380	$ 7,058
Gross premiums written (in percent)	0.00%	2.50%	0.90%	2.10%
Multi-line
Segment Reporting Information
Gross premiums written	$ 38,314	$ 51,724	$ 113,441	$ 105,884
Gross premiums written (in percent)	22.70%	33.40%	29.40%	31.00%
Total Other
Segment Reporting Information
Gross premiums written	$ 65,993	$ 35,311	$ 151,286	$ 104,082
Gross premiums written (in percent)	39.10%	22.80%	39.30%	30.50%
Accident & Health
Segment Reporting Information
Gross premiums written	$ 2,947	$ 2,013	$ 3,878	$ 4,489
Gross premiums written (in percent)	1.70%	1.30%	1.00%	1.30%
Financial
Segment Reporting Information
Gross premiums written	$ 17,945	$ 8,850	$ 38,144	$ 31,347
Gross premiums written (in percent)	10.60%	5.70%	9.90%	9.20%
Marine
Segment Reporting Information
Gross premiums written	$ 10,879	$ 7,854	$ 30,442	$ 19,994
Gross premiums written (in percent)	6.40%	5.10%	7.90%	5.90%
Other Specialty
Segment Reporting Information
Gross premiums written	$ 34,222	$ 16,594	$ 78,822	$ 48,252
Gross premiums written (in percent)	20.30%	10.70%	20.50%	14.10%

v3.24.2.u1

SEGMENT REPORTING - Gross Premiums Written by Geographic Area of Risks Insured (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from External Customer
Gross premiums written	$ 168,975	$ 154,943	$ 386,233	$ 341,398
Gross premiums by geographical area as a percentage of total gross premiums			100.00%	100.00%
Gross premiums written (in percent)	100.00%	100.00%	100.00%	100.00%
U.S. and Caribbean
Revenue from External Customer
Gross premiums written	$ 61,786	$ 59,588	$ 119,160	$ 129,440
Gross premiums by geographical area as a percentage of total gross premiums			30.90%	37.90%
Gross premiums written (in percent)	36.60%	38.50%
Worldwide
Revenue from External Customer
Gross premiums written	$ 90,153	$ 75,131	$ 234,462	$ 181,393
Gross premiums by geographical area as a percentage of total gross premiums			60.70%	53.10%
Gross premiums written (in percent)	53.40%	48.50%
Europe
Revenue from External Customer
Gross premiums written	$ 3,792	$ 3,641	$ 8,280	$ 7,068
Gross premiums by geographical area as a percentage of total gross premiums			2.10%	2.10%
Gross premiums written (in percent)	2.20%	2.30%
Asia
Revenue from External Customer
Gross premiums written	$ 13,244	$ 16,583	$ 24,331	$ 23,497
Gross premiums by geographical area as a percentage of total gross premiums			6.30%	6.90%
Gross premiums written (in percent)	7.80%	10.70%

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