Greenlight Capital Re (GLRE) 10-Q 5 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
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, City or Town	Camana Bay
Entity Address, Country	KY
Entity Address, Postal Zip Code	KY1-1205
City Area Code	345
Local Phone Number	943-4573
Title of 12(b) Security	Class A 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
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Central Index Key	0001385613
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		29,741,459
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,254,715

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investments
Investment in related party investment fund	$ 177,658	$ 240,056
Other investments	22,045	16,384
Total investments	199,703	256,440
Cash and cash equivalents	7,318	25,813
Restricted cash and cash equivalents	731,292	742,093
Reinsurance balances receivable (net of allowance for expected credit losses of $89)	251,163	230,384
Loss and loss adjustment expenses recoverable (net of allowance for expected credit losses of $47)	20,225	27,531
Deferred acquisition costs	49,227	49,665
Unearned premiums ceded	165	901
Notes receivable (net of allowance for expected credit losses of $1,000)	18,842	20,202
Other assets	1,521	2,164
Total assets	1,279,456	1,355,193
Liabilities
Loss and loss adjustment expense reserves	467,655	470,588
Unearned premium reserves	185,378	179,460
Reinsurance balances payable	94,217	122,665
Funds withheld	4,644	4,958
Other liabilities	3,021	6,825
Convertible senior notes payable	94,637	93,514
Total liabilities	849,552	878,010
Shareholders' equity
Preferred share capital (par value $0.10; authorized, 50,000,000; none issued)	0	0
Ordinary share capital (Class A: par value $0.10; authorized, 100,000,000; issued and outstanding, 30,017,870 (2019: 30,739,395): Class B: par value $0.10; authorized, 25,000,000; issued and outstanding, 6,254,715 (2019: 6,254,715))	3,627	3,699
Additional paid-in capital	497,559	503,547
Retained earnings (deficit)	(71,282)	(30,063)
Total shareholders' equity	429,904	477,183
Total liabilities and equity	$ 1,279,456	$ 1,355,193

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Reinsurance balances receivable, allowance	$ 89,000	$ 0
Loss and loss adjustment expenses recoverable, allowance	47,000	47,000
Notes receivable, allowance	$ 1,000,000	$ 15,000,000
Preferred share capital, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred share capital, authorized (in shares)	50,000,000	50,000,000
Preferred share capital, issued (in shares)	0	0
Common Class A
Ordinary share capital, par value (in dollars per share)	$ 0.10	$ 0.10
Ordinary share capital, authorized (in shares)	100,000,000	100,000,000
Ordinary share capital, issued (in shares)	30,017,870	30,739,395
Ordinary share capital, outstanding (in shares)	30,017,870	30,739,395
Common Class B
Ordinary share capital, par value (in dollars per share)	$ 0.10	$ 0.10
Ordinary share capital, authorized (in shares)	25,000,000	25,000,000
Ordinary share capital, issued (in shares)	6,254,715	6,254,715
Ordinary share capital, outstanding (in shares)	6,254,715	6,254,715

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Gross premiums written	$ 116,689	$ 152,340	$ 226,476	$ 314,900
Gross premiums ceded	(132)	(23,141)	(810)	(44,542)
Net premiums written	116,557	129,199	225,666	270,358
Change in net unearned premium reserves	(8,143)	(8,758)	(6,231)	(24,555)
Net premiums earned	108,414	120,441	219,435	245,803
Income (loss) from investment in related party investment fund [net of related party expenses of $616 and $1,278, (three and six months ended June 30, 2019: $3,131 and $8,563, respectively)]	1,609	14,405	(40,517)	45,161
Net investment income	3,934	4,386	10,771	5,953
Other income (expense), net	788	1,117	1,001	2,186
Total revenues	114,745	140,349	190,690	299,103
Expenses
Net loss and loss adjustment expenses incurred	89,194	78,476	164,891	201,341
Acquisition costs	17,903	37,172	49,642	58,698
General and administrative expenses	6,149	7,919	12,943	14,759
Interest	1,562	1,562	3,123	3,106
Total expenses	114,808	125,129	230,599	277,904
Income (loss) before income tax	(63)	15,220	(39,909)	21,199
Income tax (expense) benefit	0	94	(424)	21
Net income (loss)	$ (63)	$ 15,314	$ (40,333)	$ 21,220
Earnings (loss) per share
Basic (in dollars per share)	$ 0	$ 0.42	$ (1.12)	$ 0.59
Diluted (in dollars per share)	$ 0	$ 0.42	$ (1.12)	$ 0.58
Weighted average number of ordinary shares used in the determination of earnings and loss per share
Basic (in shares)	35,776,736	36,100,665	35,958,965	36,037,177
Diluted (in shares)	35,776,736	36,829,963	35,958,965	36,592,318
Management fee	$ 616	$ 1,278	$ 3,131	$ 8,563

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Management fee	$ 616	$ 1,278	$ 3,131	$ 8,563

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative effect of adoption of accounting guidance for expected credit losses at January 1, 2020	Ordinary share capital	Additional paid-in capital	Retained earnings (deficit)	Retained earnings (deficit)Cumulative effect of adoption of accounting guidance for expected credit losses at January 1, 2020	Shareholders’ equity attributable to Greenlight Capital Re, Ltd.	Shareholders’ equity attributable to Greenlight Capital Re, Ltd.Cumulative effect of adoption of accounting guidance for expected credit losses at January 1, 2020	Non-controlling interest in joint venture
Balance at Dec. 31, 2018	$ 477,772		$ 3,638	$ 499,726	$ (26,077)		$ 477,287		$ 485
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of Class A ordinary shares, net of forfeitures	41		41				41
Share-based compensation expense	2,190			2,190			2,190
Change in non-controlling interest in related party joint venture	(485)								(485)
Net income (loss)	21,220				21,220		21,220
Balance at Jun. 30, 2019	500,738		3,679	501,916	(4,857)		500,738		0
Balance at Dec. 31, 2018	477,772		3,638	499,726	(26,077)		477,287		485
Balance at Dec. 31, 2019	$ 477,183	$ (886)	3,699	503,547	(30,063)	$ (886)	477,183	$ (886)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Issue of Class A ordinary shares, net of forfeitures	$ 44		$ 44				44
Repurchase of Class A ordinary shares (in shares)			(116)
Repurchase of Class A ordinary shares	(7,772)			(7,656)			(7,772)
Share-based compensation expense	1,668			1,668			1,668
Net income (loss)	(40,333)				(40,333)		(40,333)
Balance at Jun. 30, 2020	$ 429,904		$ 3,627	$ 497,559	$ (71,282)		$ 429,904		$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash provided by (used in) operating activities
Net income (loss)	$ (40,333)	$ 21,220
Adjustments to reconcile net income or loss to net cash provided by (used in) operating activities
Loss (income) from investments in related party investment fund	40,517	(45,161)
Loss (income) from equity accounted investment	(790)	(450)
Net change in unrealized gains and losses on investments and notes receivable	(19,106)	(14,350)
Net realized (gains) losses on investments	15,000	14,150
Foreign exchange (gains) losses on investments	276	60
Current expected credit losses recognized on notes receivable and reinsurance assets	250	0
Share-based compensation expense	1,712	2,231
Amortization and interest expense, net of accruals	1,123	1,172
Depreciation expense	14	14
Net change in
Reinsurance balances receivable	(20,868)	12,512
Loss and loss adjustment expenses recoverable	7,259	2,918
Deferred acquisition costs	438	(6,825)
Unearned premiums ceded	736	(743)
Other assets	629	(77)
Loss and loss adjustment expense reserves	(2,933)	(12,596)
Unearned premium reserves	5,918	25,310
Reinsurance balances payable	(28,448)	(2,746)
Funds withheld	(314)	(3,510)
Other liabilities	(3,804)	1,096
Net cash provided by (used in) operating activities	(42,724)	(5,775)
Investing activities
Proceeds from redemptions from related party investment fund	58,120	79,422
Contributions to related party investment fund	(36,239)	(748)
Purchases of investments	(919)	(4,347)
Change in due to related party investment fund	0	(9,642)
Net change in notes receivable	360	59
Non-controlling interest contribution into (withdrawal from) related party joint venture, net	0	(1,278)
Net cash provided by (used in) investing activities	21,322	63,466
Financing activities
Repurchase of Class A ordinary shares	(7,772)	0
Net cash provided by (used in) financing activities	(7,772)	0
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(122)	(80)
Net increase (decrease) in cash, cash equivalents and restricted cash	(29,296)	57,611
Cash, cash equivalents and restricted cash at beginning of the period (see Note 2)	767,906	703,231
Cash, cash equivalents and restricted cash at end of the period (see Note 2)	738,610	760,842
Supplementary information
Interest paid in cash	2,000	1,933
Non-cash transfer of investments (Note 3)	0	36,673
Non-cash addition of right-of-use asset	$ 0	$ 323

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Greenlight Capital Re, Ltd. (“GLRE”) was incorporated as an exempted company under the Companies Law of the Cayman Islands on July 13, 2004. GLRE’s principal wholly-owned subsidiary, Greenlight Reinsurance, Ltd. (“Greenlight Re”), provides global specialty property and casualty reinsurance. Greenlight Re has a Class D insurer license issued in accordance with the terms of The Insurance Law, 2010 and underlying regulations thereto (the “Law”) and is subject to regulation by the Cayman Islands Monetary Authority, in terms of the Law. Greenlight Re commenced underwriting in April 2006. Verdant Holding Company, Ltd. (“Verdant”), a wholly-owned subsidiary of GLRE, was incorporated in 2008 in the state of Delaware. During 2010, GLRE established Greenlight Reinsurance Ireland, Designated Activity Company (“GRIL”), a wholly-owned reinsurance subsidiary based in Dublin, Ireland. GRIL is authorized as a non-life reinsurance undertaking in accordance with the provisions of the European Union (Insurance and Reinsurance) Regulations 2015. GRIL provides multi-line property and casualty reinsurance capacity to the European broker market and provides GLRE with an additional platform to serve clients located in Europe and North America. As used herein, the “Company” refers collectively to GLRE and its consolidated subsidiaries. The Class A ordinary shares of GLRE are listed on Nasdaq Global Select Market under the symbol “GLRE”. These unaudited condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2019. In the opinion of management, these unaudited condensed consolidated financial statements reflect all of the normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position and results of operations as of the dates and for the periods presented. The global pandemic related to the novel coronavirus (the “COVID-19 pandemic”) is expected to have a significant adverse impact on the property and casualty insurance and reinsurance industry. The Company has included in the loss and loss adjustment reserves, its best estimate of losses arising from the COVID-19 pandemic. However, there remains considerable uncertainty relating to the ultimate losses, which will depend on the extent and duration of economic contraction, particularly in the United States. Accordingly, significant estimates used in the preparation of the Company’s consolidated financial statements including those associated with premiums, expected credit losses on amounts owed to us and the estimations of loss and loss adjustment expense reserves may be subject to significant adjustments in future periods. The results for the six months ended June 30, 2020 are not necessarily indicative of the results expected for the full calendar year.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES In the first quarter of 2020, The Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (“ASU 2016-13”) which requires an entity to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. ASU 2016-13 was effective for public business entities for annual and interim periods beginning after December 15, 2019. The financial assets included in the captions “Reinsurance balances receivable”, “Loss and loss adjustment expenses recoverable” (collectively, “Reinsurance Assets”) and “Notes receivable”, in the Company’s condensed consolidated balance sheets are carried at amortized cost and therefore affected by ASU 2016-13. Other than the changes relating to the adoption of ASU 2016-13, there have been no other changes to the Company’s significant accounting policies as described in its Annual Report on Form 10-K for the year ended December 31, 2019. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of income and expenses during the period. Actual results could differ from these estimates. Restricted Cash and Cash Equivalents The Company maintains cash and cash equivalent balances to collateralize regulatory trusts and letters of credit issued to cedents (see Note 11). The following table reconciles the cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the total presented in the condensed consolidated statements of cash flows: June 30, 2020 December 31, 2019 ($ in thousands) Cash and cash equivalents $ 7,318 $ 25,813 Restricted cash and cash equivalents 731,292 742,093 Total cash, cash equivalents and restricted cash presented in the condensed consolidated statements of cash flows $ 738,610 $ 767,906 Reinsurance Assets Upon adoption of ASU 2016-13, the Company calculated an allowance for expected credit losses for its reinsurance balances receivable and loss and loss adjustment expenses recoverable by applying a Probability of Default (“PD”) / Loss Given Default (“LGD”) model that considers both the Company’s collectibility history on its reinsurance assets as well as representative external loss history. The external loss history that the Company used included a long-term probability of liquidation study specific to insurance companies. Additionally, the life of each of the Company’s reinsurance treaties was also considered as the probability of default was calculated over the contractual length of the reinsurance contracts. The credit worthiness of a counterparty is evaluated by considering the credit ratings assigned by independent agencies and individually evaluating all the counterparties. The Company manages its credit risk in its reinsurance assets by transacting with insurers and reinsurers that it considers financially sound. For its retrocessionaire counterparties that are unrated, the Company may hold collateral in the form of funds withheld, trust accounts and/or irrevocable letters of credit. For credit risk associated with reinsurance balances receivable, the Company considers the fact that in certain instances credit risk may be reduced by the Company's right to offset loss obligations or unearned premiums against premiums receivable. The Company regularly evaluates its net credit exposure to assess the ability of the retrocessionaires to honor their respective obligations. Upon adoption of ASU 2016-13, the Company recorded an allowance for expected credit loss on its Reinsurance Assets of $0.1 million with an offset to retained earnings. At June 30, 2020, the allowance for expected credit losses was $0.1 million. Notes Receivable Notes receivable represent promissory notes receivable from third parties. These notes are recorded at cost plus accrued interest, if any, net of valuation allowance for expected credit losses. The Company calculates the allowance for expected credit losses to provide for the risk of credit losses inherent in the lending process. Interest income, change in the allowance for expected credit losses (excluding changes due to charge-offs) and unrealized and realized gains or losses on the notes receivable are included in the caption “Net investment income (loss)” in the Company’s condensed consolidated statements of operations. The allowance for expected credit losses is calculated using a PD / LGD model that takes into account the Company’s collectibility history on its notes receivable as well as representative external loss history. The expected loss, as a percentage, is calculated as the product of the PD and LGD and is calculated for each period over the life of a note. The Company evaluates the financial condition of the notes receivable counterparties and monitors its exposure on a regular basis. At June 30, 2020, the Company considers the notes receivable balance to be collectible and has not experienced any default on payments since inception of these notes. The notes receivable originated between 2015 and 2018. At June 30, 2020 and December 31, 2019, $0.1 million and $0.1 million, respectively, of accrued interest was included in the caption “Notes receivable” in the Company’s condensed consolidated balance sheets. When there is uncertainty as to the collection of interest contractually due, the Company places the note on non-accrual status. For notes receivable placed on non-accrual status, the notes are presented excluding any accrued interest amount. The Company resumes the accrual of interest on a note when none of the principal or interest remains past due, and the Company expects to collect the remaining contractual principal and interest. Interest collected on notes that are placed on non-accrual status is recorded as interest income when collected, provided that the recorded value of the note is deemed to be fully collectible. Where doubt exists as to the collectibility of the remaining recorded value of the notes placed on non-accrual status, the Company immediately reverses any previous accrued interest through interest income and any payments received are applied to reduce the recorded value of the notes. The allowance for expected credit losses for notes receivable is calculated on the amortized cost excluding accrued interest and interest written off due to non-accrual status. Charge offs of notes receivable are recorded when all or a portion of the financial asset is deemed uncollectible. Full or partial charge offs are recorded as reductions to the amortized cost and deducted from the allowance in the period in which the note receivable is deemed uncollectible. In instances where the Company collects cash that it has previously charged off, the recovery will be recognized through earnings or as a reduction of the amortized cost for interest and principal, respectively. The following table provides a roll-forward of the Company’s allowance for credit losses on notes receivable: Six months ended June 30 2020 2019 ($ in thousands) Balance at beginning of period $ 15,000 $ 9,012 Cumulative effect of adoption of ASU 2016-13 at January 1, 2020 750 — Charge offs (15,000) — Net increase (decrease) in allowance 250 — Balance at end of period $ 1,000 $ 9,012 Deposit Assets and Liabilities The Company applies deposit accounting to reinsurance contracts that do not transfer sufficient insurance risk to merit reinsurance accounting. Under deposit accounting, an asset or liability is recognized based on the consideration paid or received. The deposit asset or liability balance is subsequently adjusted using the interest method with a corresponding income or expense recorded in the Company’s condensed consolidated statements of operations under the caption “Other income (expense)”. The Company’s deposit assets and liabilities are recorded in the Company’s condensed consolidated balance sheets in the caption “Reinsurance balances receivable” and “Reinsurance balances payable,” respectively. At June 30, 2020, deposit assets and deposit liabilities were $4.7 million and $47.9 million, respectively (December 31, 2019: $5.2 million and $56.9 million, respectively). For the three and six months ended June 30, 2020 and 2019, the interest income/(expense) on deposit accounted contracts was as follows: Three months ended June 30 Six months ended June 30 2020 2019 2020 2019 ($ in thousands) ($ in thousands) Deposit interest income $ 645 $ 1,697 $ 1,252 $ 2,745 Deposit interest expense $ — $ (705) $ — $ (753) Deposit interest income/(expense), net $ 645 $ 992 $ 1,252 $ 1,992 Other Assets Other assets consist primarily of prepaid expenses, fixed assets, right-of-use lease assets, other receivables and deferred tax assets. Other Liabilities Other liabilities consist primarily of accruals for legal and other professional fees, employee bonuses and lease liabilities. Earnings (Loss) Per Share The Company’s unvested restricted stock awards, which contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are considered “participating securities” for the purposes of calculating earnings (loss) per share. Basic earnings per share is calculated on the basis of the weighted average number of common shares and participating securities outstanding during the period. Diluted earnings (or loss) per share includes the dilutive effect of the following: • Restricted Stock Units (“RSUs”) issued that would convert to common shares upon vesting; • additional potential common shares issuable when stock options are exercised, determined using the treasury stock method; and • those common shares with the potential to be issued by virtue of convertible debt and other such convertible instruments, determined using the treasury stock method. Diluted earnings (or loss) per share contemplates a conversion to common shares of all convertible instruments only if they are dilutive in nature with regards to earnings per share. In the event of a net loss, all RSUs, stock options outstanding, convertible debt and participating securities are excluded from the calculation of both basic and diluted loss per share as their inclusion would be anti-dilutive. The table below presents the shares outstanding for the purposes of the calculation of earnings (loss) per share for the three and six months ended June 30, 2020 and 2019: Three months ended June 30 Six months ended June 30 2020 2019 2020 2019 Weighted average shares outstanding - basic 35,776,736 36,100,665 35,958,965 36,037,177 Effect of dilutive employee and director share-based awards — 729,298 — 555,141 Weighted average shares outstanding - diluted 35,776,736 36,829,963 35,958,965 36,592,318 Anti-dilutive stock options outstanding 875,627 935,627 875,627 935,627 Participating securities excluded from calculation of loss per share 1,259,173 — 1,259,173 — Taxation Under current Cayman Islands law, no corporate entity, including GLRE and Greenlight Re, is obligated to pay taxes in the Cayman Islands on either income or capital gains. The Company has an undertaking from the Governor-in-Cabinet of the Cayman Islands, pursuant to the provisions of the Tax Concessions Law, as amended, that, in the event that the Cayman Islands enacts any legislation that imposes tax on profits, income, gains or appreciations, or any tax in the nature of estate duty or inheritance tax, such tax will not be applicable to GLRE, Greenlight Re nor their respective operations, or to the Class A or Class B ordinary shares or related obligations, before February 1, 2025. Verdant is incorporated in Delaware and therefore is subject to taxes in accordance with the U.S. federal rates and regulations prescribed by the U.S. Internal Revenue Service (“IRS”). Verdant’s taxable income is generally expected to be taxed at a marginal rate of 21% (2019: 21%). Verdant’s tax years 2014 and beyond remain open and subject to examination by the IRS. GRIL is incorporated in Ireland and therefore is subject to the Irish corporation tax rate of 12.5% on its trading income, and 25% on its non-trading income. The Company records a valuation allowance to the extent that the Company considers it more likely than not that all or a portion of the deferred tax asset will not be realized in the future. Other than this valuation allowance, the Company has not taken any income tax positions that are subject to significant uncertainty that is reasonably likely to have a material impact on the Company. Recent Accounting Pronouncements Recently Issued Accounting Standards Adopted As discussed above, the Company adopted ASU 2016-13 during the first quarter of 2020 using a modified retrospective transition method. The adoption resulted in a cumulative-effect adjustment to retained earnings of $0.9 million as of January 1, 2020. Recently Issued Accounting Standards Not Yet Adopted In January 2020, the FASB issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) (“ASU 2020-01”). The amendments in ASU 2020-01 clarify certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with Topic 825, Financial Instruments. These amendments improve current GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. ASU 2020-01 is effective for public business entities for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The adoption of ASU 2020-01 is not expected to have a material impact on the Company’s consolidated financial statements.

INVESTMENT IN RELATED PARTY INV

INVESTMENT IN RELATED PARTY INVESTMENT FUND	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN RELATED PARTY INVESTMENT FUND	INVESTMENT IN RELATED PARTY INVESTMENT FUND Prior to January 2, 2019, the Company and its reinsurance subsidiaries were party to a joint venture agreement (the “venture agreement”) with DME Advisors, LP (“DME Advisors”) and DME Advisors LLC (“DME”) under which the Company, its reinsurance subsidiaries and DME were participants in a joint venture (the “Joint Venture”) for the purpose of managing certain jointly held assets. DME and DME Advisors are related to the Company and each is an affiliate of David Einhorn, Chairman of the Company’s Board of Directors. On September 1, 2018, the Company entered into an amended and restated exempted limited partnership agreement (the “SILP LPA”) of Solasglas Investments, LP (“SILP”), with DME Advisors II, LLC (“DME II”), as General Partner, Greenlight Re and GRIL, (together the “GLRE Limited Partners”), and the initial limited partner (each, a “Partner”). The SILP LPA, in conjunction with a participation agreement, replaced the venture agreement and assigned and/or transferred Greenlight Re’s and GRIL’s invested assets in the Joint Venture to SILP. The Joint Venture was terminated on January 2, 2019 by which date all assets were transferred to SILP. On September 1, 2018, SILP also entered into a SILP investment advisory agreement (“IAA”) with DME Advisors pursuant to which DME Advisors is the investment manager for SILP. The Company has concluded that SILP qualifies as a variable interest entity (“VIE”) under U.S. GAAP. In assessing its interest in SILP, the Company noted the following: • DME II serves as SILP’s general partner and has the power of appointing the investment manager. The Company does not have the power to appoint, change or replace the investment manager or the general partner except “for cause.” Neither of the GLRE Limited Partners can participate in the investment decisions of SILP as long as SILP adheres to the investment guidelines provided within the SILP LPA. For these reasons, the GLRE Limited Partners are not considered to have substantive participating rights or kick-out rights. • DME II holds an interest in excess of 10% of SILP’s net assets which the Company considers to represent an obligation to absorb losses and a right to receive benefits of SILP that are significant to SILP. Consequently, the Company has concluded that DME II’s interests, and not the Company’s, meet both the “power” and “benefits” criteria associated with VIE accounting guidance, and therefore DME II is SILP’s primary beneficiary. The Company’s investment in SILP is presented in the Company’s condensed consolidated balance sheets in the caption “Investment in related party investment fund.” During 2019, SILP’s investment portfolio was de-risked in order to reduce the Company’s investment volatility in the near-term. As a result, a significant proportion of the Company’s investment assets in SILP was held in cash and short-term treasuries as of June 30, 2020 and December 31, 2019. The Company’s maximum exposure to loss relating to SILP is limited to the net asset value of the GLRE Limited Partners’ investment in SILP. As of June 30, 2020, the net asset value of the GLRE Limited Partners’ investment in SILP was $177.7 million (December 31, 2019: $240.1 million), representing 79.1% (December 31, 2019: 81.0%) of SILP’s total net assets. The remaining 20.9% (December 31, 2019: 19.0%) of SILP’s total net assets was held by DME II. The investment in SILP is recorded at the GLRE Limited Partners’ share of the net asset value of SILP as reported by SILP’s third-party administrator. The GLRE Limited Partners can redeem their assets from SILP for operational purposes by providing three The Company’s share of the change in the net asset value of SILP for the three and six months ended June 30, 2020 was $1.6 million and $(40.5) million, respectively, (three and six months ended June 30, 2019: $14.4 million and $45.2 million, respectively), and shown in the caption “Income (loss) from investment in related party investment fund” in the Company’s condensed consolidated statements of operations. The change in the net asset value of SILP for the six months ended June 30, 2020 was primarily driven by the impact of changes in fair value primarily attributable to the disruptions in global financial markets associated with the COVID–19 pandemic. The summarized financial statements of SILP are presented below. Summarized Statement of Assets and Liabilities of Solasglas Investments, LP June 30, 2020 December 31, 2019 ($ in thousands) Assets Investments, at fair value $ 150,204 $ 162,928 Derivative contracts, at fair value 2,909 6,324 Due from brokers 88,268 68,060 Cash and cash equivalents 54,719 111,046 Interest and dividends receivable 27 47 Total assets 296,127 348,405 Liabilities and partners’ capital Liabilities Investments sold short, at fair value (59,791) (47,834) Derivative contracts, at fair value (10,814) (2,054) Due to brokers (745) (1,180) Interest and dividends payable (197) (828) Other liabilities (89) (101) Total liabilities (71,636) (51,997) Net Assets $ 224,491 $ 296,408 GLRE Limited Partners’ share of Net Assets $ 177,658 $ 240,056 Summarized Statement of Operations of Solasglas Investments, LP Three months ended June 30 Six months ended June 30 2020 2019 2020 2019 ($ in thousands) Investment income Dividend income (net of withholding taxes) $ 287 $ 442 $ 1,034 $ 1,682 Interest income 17 904 226 1,590 Total Investment income 304 1,346 1,260 3,272 Expenses Management fee (616) (1,568) (1,278) (3,582) Interest (325) (845) (342) (2,219) Dividends (254) (366) (399) (1,436) Professional fees and other (124) (425) (332) (805) Total expenses (1,319) (3,204) (2,351) (8,042) Net investment income (loss) (1,015) (1,858) (1,091) (4,770) Realized and change in unrealized gains (losses) Net realized gain (loss) (31,607) 19,404 (43,560) 12,229 Net change in unrealized appreciation (depreciation) 34,772 1,630 (5,021) 51,383 Net gain (loss) on investment transactions 3,165 21,034 (48,581) 63,612 Net income (loss) $ 2,150 $ 19,176 $ (49,672) $ 58,842 GLRE Limited Partners’ share of net income (loss) (1) $ 1,609 $ 14,405 $ (40,517) $ 45,161 (1) Net of management fees and accrued performance allocation as follows: Three months ended June 30 Six months ended June 30 2020 2019 2020 2019 ($ in thousands) Management fees 616 1,567 1,278 3,582 Performance allocation — 1,564 — 4,981

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS Investments Other Investments “Other investments” include unlisted securities and investments accounted for under the equity method. At June 30, 2020, the following securities were included in the caption “Other investments”: June 30, 2020 Cost Unrealized Unrealized Fair value / carrying value ($ in thousands) Private investments and unlisted equities $ 11,339 $ 5,325 $ (1,111) $ 15,553 Investment accounted for under the equity method — — — 6,492 Total other investments $ 22,045 At December 31, 2019, the following securities were included in the caption “Other investments”: December 31, 2019 Cost Unrealized Unrealized Fair value / carrying value ($ in thousands) Private investments and unlisted equities $ 10,420 $ 265 $ (4) $ 10,681 Investment accounted for under the equity method — — — 5,703 Total other investments $ 16,384 Private investments and unlisted equities include securities that do not have readily determinable fair values. The carrying values of these holdings are determined based on their original cost minus impairment, if any, plus or minus changes resulting from observable price changes. At June 30, 2020, the carrying value of private investments and unlisted equities was $15.6 million (December 31, 2019: $10.7 million), and incorporated upward adjustments of $3.3 million and $4.1 million during the three and six months ended June 30, 2020, respectively (2019: $0.2 million and $0.2 million, respectively), excluding any unrealized gains or losses related to changes in foreign currency exchange rates. The Company’s investment accounted for under the equity method represents its investment in AccuRisk Holdings LLC (“AccuRisk”), a Chicago, Illinois-based managing general underwriter focused on employee and health insurance benefits. At June 30, 2020, the Company held a 58% (December 31, 2019: 58%) economic interest in AccuRisk and had provided a $6.0 million credit facility. In addition to providing capital and funding in support of AccuRisk’s expansion plans, the Company also provides reinsurance capacity for business produced by AccuRisk. The Company has determined that AccuRisk is a VIE, of which the Company is not the primary beneficiary. The Company’s carrying value represents its ownership share of AccuRisk’s net assets. The Company’s maximum exposure to loss relating to AccuRisk is limited to the carrying amount of its investment, plus the credit facility extended. For the three and six months ended June 30, 2020, the Company’s share of AccuRisk’s net income was $(0.1) million and $0.8 million, respectively (2019: $0.0 million and $0.5 million, respectively), which was included in the caption “Net investment income” in the Company’s condensed consolidated statements of operations. Fair Value Hierarchy The fair value of a financial instrument is the amount that would be received in an asset sale or paid to transfer a liability in an orderly transaction between unaffiliated market participants. Assets and liabilities measured at fair value are categorized based on whether the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial instruments within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The hierarchy is prioritized into three levels (with Level 3 being the lowest) defined as follows: • Level 1: Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. • Level 2: Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data. • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs. As of June 30, 2020 and December 31, 2019, the Company did not carry any investments at fair value that were assigned a Level within the fair value hierarchy. The Company’s investment in the related party investment fund is measured at fair value using the net asset value practical expedient, and is therefore not classified within the fair value hierarchy. (See Note 3 for further details.) Financial Instruments Disclosed, But Not Carried, at Fair Value The captions “Notes receivable (net of allowance for expected credit loss)” and “Convertible senior notes payable” represent financial instruments that are carried at amortized cost. The carrying values of the notes receivable (net of allowance for expected credit loss) approximate their fair values, which the Company has determined on the basis of Level 3 inputs. The fair value of the convertible senior notes payable is estimated based on the bid price observed in an inactive market for the identical instrument (Level 2 input).

LOSS AND LOSS ADJUSTMENT EXPENS

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES	6 Months Ended
	Jun. 30, 2020
Insurance Loss Reserves [Abstract]
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES	LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES At June 30, 2020, the loss and loss adjustment expenses reserves included estimated amounts for several catastrophe events. For significant catastrophe events including, but not limited to, hurricanes, typhoons, floods, wildfires and pandemics, loss reserves are generally established based on loss payments and case reserves reported by clients when, and if, received. To establish IBNR loss estimates, the Company makes use of, among other things, the following: • estimates communicated by ceding companies; • industry data; • information received from clients, brokers and loss adjusters; • an understanding of the underlying business written and its exposures to catastrophe event related losses; • catastrophe scenario modelling software; and • management’s judgement. The COVID-19 pandemic is unprecedented. Therefore, the Company does not have previous loss experience on which to base its estimates for loss and loss adjustment expenses related to the COVID-19 pandemic. The determination of the Company's estimate was based on: • a review of in-force treaties that may provide coverage and incur losses; • catastrophe and scenario modeling analyses and results shared by cedents; • preliminary loss estimates received from clients and their analysts and loss adjusters; • reviews of industry insured loss estimates and market share analyses; and • management’s judgement. Significant assumptions on which the Company's estimates of reserves for the COVID-19 pandemic losses and loss adjustment expenses are based include: • the scope of coverage provided by the underlying policies, particularly those that provide for business interruption coverage; • the regulatory, legislative or judicial actions and social impact that could influence contract interpretations across the insurance industry; • the extent of economic contraction caused by the COVID-19 pandemic, particularly in the United States; and • the ability of the cedents and insured to mitigate some or all of their losses. While the Company believes its estimate of loss and loss adjustment expense reserves for the COVID-19 pandemic is adequate as of June 30, 2020 based on available information, actual losses may ultimately differ materially from the Company's current estimates. The Company will continue to monitor the appropriateness of its assumptions as new information becomes available and will adjust its estimates accordingly. Such adjustments may be material to the Company's results of operations and financial condition. There were no significant changes in the actuarial methodology or reserving process related to the Company’s loss and loss adjustment expense reserves for the six months ended June 30, 2020. At June 30, 2020 and December 31, 2019, loss and loss adjustment expense reserves were composed of the following: June 30, 2020 December 31, 2019 ($ in thousands) Case reserves $ 207,753 $ 217,834 IBNR 259,902 252,754 Total $ 467,655 $ 470,588 A summary of changes in outstanding loss and loss adjustment expense reserves for all lines of business consolidated for the six months ended June 30, 2020 and 2019 is as follows: Consolidated 2020 2019 ($ in thousands) Gross balance at January 1 $ 470,588 $ 482,662 Less: Losses recoverable (27,531) (43,705) Net balance at January 1 443,057 438,957 Incurred losses related to: Current year 159,225 171,437 Prior years 5,666 29,904 Total incurred 164,891 201,341 Paid losses related to: Current year (35,874) (48,554) Prior years (122,532) (162,363) Total paid (158,406) (210,917) Foreign currency revaluation (2,112) (102) Net balance at June 30 447,430 429,279 Add: Losses recoverable 20,225 40,787 Gross balance at June 30 $ 467,655 $ 470,066 The changes in the outstanding loss and loss adjustment expense reserves for health claims for the six months ended June 30, 2020 and 2019 are as follows: Health 2020 2019 ($ in thousands) Gross balance at January 1 $ 18,063 $ 24,502 Less: Losses recoverable — — Net balance at January 1 18,063 24,502 Incurred losses related to: Current year 15,811 19,241 Prior years 1,972 2,245 Total incurred 17,783 21,486 Paid losses related to: Current year (7,063) (8,046) Prior years (13,909) (21,897) Total paid (20,972) (29,943) Foreign currency revaluation — — Net balance at June 30 14,874 16,045 Add: Losses recoverable — — Gross balance at June 30 $ 14,874 $ 16,045 For the six months ended June 30, 2020, the estimate of net losses incurred relating to prior accident years increased by $5.7 million, primarily in relation to certain general liability, health and multi-line contracts, partially offset by favorable loss development on professional liability contracts. The net financial impact of the prior year unfavorable loss development for the six months ended June 30, 2020, taking into account earned reinstatement premiums assumed and ceded, adjustments to assumed and ceded acquisition costs and adjustments to deposit accounted contracts, was a loss of $5.0 million. For the six months ended June 30, 2019, the estimate of net losses incurred relating to prior accident years increased by $29.9 million that originated primarily from private passenger automobile contracts. These unanticipated automobile losses were the result of adverse rulings that affected a significant number of loss events that occurred in Florida between 2015 and early 2018, including many claims that had previously been considered closed. The net financial impact of the prior year adverse loss development for the six months ended June 30, 2019 was a loss of $27.7 million.

RETROCESSION

RETROCESSION	6 Months Ended
	Jun. 30, 2020
Reinsurance Disclosures [Abstract]
RETROCESSION	RETROCESSION The Company, from time to time, purchases retrocessional coverage for one or more of the following reasons: to manage its overall exposure, to reduce its net liability on individual risks, to obtain additional underwriting capacity and to balance its underwriting portfolio. Loss and loss adjustment expenses recoverable from retrocessionaires are recorded as assets. For the three and six months ended June 30, 2020, the Company’s earned ceded premiums were $0.5 million and $1.5 million, respectively (2019: $21.7 million and $43.8 million, respectively). For the three and six months ended June 30, 2020, loss and loss adjustment expenses incurred of $89.2 million and $164.9 million, respectively (2019: $78.5 million and $201.3 million, respectively), reported on the condensed consolidated statements of operations are net of loss and loss expenses recovered and recoverable of $0.2 million and $3.7 million (2019: $15.9 million and $42.3 million). Retrocession contracts do not relieve the Company from its obligations to the insureds. Failure of retrocessionaires to honor their obligations could result in losses to the Company. At June 30, 2020, the Company’s loss reserves recoverable consisted of (i) $15.8 million (December 31, 2019: $21.2 million) from unrated retrocessionaires, of which $15.4 million (December 31, 2019: $20.0 million) were secured by cash, letters of credit and collateral held in trust accounts for the benefit of the Company and (ii) $4.5 million (December 31, 2019: $6.4 million) from retrocessionaires rated A- or above by A.M. Best. The Company regularly evaluates its net credit exposure to assess the ability of the retrocessionaires to honor their respective obligations. At June 30, 2020, the Company had recorded an allowance for expected credit losses of $0.1 million (December 31, 2019: nil).

SENIOR CONVERTIBLE NOTES

SENIOR CONVERTIBLE NOTES	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
SENIOR CONVERTIBLE NOTES	SENIOR CONVERTIBLE NOTES On August 7, 2018, the Company issued $100.0 million of senior unsecured convertible notes (the “Notes”), which mature on August 1, 2023. The Notes bear interest at 4.0% payable semi-annually on February 1 and August 1 of each year beginning on February 1, 2019. Note holders have the option, under certain conditions, to redeem the Notes prior to maturity. If the Notes are redeemed by the holder, the Company shall have the option to settle the conversion obligation in cash, ordinary shares of the Company, or a combination thereof pursuant to the terms of the indenture governing the Notes. The Company has therefore bifurcated the Notes into liability and equity components. If redeemed at June 30, 2020, the face value of the Notes would be cash settled as the Company has assumed that the conversion option will not be exercised due to the share price at June 30, 2020 being lower than the conversion price of $17.19 per share. The Company’s effective borrowing rate for non-convertible debt at the time of issuance of the Notes was estimated to be 6.0%, which equated to an $8.2 million discount. As of June 30, 2020 and December 31, 2019, the unamortized debt discount was $5.1 million and $5.9 million, respectively, and is expected to be amortized through the maturity date. The debt discount also represents the portion of the Note’s principal amount allocated to the equity component. The Company incurred issuance costs in connection with the issuance of the Notes. As of June 30, 2020, the unamortized portion of these costs attributed to the debt component was $2.0 million (December 31, 2019: $2.3 million), which are expected to be amortized through the maturity date. The portion of these issuance costs attributed to the equity component was netted against the gross proceeds allocated to equity, resulting in $7.9 million being included in the caption “Additional paid-in capital” in the Company’s condensed consolidated balance sheets. The carrying value of the Notes as of June 30, 2020, including accrued interest of $1.7 million, was $94.6 million (December 31, 2019: $93.5 million). As of June 30, 2020, the fair value of the Notes was estimated to be $79.1 million (December 31, 2019: $94.9 million) (see Note 4 Financial Instruments). For the three and six months ended June 30, 2020, the Company recognized interest expense of $1.6 million and $3.1 million (2019: $1.6 million and $3.1 million) in connection with the interest coupon, amortization of issuance costs and amortization of the discount. The Company was in compliance with all covenants relating to the Notes as of June 30, 2020 and December 31, 2019.

SHARE CAPITAL

SHARE CAPITAL	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
SHARE CAPITAL	SHARE CAPITAL On April 26, 2017, the Company’s shareholders approved an amendment to the stock incentive plan to increase the number of Class A ordinary shares available for issuance by 1.5 million shares from 3.5 million to 5.0 million. As of June 30, 2020, 62,531 (December 31, 2019: 555,805) Class A ordinary shares remained available for future issuance under the Company’s stock incentive plan. The stock incentive plan is administered by the Compensation Committee of the Board of Directors. The Board has adopted a share repurchase plan. The timing of such repurchases and actual number of shares repurchased will depend on a variety of factors including price, market conditions and applicable regulatory and corporate requirements. On March 26, 2020, the Board of Directors extended the share repurchase plan to June 30, 2021 and increased the number of shares authorized to be repurchased to 5.0 million Class A ordinary shares or securities convertible into Class A ordinary shares in the open market, through privately negotiated transactions or Rule 10b5-1 stock trading plans. In addition, the Board of Directors also authorized the Company to repurchase up to $25.0 million aggregate face amount of the Company’s 4.00% Convertible Senior Notes due 2023 (the “Notes”) in privately negotiated transactions, in open market repurchases or pursuant to one more tender offers. The Company is not required to repurchase any of the Class A ordinary shares or the Notes and the repurchase plans may be modified, suspended or terminated at the election of our Board of Directors at any time without prior notice. During the six months ended June 30, 2020, 1.2 million Class A ordinary shares were repurchased by the Company (2019: 0). As of June 30, 2020, 3.8 million Class A ordinary shares and $25.0 million of the Notes, remained available for repurchase under the repurchase plans. All ordinary shares repurchased are canceled immediately upon repurchase. The following table is a summary of voting ordinary shares issued and outstanding: Six months ended June 30 Six months ended June 30 2020 2019 Class A Class B Class A Class B Balance – beginning of period 30,739,395 6,254,715 30,130,214 6,254,715 Issue of ordinary shares, net of forfeitures 440,134 — 408,233 — Repurchase of ordinary shares (1,161,659) — — — Balance – end of period 30,017,870 6,254,715 30,538,447 6,254,715 Additional paid-in capital includes the premium per share paid by the subscribing shareholders for Class A and B ordinary shares which have a par value of $0.10 each. It also includes share-based awards earned not yet issued.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION The Company has a stock incentive plan for directors, employees and consultants that is administered by the Compensation Committee of the Board of Directors. Employee and Director Restricted Shares For the six months ended June 30, 2020, 306,264 (2019: 235,701) Class A ordinary shares were issued to employees pursuant to the Company’s stock incentive plan. These shares contain certain restrictions relating to, among other things, vesting, forfeiture in the event of termination of employment and transferability. The restricted shares cliff vest three years after the date of issuance, subject to the grantee’s continued service with the Company. During the vesting period, the holder of the restricted shares retains voting rights and is entitled to any dividends declared by the Company. For the six months ended June 30, 2020, 145,089 (2019: 89,945) Class A ordinary shares were issued to the Company’s Chief Executive Officer (“CEO”) pursuant to the Company’s stock incentive plan. These shares contain performance and service conditions and certain restrictions relating to, among other things, vesting, forfeiture in the event of termination of employment and transferability. These restricted shares cliff vest 5 years after the date of issuance, subject to the performance condition being met and the grantee’s continued service with the Company. During the vesting period, the holder of the restricted shares retains voting rights and is entitled to any dividends declared by the Company. The weighted average grant date fair value of these restricted shares subject to performance conditions was $6.72 (2019: $10.84) per share. As the performance conditions associated with these restricted shares have not been met, no compensation cost was recognized relating to these shares for the six months ended June 30, 2020 and 2019. Subsequent to June 30, 2020, the Company accelerated the vesting of a portion of the CEO’s restricted shares resulting in 72,545 shares vesting on July 30, 2020. The remaining restricted shares are still subject to performance and service conditions. For the six months ended June 30, 2020, 18,701 (2019: 2,155) restricted shares were forfeited by employees who left the Company prior to the expiration of the applicable vesting periods. For the six months ended June 30, 2020, $0.1 million stock compensation expense (2019: nil) relating to the forfeited restricted shares was reversed. The Company recorded $1.2 million of share-based compensation expense, net of forfeiture reversals, relating to restricted shares for the six months ended June 30, 2020 (2019: $1.5 million). As of June 30, 2020, there was $3.1 million (December 31, 2019: $2.7 million) of unrecognized compensation cost relating to non-vested restricted shares (excluding CEO’s restricted shares with performance conditions) which are expected to be recognized over a weighted average period of 2.1 years (December 31, 2019: 1.6 years). For the six months ended June 30, 2020, the total fair value of restricted shares vested was $2.8 million (2019: $3.1 million). The following table summarizes the activity for unvested outstanding restricted share awards during the six months ended June 30, 2020: Number of Weighted Balance at December 31, 2019 873,087 $ 12.83 Granted 451,353 6.72 Vested (163,288) 17.00 Forfeited (18,701) 12.78 Balance at June 30, 2020 1,142,451 $ 9.82 Employee and Director Stock Options For the six months ended June 30, 2020, no Class A ordinary share purchase options were granted, no stock options were exercised by directors or employees, and no stock options vested. When stock options are granted, the Company reduces the corresponding number from the shares authorized for issuance as part of the Company’s stock incentive plan. The total compensation cost expensed relating to stock options for the six months ended June 30, 2020 was $0.4 million (2019: $0.6 million). At June 30, 2020, the total compensation cost related to non-vested options not yet recognized was $0.9 million (December 31, 2019: $1.3 million) to be recognized over a weighted average period of 2.2 years (December 31, 2019: 2.4 years) assuming the grantee completes the service period for vesting of the options. There was no activity in employee and director stock options during the six months ended June 30, 2020. At June 30, 2020 and December 31, 2019, there were 0.9 million and 0.9 million stock options outstanding, respectively, with a weighted average exercise price of $22.68 and $22.68 per share, respectively and weighted average grant date fair value of $10.25 and $10.25 per share, respectively. The weighted average remaining contractual term of the stock options was 5.3 years and 5.8 years, at June 30, 2020 and December 31, 2019, respectively. Employee Restricted Stock Units The Company issues restricted stock units (“RSUs”) to certain employees as part of the stock incentive plan. These RSUs contain restrictions relating to vesting, forfeiture in the event of termination of employment, transferability and other matters. Each RSU grant cliff vests three years after the date of issuance, subject to the grantee’s continued service with the Company. On the vesting date, the Company converts each RSU into one Class A ordinary share and issues new Class A ordinary shares from the shares authorized for issuance as part of the Company’s stock incentive plan. For the six months ended June 30, 2020, 60,622 (2019: 48,535) RSUs were issued to employees pursuant to the Company’s stock incentive plan. For the six months ended June 30, 2020, no (2019: 24,165) RSUs were forfeited by employees who left the Company prior to the expiration of the applicable vesting periods. The Company recorded $0.2 million of share-based compensation expense, net of forfeitures, relating to RSUs for the six months ended June 30, 2020 (2019: $0.2 million). Employee RSU activity during the six months ended June 30, 2020 was as follows: Number of Weighted Balance at December 31, 2019 63,582 $ 13.76 Granted 60,622 6.72 Vested (7,482) 21.65 Forfeited — — Balance at June 30, 2020 116,722 $ 9.60 For the six months ended June 30, 2020 and 2019, the combined stock compensation expense (net of forfeitures), which was included in the caption “General and administrative expenses” in the Company’s statements of operations, was $1.7 million and $2.2 million, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Investment Advisory Agreement DME, DME II and DME Advisors are related to the Company and each is an affiliate of David Einhorn, Chairman of the Company’s Board of Directors. The Company has entered into the SILP LPA with DME II. DME II receives a performance allocation equal to (with capitalized terms having the meaning provided under the SILP LPA) (a) 10% of the portion of the Positive Performance Change for each limited partner’s capital account that is less than or equal to the positive balance in such limited partner’s Carryforward Account, plus (b) 20% of the portion of the Positive Performance Change for each limited partner’s capital account that exceeds the positive balance in such limited partner’s Carryforward Account. The Carryforward Account for Greenlight Re and GRIL include the amount of losses that were to be recouped under the Joint Venture as well as any loss generated on the assets invested in SILP, subject to adjustments for redemptions. The loss carry forward provision contained in the SILP LPA allows DME II to earn a reduced performance allocation of 10% of profits in years subsequent to any year in which SILP has incurred a loss, until all losses are recouped and an additional amount equal to 150% of the loss is earned. On February 26, 2019, effective as of September 1, 2018, the Company entered into Amendment No. 1 to the SILP LPA. The amendment was intended to revise the mechanics for calculating the Carryforward Account and Performance Allocation (as defined in the LPA) to take into account withdrawals from and subsequent recontributions of capital to SILP, consistent with the treatment under the Joint Venture. In accordance with the SILP LPA, DME Advisors constructs a levered investment portfolio as agreed by the Company (the “Investment Portfolio” as defined in the SILP LPA). On September 1, 2018, SILP entered into the IAA with DME Advisors which entitles DME Advisors to a monthly management fee equal to 0.125% (1.5% on an annual basis) of each limited partner’s Investment Portfolio. The IAA has an initial term ending on August 31, 2023 subject to an automatic extension for successive three The Company has entered into a letter agreement with DME Advisors and DME II whereby during the period from June 1, 2019 to June 30, 2021, cash, cash equivalents and/or U.S government issued securities will not be subject to any management fee or performance allocation. For a detailed breakdown of management fees and performance compensation for the three and six months ended June 30, 2020 and 2019, refer to Note 3 of the condensed consolidated financial statements. Pursuant to the SILP LPA and the IAA, the Company has agreed to indemnify DME, DME II and DME Advisors for any expense, loss, liability, or damage arising out of any claim asserted or threatened in connection with DME Advisors serving as the Company’s or SILP’s investment advisor. The Company will reimburse DME, DME II and DME Advisors for reasonable costs and expenses of investigating and/or defending such claims, provided such claims were not caused due to gross negligence, breach of contract or misrepresentation by DME, DME II or DME Advisors. There were no indemnification amounts incurred by the Company during any of the periods presented. 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. As of June 30, 2020, SILP, along with certain affiliates of DME Advisors, collectively owned 47.7% of the issued and outstanding common shares of GRBK. Under applicable securities laws, DME Advisors may be limited at times in its ability to trade GRBK shares on behalf of SILP. 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 is automatically renewed 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 SILP 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.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Letters of Credit and Trusts At June 30, 2020, the Company had one letter of credit facility, which automatically renews each year unless terminated by either party in accordance with the applicable required notice period: Facility Termination Date Notice period required for termination ($ in thousands) Citibank Europe plc $ 400,000 October 11, 2021 120 days prior to termination date As of June 30, 2020, an aggregate amount of $140.9 million (December 31, 2019: $204.5 million) in letters of credit were issued under the above facility. As of June 30, 2020, total cash and cash equivalents with a fair value in the aggregate of $140.5 million (December 31, 2019: $213.4 million) were pledged as collateral against the letters of credit issued and included in the caption “Restricted cash and cash equivalents” in the Company’s condensed consolidated balance sheets. The facility contains customary events of default and restrictive covenants, including but not limited to, limitations on liens on collateral, transactions with affiliates, mergers and sales of assets, as well as solvency and maintenance of certain minimum pledged equity requirements, and restricts issuance of any debt without the consent of the letter of credit provider. Additionally, if an event of default exists, as defined in the letter of credit facility, Greenlight Re will be prohibited from paying dividends to its parent company. The Company was in compliance with all the covenants of the facility as of June 30, 2020 and December 31, 2019. The Company has also established regulatory trust arrangements for certain cedents. As of June 30, 2020, collateral of $590.8 million (December 31, 2019: $528.7 million) was provided to cedents in the form of regulatory trust accounts and included in the caption “Restricted cash and cash equivalents” in the Company’s condensed consolidated balance sheets. Lease Obligations Greenlight Re has entered into lease agreements for office space in the Cayman Islands that expires on December 31, 2020. The Company has determined that the current arrangement qualifies as a short term lease. The short-term lease expense for the three and six months ended June 30, 2020 was $0.3 million (2019: $0.3 million). GRIL has entered into a lease agreement for office space in Dublin, Ireland. Under the terms of this lease agreement, GRIL is committed to minimum annual rent payments denominated in Euros approximating €0.1 million until May 2021, and adjusted to the prevailing market rates for the subsequent five Schedule of Commitments and Contingencies The following is a schedule of future minimum payments required under the above commitments: 2020 2021 2022 2023 2024 Thereafter Total ($ in thousands) Operating lease obligations $ 340 $ 62 $ — $ — $ — $ — $ 402 Interest and convertible note payable 2,000 4,000 4,000 104,000 — — 114,000 $ 2,340 $ 4,062 $ 4,000 $ 104,000 $ — $ — $ 114,402 Litigation

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The Company manages its business on the basis of one operating segment, Property & Casualty Reinsurance. The following tables provide a breakdown of the Company’s gross premiums written by line 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 2020 2019 2020 2019 ($ in thousands) ($ in thousands) Property Commercial $ 3,065 2.6 % $ 2,934 1.9 % $ 6,030 2.7 % $ 6,664 2.1 % Motor 6,812 5.9 19,256 12.7 15,045 6.6 39,439 12.5 Personal 3,674 3.1 3,263 2.1 6,635 2.9 6,156 2.0 Total Property 13,551 11.6 25,453 16.7 27,710 12.2 52,259 16.6 Casualty General Liability 528 0.5 473 0.3 696 0.3 1,455 0.5 Motor Liability 25,655 22.0 71,072 46.7 55,050 24.3 150,315 47.7 Professional Liability 33 — 24 — 123 0.1 106 — Workers' Compensation 28,605 24.5 11,615 7.6 38,929 17.2 21,044 6.7 Multi-line 19,973 17.1 25,343 16.6 41,559 18.4 46,092 14.6 Total Casualty 74,794 64.1 108,527 71.2 136,357 60.3 — 69.5 Other Accident & Health 10,228 8.8 8,666 5.8 28,104 12.4 23,537 7.5 Financial 3,725 3.2 7,175 4.7 13,887 6.1 15,079 4.8 Marine 266 0.2 17 — 622 0.3 127 — Other Specialty 14,125 12.1 2,502 1.6 19,796 8.7 4,886 1.6 Total Other 28,344 24.3 18,360 12.1 62,409 27.5 43,629 13.9 $ 116,689 100.0 % $ 152,340 100.0 % $ 226,476 100.0 % $ 314,900 100.0 % Gross Premiums Written by Geographic Area of Risks Insured Three months ended June 30 Six months ended June 30 2020 2019 2020 2019 ($ in thousands) ($ in thousands) U.S. and Caribbean $ 94,663 81.1 % $ 130,637 85.8 % $ 180,713 79.8 % $ 268,288 85.1 % Worldwide (1) 20,616 17.7 21,231 13.9 43,412 19.2 46,140 14.7 Europe — — (13) — — — (13) — Asia 1,410 1.2 485 0.3 2,351 1.0 485 0.2 $ 116,689 100.0 % $ 152,340 100.0 % $ 226,476 100.0 % $ 314,900 100.0 %

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates
Restricted Cash and Cash Equivalents	Restricted Cash and Cash Equivalents The Company maintains cash and cash equivalent balances to collateralize regulatory trusts and letters of credit issued to cedents (see Note 11). The following table reconciles the cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets to the total presented in the condensed consolidated statements of cash flows:
Reinsurance Assets	Reinsurance Assets Upon adoption of ASU 2016-13, the Company calculated an allowance for expected credit losses for its reinsurance balances receivable and loss and loss adjustment expenses recoverable by applying a Probability of Default (“PD”) / Loss Given Default (“LGD”) model that considers both the Company’s collectibility history on its reinsurance assets as well as representative external loss history. The external loss history that the Company used included a long-term probability of liquidation study specific to insurance companies. Additionally, the life of each of the Company’s reinsurance treaties was also considered as the probability of default was calculated over the contractual length of the reinsurance contracts. The credit worthiness of a counterparty is evaluated by considering the credit ratings assigned by independent agencies and individually evaluating all the counterparties. The Company manages its credit risk in its reinsurance assets by transacting with insurers and reinsurers that it considers financially sound. For its retrocessionaire counterparties that are unrated, the Company may hold collateral in the form of funds withheld, trust accounts and/or irrevocable letters of credit. For credit risk associated with reinsurance balances receivable, the Company considers the fact that in certain instances credit risk may be reduced by the Company's right to offset loss obligations or unearned premiums against premiums receivable. The Company regularly evaluates its net credit exposure to assess the ability of the retrocessionaires to honor their respective obligations.
Notes Receivable	Notes Receivable Notes receivable represent promissory notes receivable from third parties. These notes are recorded at cost plus accrued interest, if any, net of valuation allowance for expected credit losses. The Company calculates the allowance for expected credit losses to provide for the risk of credit losses inherent in the lending process. Interest income, change in the allowance for expected credit losses (excluding changes due to charge-offs) and unrealized and realized gains or losses on the notes receivable are included in the caption “Net investment income (loss)” in the Company’s condensed consolidated statements of operations. The allowance for expected credit losses is calculated using a PD / LGD model that takes into account the Company’s collectibility history on its notes receivable as well as representative external loss history. The expected loss, as a percentage, is calculated as the product of the PD and LGD and is calculated for each period over the life of a note. The Company evaluates the financial condition of the notes receivable counterparties and monitors its exposure on a regular basis. At June 30, 2020, the
Deposit Assets and Liabilities	Deposit Assets and Liabilities
Other Assets	Other Assets Other assets consist primarily of prepaid expenses, fixed assets, right-of-use lease assets, other receivables and deferred tax assets.
Other Liabilities	Other LiabilitiesOther liabilities consist primarily of accruals for legal and other professional fees, employee bonuses and lease liabilities.
Earnings (Loss) Per Share	Earnings (Loss) Per Share The Company’s unvested restricted stock awards, which contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are considered “participating securities” for the purposes of calculating earnings (loss) per share. Basic earnings per share is calculated on the basis of the weighted average number of common shares and participating securities outstanding during the period. Diluted earnings (or loss) per share includes the dilutive effect of the following: • Restricted Stock Units (“RSUs”) issued that would convert to common shares upon vesting; • additional potential common shares issuable when stock options are exercised, determined using the treasury stock method; and • those common shares with the potential to be issued by virtue of convertible debt and other such convertible instruments, determined using the treasury stock method. Diluted earnings (or loss) per share contemplates a conversion to common shares of all convertible instruments only if they are dilutive in nature with regards to earnings per share. In the event of a net loss, all RSUs, stock options outstanding, convertible debt and participating securities are excluded from the calculation of both basic and diluted loss per share as their inclusion would be anti-dilutive.
Taxation	Taxation Under current Cayman Islands law, no corporate entity, including GLRE and Greenlight Re, is obligated to pay taxes in the Cayman Islands on either income or capital gains. The Company has an undertaking from the Governor-in-Cabinet of the Cayman Islands, pursuant to the provisions of the Tax Concessions Law, as amended, that, in the event that the Cayman Islands enacts any legislation that imposes tax on profits, income, gains or appreciations, or any tax in the nature of estate duty or inheritance tax, such tax will not be applicable to GLRE, Greenlight Re nor their respective operations, or to the Class A or Class B ordinary shares or related obligations, before February 1, 2025. Verdant is incorporated in Delaware and therefore is subject to taxes in accordance with the U.S. federal rates and regulations prescribed by the U.S. Internal Revenue Service (“IRS”). Verdant’s taxable income is generally expected to be taxed at a marginal rate of 21% (2019: 21%). Verdant’s tax years 2014 and beyond remain open and subject to examination by the IRS.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Standards Adopted As discussed above, the Company adopted ASU 2016-13 during the first quarter of 2020 using a modified retrospective transition method. The adoption resulted in a cumulative-effect adjustment to retained earnings of $0.9 million as of January 1, 2020. Recently Issued Accounting Standards Not Yet Adopted In January 2020, the FASB issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) (“ASU 2020-01”). The amendments in ASU 2020-01 clarify certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with Topic 825, Financial Instruments. These amendments improve current GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. ASU 2020-01 is effective for public business entities for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The adoption of ASU 2020-01 is not expected to have a material impact on the Company’s consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	June 30, 2020 December 31, 2019 ($ in thousands) Cash and cash equivalents $ 7,318 $ 25,813 Restricted cash and cash equivalents 731,292 742,093 Total cash, cash equivalents and restricted cash presented in the condensed consolidated statements of cash flows $ 738,610 $ 767,906
Restrictions on Cash and Cash Equivalents	June 30, 2020 December 31, 2019 ($ in thousands) Cash and cash equivalents $ 7,318 $ 25,813 Restricted cash and cash equivalents 731,292 742,093 Total cash, cash equivalents and restricted cash presented in the condensed consolidated statements of cash flows $ 738,610 $ 767,906
Financing Receivable, Allowance for Credit Loss	The following table provides a roll-forward of the Company’s allowance for credit losses on notes receivable: Six months ended June 30 2020 2019 ($ in thousands) Balance at beginning of period $ 15,000 $ 9,012 Cumulative effect of adoption of ASU 2016-13 at January 1, 2020 750 — Charge offs (15,000) — Net increase (decrease) in allowance 250 — Balance at end of period $ 1,000 $ 9,012
Schedule of Interest Income and Interest Expense	For the three and six months ended June 30, 2020 and 2019, the interest income/(expense) on deposit accounted contracts was as follows: Three months ended June 30 Six months ended June 30 2020 2019 2020 2019 ($ in thousands) ($ in thousands) Deposit interest income $ 645 $ 1,697 $ 1,252 $ 2,745 Deposit interest expense $ — $ (705) $ — $ (753) Deposit interest income/(expense), net $ 645 $ 992 $ 1,252 $ 1,992
Schedule of Weighted Average Number of Shares	The table below presents the shares outstanding for the purposes of the calculation of earnings (loss) per share for the three and six months ended June 30, 2020 and 2019: Three months ended June 30 Six months ended June 30 2020 2019 2020 2019 Weighted average shares outstanding - basic 35,776,736 36,100,665 35,958,965 36,037,177 Effect of dilutive employee and director share-based awards — 729,298 — 555,141 Weighted average shares outstanding - diluted 35,776,736 36,829,963 35,958,965 36,592,318 Anti-dilutive stock options outstanding 875,627 935,627 875,627 935,627 Participating securities excluded from calculation of loss per share 1,259,173 — 1,259,173 —

INVESTMENT IN RELATED PARTY I_2

INVESTMENT IN RELATED PARTY INVESTMENT FUND (Tables)	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Summarized Financial Information of Investment	The summarized financial statements of SILP are presented below. Summarized Statement of Assets and Liabilities of Solasglas Investments, LP June 30, 2020 December 31, 2019 ($ in thousands) Assets Investments, at fair value $ 150,204 $ 162,928 Derivative contracts, at fair value 2,909 6,324 Due from brokers 88,268 68,060 Cash and cash equivalents 54,719 111,046 Interest and dividends receivable 27 47 Total assets 296,127 348,405 Liabilities and partners’ capital Liabilities Investments sold short, at fair value (59,791) (47,834) Derivative contracts, at fair value (10,814) (2,054) Due to brokers (745) (1,180) Interest and dividends payable (197) (828) Other liabilities (89) (101) Total liabilities (71,636) (51,997) Net Assets $ 224,491 $ 296,408 GLRE Limited Partners’ share of Net Assets $ 177,658 $ 240,056 Summarized Statement of Operations of Solasglas Investments, LP Three months ended June 30 Six months ended June 30 2020 2019 2020 2019 ($ in thousands) Investment income Dividend income (net of withholding taxes) $ 287 $ 442 $ 1,034 $ 1,682 Interest income 17 904 226 1,590 Total Investment income 304 1,346 1,260 3,272 Expenses Management fee (616) (1,568) (1,278) (3,582) Interest (325) (845) (342) (2,219) Dividends (254) (366) (399) (1,436) Professional fees and other (124) (425) (332) (805) Total expenses (1,319) (3,204) (2,351) (8,042) Net investment income (loss) (1,015) (1,858) (1,091) (4,770) Realized and change in unrealized gains (losses) Net realized gain (loss) (31,607) 19,404 (43,560) 12,229 Net change in unrealized appreciation (depreciation) 34,772 1,630 (5,021) 51,383 Net gain (loss) on investment transactions 3,165 21,034 (48,581) 63,612 Net income (loss) $ 2,150 $ 19,176 $ (49,672) $ 58,842 GLRE Limited Partners’ share of net income (loss) (1) $ 1,609 $ 14,405 $ (40,517) $ 45,161 (1) Net of management fees and accrued performance allocation as follows: Three months ended June 30 Six months ended June 30 2020 2019 2020 2019 ($ in thousands) Management fees 616 1,567 1,278 3,582 Performance allocation — 1,564 — 4,981

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Other Investments	At June 30, 2020, the following securities were included in the caption “Other investments”: June 30, 2020 Cost Unrealized Unrealized Fair value / carrying value ($ in thousands) Private investments and unlisted equities $ 11,339 $ 5,325 $ (1,111) $ 15,553 Investment accounted for under the equity method — — — 6,492 Total other investments $ 22,045 At December 31, 2019, the following securities were included in the caption “Other investments”: December 31, 2019 Cost Unrealized Unrealized Fair value / carrying value ($ in thousands) Private investments and unlisted equities $ 10,420 $ 265 $ (4) $ 10,681 Investment accounted for under the equity method — — — 5,703 Total other investments $ 16,384
Fair Value Hierarchy	The hierarchy is prioritized into three levels (with Level 3 being the lowest) defined as follows: • Level 1: Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. • Level 2: Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data. • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies, and similar techniques that use significant unobservable inputs.

LOSS AND LOSS ADJUSTMENT EXPE_2

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES (Tables)	6 Months Ended
	Jun. 30, 2020
Insurance Loss Reserves [Abstract]
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense	At June 30, 2020 and December 31, 2019, loss and loss adjustment expense reserves were composed of the following: June 30, 2020 December 31, 2019 ($ in thousands) Case reserves $ 207,753 $ 217,834 IBNR 259,902 252,754 Total $ 467,655 $ 470,588 A summary of changes in outstanding loss and loss adjustment expense reserves for all lines of business consolidated for the six months ended June 30, 2020 and 2019 is as follows: Consolidated 2020 2019 ($ in thousands) Gross balance at January 1 $ 470,588 $ 482,662 Less: Losses recoverable (27,531) (43,705) Net balance at January 1 443,057 438,957 Incurred losses related to: Current year 159,225 171,437 Prior years 5,666 29,904 Total incurred 164,891 201,341 Paid losses related to: Current year (35,874) (48,554) Prior years (122,532) (162,363) Total paid (158,406) (210,917) Foreign currency revaluation (2,112) (102) Net balance at June 30 447,430 429,279 Add: Losses recoverable 20,225 40,787 Gross balance at June 30 $ 467,655 $ 470,066 The changes in the outstanding loss and loss adjustment expense reserves for health claims for the six months ended June 30, 2020 and 2019 are as follows: Health 2020 2019 ($ in thousands) Gross balance at January 1 $ 18,063 $ 24,502 Less: Losses recoverable — — Net balance at January 1 18,063 24,502 Incurred losses related to: Current year 15,811 19,241 Prior years 1,972 2,245 Total incurred 17,783 21,486 Paid losses related to: Current year (7,063) (8,046) Prior years (13,909) (21,897) Total paid (20,972) (29,943) Foreign currency revaluation — — Net balance at June 30 14,874 16,045 Add: Losses recoverable — — Gross balance at June 30 $ 14,874 $ 16,045

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Schedule of Stock by Class	The following table is a summary of voting ordinary shares issued and outstanding: Six months ended June 30 Six months ended June 30 2020 2019 Class A Class B Class A Class B Balance – beginning of period 30,739,395 6,254,715 30,130,214 6,254,715 Issue of ordinary shares, net of forfeitures 440,134 — 408,233 — Repurchase of ordinary shares (1,161,659) — — — Balance – end of period 30,017,870 6,254,715 30,538,447 6,254,715

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table summarizes the activity for unvested outstanding restricted share awards during the six months ended June 30, 2020: Number of Weighted Balance at December 31, 2019 873,087 $ 12.83 Granted 451,353 6.72 Vested (163,288) 17.00 Forfeited (18,701) 12.78 Balance at June 30, 2020 1,142,451 $ 9.82 Employee RSU activity during the six months ended June 30, 2020 was as follows: Number of Weighted Balance at December 31, 2019 63,582 $ 13.76 Granted 60,622 6.72 Vested (7,482) 21.65 Forfeited — — Balance at June 30, 2020 116,722 $ 9.60

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Letters of Credit Facilities	At June 30, 2020, the Company had one letter of credit facility, which automatically renews each year unless terminated by either party in accordance with the applicable required notice period: Facility Termination Date Notice period required for termination ($ in thousands) Citibank Europe plc $ 400,000 October 11, 2021 120 days prior to termination date
Schedule of Commitments and Contingencies, Fiscal Year Maturity Schedule	The following is a schedule of future minimum payments required under the above commitments: 2020 2021 2022 2023 2024 Thereafter Total ($ in thousands) Operating lease obligations $ 340 $ 62 $ — $ — $ — $ — $ 402 Interest and convertible note payable 2,000 4,000 4,000 104,000 — — 114,000 $ 2,340 $ 4,062 $ 4,000 $ 104,000 $ — $ — $ 114,402

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Gross Premiums Written by Line of Business	The following tables provide a breakdown of the Company’s gross premiums written by line 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 2020 2019 2020 2019 ($ in thousands) ($ in thousands) Property Commercial $ 3,065 2.6 % $ 2,934 1.9 % $ 6,030 2.7 % $ 6,664 2.1 % Motor 6,812 5.9 19,256 12.7 15,045 6.6 39,439 12.5 Personal 3,674 3.1 3,263 2.1 6,635 2.9 6,156 2.0 Total Property 13,551 11.6 25,453 16.7 27,710 12.2 52,259 16.6 Casualty General Liability 528 0.5 473 0.3 696 0.3 1,455 0.5 Motor Liability 25,655 22.0 71,072 46.7 55,050 24.3 150,315 47.7 Professional Liability 33 — 24 — 123 0.1 106 — Workers' Compensation 28,605 24.5 11,615 7.6 38,929 17.2 21,044 6.7 Multi-line 19,973 17.1 25,343 16.6 41,559 18.4 46,092 14.6 Total Casualty 74,794 64.1 108,527 71.2 136,357 60.3 — 69.5 Other Accident & Health 10,228 8.8 8,666 5.8 28,104 12.4 23,537 7.5 Financial 3,725 3.2 7,175 4.7 13,887 6.1 15,079 4.8 Marine 266 0.2 17 — 622 0.3 127 — Other Specialty 14,125 12.1 2,502 1.6 19,796 8.7 4,886 1.6 Total Other 28,344 24.3 18,360 12.1 62,409 27.5 43,629 13.9 $ 116,689 100.0 % $ 152,340 100.0 % $ 226,476 100.0 % $ 314,900 100.0 %
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 2020 2019 2020 2019 ($ in thousands) ($ in thousands) U.S. and Caribbean $ 94,663 81.1 % $ 130,637 85.8 % $ 180,713 79.8 % $ 268,288 85.1 % Worldwide (1) 20,616 17.7 21,231 13.9 43,412 19.2 46,140 14.7 Europe — — (13) — — — (13) — Asia 1,410 1.2 485 0.3 2,351 1.0 485 0.2 $ 116,689 100.0 % $ 152,340 100.0 % $ 226,476 100.0 % $ 314,900 100.0 %

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES Cash Flow, Supplemental Cash Equivalents Reconciliation (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 7,318	$ 25,813
Restricted cash and cash equivalents	731,292	742,093
Total cash, cash equivalents and restricted cash presented in the condensed consolidated statements of cash flows	$ 738,610	$ 767,906	$ 760,842	$ 703,231

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES Narrative (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (deficit)	$ (71,282,000)	$ (30,063,000)
Provision for uncollectible losses recoverable	89,000	0
Accrued interest	100,000	100,000
Deposit contracts, assets	4,700,000	5,200,000
Deposit contracts, liabilities	47,900,000	56,900,000
Cumulative Effect Period Of Adoption Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (deficit)	100,000
Provision for uncollectible losses recoverable	$ 100,000
Cumulative Effect Period Of Adoption Adjustment | Accounting Standards Update 2016-13
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (deficit)		$ 900,000

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES Schedule of Allowance For Credit Losses on Notes Receivable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 15,000	$ 9,012
Charge offs	(15,000)	0
Net increase (decrease) in allowance	250	0
Balance at end of period	1,000	9,012
Cumulative Effect Period Of Adoption Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Net increase (decrease) in allowance	$ 750	$ 0

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES Interest Income and Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accounting Policies [Abstract]
Deposit interest income	$ 645	$ 1,697	$ 1,252	$ 2,745
Deposit interest expense	0	(705)	0	(753)
Deposit interest income/(expense), net	$ 645	$ 992	$ 1,252	$ 1,992

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES Earnings Per Share Reconciliation (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted average shares outstanding - basic (in shares)	35,776,736	36,100,665	35,958,965	36,037,177
Effect of dilutive employee and director share-based awards (in shares)	0	729,298	0	555,141
Weighted average shares outstanding - diluted (in shares)	35,776,736	36,829,963	35,958,965	36,592,318
Anti-dilutive stock options outstanding
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Anti-dilutive stock options outstanding (in shares)	875,627	935,627	875,627	935,627
Participating securities excluded from calculation of loss per share
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Anti-dilutive stock options outstanding (in shares)	1,259,173	0	1,259,173	0

INVESTMENT IN RELATED PARTY I_3

INVESTMENT IN RELATED PARTY INVESTMENT FUND Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
GLRE Limited Partners’ share of net income (loss)	$ 1,609	$ 14,405	$ (40,517)	$ 45,161
General Partner
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	20.90%		20.90%		19.00%
SILP
Schedule of Equity Method Investments [Line Items]
Asset redemption notice to general partner			3 days
SILP | Greenlight Capital Re Limited Partners
Schedule of Equity Method Investments [Line Items]
Equity method investments, fair value	$ 177,700		$ 177,700		$ 240,100
Equity method investment, ownership percentage	79.10%		79.10%		81.00%

INVESTMENT IN RELATED PARTY I_4

INVESTMENT IN RELATED PARTY INVESTMENT FUND Summarized Statements of Assets, Liabilities and Net Assets of SILP (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Liabilities
GLRE Limited Partners’ share of Net Assets	$ 177,658	$ 240,056
Solasglas Investment LP (SILP) | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Assets
Investments, at fair value	150,204	162,928
Derivative contracts, at fair value	2,909	6,324
Due from brokers	88,268	68,060
Cash and cash equivalents	54,719	111,046
Interest and dividends receivable	27	47
Total assets	296,127	348,405
Liabilities
Investments sold short, at fair value	(59,791)	(47,834)
Derivative contracts, at fair value	(10,814)	(2,054)
Due to brokers	(745)	(1,180)
Interest and dividends payable	(197)	(828)
Other liabilities	(89)	(101)
Total liabilities	(71,636)	(51,997)
Net Assets	224,491	296,408
GLRE Limited Partners’ share of Net Assets	$ 177,658	$ 240,056

INVESTMENT IN RELATED PARTY I_5

INVESTMENT IN RELATED PARTY INVESTMENT FUND Summarized Income Statements of SILP (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Expenses
Management fee	$ (616)	$ (1,278)	$ (3,131)	$ (8,563)
Interest	(1,562)	(1,562)	(3,123)	(3,106)
Realized and change in unrealized gains (losses)
Net income (loss)	(63)	15,314	(40,333)	21,220
GLRE Limited Partners’ share of net income (loss)	1,609	14,405	(40,517)	45,161
Management fees	616	1,567	1,278	3,582
Performance allocation	0	1,564	0	4,981
Solasglas Investment LP (SILP)
Investment income
Dividend income (net of withholding taxes)	287	442	1,034	1,682
Interest income	17	904	226	1,590
Total Investment income	304	1,346	1,260	3,272
Expenses
Management fee	(616)	(1,568)	(1,278)	(3,582)
Interest	(325)	(845)	(342)	(2,219)
Dividends	(254)	(366)	(399)	(1,436)
Professional fees and other	(124)	(425)	(332)	(805)
Total expenses	(1,319)	(3,204)	(2,351)	(8,042)
Net investment income (loss)	(1,015)	(1,858)	(1,091)	(4,770)
Realized and change in unrealized gains (losses)
Net realized gain (loss)	(31,607)	19,404	(43,560)	12,229
Net change in unrealized appreciation (depreciation)	34,772	1,630	(5,021)	51,383
Net gain (loss) on investment transactions	3,165	21,034	(48,581)	63,612
Net income (loss)	2,150	19,176	(49,672)	58,842
GLRE Limited Partners’ share of net income (loss)	$ 1,609	$ 14,405	$ (40,517)	$ 45,161

FINANCIAL INSTRUMENTS Schedule

FINANCIAL INSTRUMENTS Schedule of Other Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt and Equity Securities, FV-NI [Line Items]
Fair value / carrying value	$ 22,045	$ 16,384
Private investments and unlisted equities
Debt and Equity Securities, FV-NI [Line Items]
Cost	11,339	10,420
Unrealized gains	5,325	265
Unrealized losses	(1,111)	(4)
Fair value / carrying value	15,553	10,681
Investment accounted for under the equity method
Debt and Equity Securities, FV-NI [Line Items]
Fair value / carrying value	$ 6,492	$ 5,703

FINANCIAL INSTRUMENTS Narrative

FINANCIAL INSTRUMENTS Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2020	Jun. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value / carrying value	$ 22,045	$ 16,384	$ 22,045			$ 22,045
Income (loss) from equity method investments						790	$ 450
AccuRisk Holdings LLC | Variable Interest Entity, Not Primary Beneficiary
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity method investment, ownership percentage	58.00%	58.00%
Line of credit facility increase accrued interest						6,000
Income (loss) from equity method investments			(100)	$ 0		800	500
Private investments and unlisted equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value / carrying value	$ 15,553	$ 10,681	15,553			15,553
Other investments, adjustment			$ 3,300		$ 200	$ 4,100	$ 200

LOSS AND LOSS ADJUSTMENT EXPE_3

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES Change in Outstanding Loss and Loss Adjustment Expense Reserve For Health Claims (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Liability for Claims and Claims Adjustment Expense [Line Items]
Case reserves			$ 207,753	$ 217,834
IBNR			259,902	252,754
Total	$ 470,588	$ 470,066	467,655	470,588	$ 470,066	$ 482,662
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross balance at January 1	470,588	482,662
Less: Losses recoverable				(27,531)		(43,705)
Net balance at January 1	443,057	438,957
Incurred losses related to:
Current year	159,225	171,437
Prior years	5,666	29,904
Total incurred	164,891	201,341
Paid losses related to:
Current year	(35,874)	(48,554)
Prior years	(122,532)	(162,363)
Total paid	(158,406)	(210,917)
Foreign currency revaluation	(2,112)	(102)
Net balance at June 30	447,430	429,279
Add: Losses recoverable			20,225	27,531	40,787
Gross balance at June 30	467,655	470,066
Prior years adjustment increase (decrease)	5,666	29,904
Net loss reserve on prior contracts increase (decrease)	(5,000)	(27,700)
Health
Liability for Claims and Claims Adjustment Expense [Line Items]
Total	14,874	16,045	14,874	18,063	16,045	24,502
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross balance at January 1	18,063	24,502
Less: Losses recoverable				$ 0		$ 0
Net balance at January 1	18,063	24,502
Incurred losses related to:
Current year	15,811	19,241
Prior years	1,972	2,245
Total incurred	17,783	21,486
Paid losses related to:
Current year	(7,063)	(8,046)
Prior years	(13,909)	(21,897)
Total paid	(20,972)	(29,943)
Foreign currency revaluation	0	0
Net balance at June 30	14,874	16,045
Add: Losses recoverable			$ 0		$ 0
Gross balance at June 30	14,874	16,045
Prior years adjustment increase (decrease)	$ 1,972	$ 2,245

RETROCESSION (Details)

RETROCESSION (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Ceded Credit Risk [Line Items]
Ceded premiums earned	$ 500,000	$ 21,700,000	$ 1,500,000	$ 43,800,000
Net loss and loss adjustment expenses incurred	89,194,000	78,476,000	164,891,000	201,341,000
Loss and loss expenses recovered and recoverable	200,000	$ 15,900,000	3,700,000	$ 42,300,000
Loss and loss adjustment expenses recoverable					$ 27,531,000	$ 43,705,000
Provision for uncollectible losses recoverable	89,000		89,000		0
AM Best, A- Rating
Ceded Credit Risk [Line Items]
Loss and loss adjustment expenses recoverable	4,500,000		4,500,000		6,400,000
Unsecured | Unrated
Ceded Credit Risk [Line Items]
Loss and loss adjustment expenses recoverable	15,800,000		15,800,000		21,200,000
Secured | Unrated
Ceded Credit Risk [Line Items]
Loss and loss adjustment expenses recoverable	$ 15,400,000		$ 15,400,000		$ 20,000,000

SENIOR CONVERTIBLE NOTES (Detai

SENIOR CONVERTIBLE NOTES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Aug. 07, 2018
Debt Instrument [Line Items]
Unamortized discount						$ 8,200,000
Convertible senior notes payable	$ 94,637,000		$ 94,637,000		$ 93,514,000
Senior Notes | Senior Unsecured Convertible Notes
Debt Instrument [Line Items]
Convertible debt, amount						$ 100,000,000
Debt interest rate						4.00%
Effective interest rate						6.00%
Unamortized discount	5,100,000		5,100,000		5,900,000
Unamortized debt issuance expense	2,000,000		2,000,000		2,300,000
Convertible debt, carrying amount of equity component	7,900,000		7,900,000
Accrued interest	1,700,000		1,700,000
Fair value of debt	79,100,000		79,100,000		$ 94,900,000
Recognized interest expense	$ 1,600,000	$ 1,600,000	$ 3,100,000	$ 3,100,000
Senior Notes | Senior Unsecured Convertible Notes | Pro Forma
Debt Instrument [Line Items]
Debt conversion price (in dollars per share)	$ 17.19		$ 17.19

SHARE CAPITAL - Narrative (Deta

SHARE CAPITAL - Narrative (Details) - USD ($)	Apr. 26, 2017	Jun. 30, 2020	Jun. 30, 2019	Jul. 31, 2020	Mar. 26, 2020	Dec. 31, 2019	Aug. 07, 2018	Apr. 25, 2017
Senior Unsecured Convertible Notes | Senior Notes
Class of Stock [Line Items]
Convertible debt, amount							$ 100,000,000
Debt instrument, amount authorized for repurchase					$ 25,000,000
Debt interest rate							4.00%
Subsequent Event | Senior Unsecured Convertible Notes | Senior Notes
Class of Stock [Line Items]
Convertible debt, amount				$ 25,000,000
Common Class A
Class of Stock [Line Items]
Number of shares authorized for issuance period increase	1,500,000
Number of shares authorized for issuance	5,000,000							3,500,000
Number of shares available for grant		62,531				555,805
Repurchase of ordinary shares (in shares)		1,161,659	0
Ordinary share capital, par value (in dollars per share)		$ 0.10				$ 0.10
Common Class A | Subsequent Event
Class of Stock [Line Items]
Stock repurchase program, remaining number of shares to be repurchased				3,800,000
Common Class B
Class of Stock [Line Items]
Repurchase of ordinary shares (in shares)		0	0
Ordinary share capital, par value (in dollars per share)		$ 0.10				$ 0.10

SHARE CAPITAL - Schedule of Vot

SHARE CAPITAL - Schedule of Voting Ordinary Shares Issued And Outstanding (Details) - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Common Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance – beginning of period (in shares)	30,739,395	30,130,214
Issue of ordinary shares, net of forfeitures (in shares)	440,134	408,233
Repurchase of ordinary shares (in shares)	1,161,659	0
Balance – beginning of period (in shares)	30,017,870	30,538,447
Common Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance – beginning of period (in shares)	6,254,715	6,254,715
Issue of ordinary shares, net of forfeitures (in shares)	0	0
Repurchase of ordinary shares (in shares)	0	0
Balance – beginning of period (in shares)	6,254,715	6,254,715

SHARE-BASED COMPENSATION Narrat

SHARE-BASED COMPENSATION Narrative (Details) - USD ($)	Jul. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense				$ 1,700,000	$ 2,200,000
Employee and Director Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Fair value (in dollars per share)				$ 6.72
Stock based compensation expense				$ 1,200,000	1,500,000
Shares forfeited				100,000	0
Unrecognized cost		$ 3,100,000	$ 2,700,000	3,100,000
Period of recognition		2 years 1 month 6 days	1 year 7 months 6 days
Fair value of options vested in period				$ 2,800,000	$ 3,100,000
Number of RSUs issued to employees (in shares)				451,353
Shares forfeited (in shares)				18,701
Employee and Director Restricted Shares | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				5 years
Fair value (in dollars per share)				$ 6.72	$ 10.84
Stock based compensation expense				$ 0	$ 0
Employee and Director Restricted Shares | Chief Executive Officer | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares with accelerated vesting	72,545
Employee and Director Restricted Shares | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)				306,264	235,701
Number of restricted shares forfeited (in shares)				18,701	2,155
Employee and Director Restricted Shares | Common Class A | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)				145,089	89,945
Employee and Director Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense				$ 400,000	$ 600,000
Period of recognition				2 years 2 months 12 days	2 years 4 months 24 days
Number of stock options exercised (in shares)				0
Vested number of shares (in shares)				0
Cost not yet recognized		$ 900,000		$ 900,000	$ 1,300,000
Options outstanding (in shares)		900,000	900,000	900,000
Exercise price (in dollars per share)		$ 22.68	$ 22.68	$ 22.68
Weighted average grant date fair value, granted (in dollars per share)				$ 10.25	$ 10.25
Weighted average remaining contractual term		5 years 3 months 18 days	5 years 9 months 18 days
Employee and Director Stock Options | Common Class A | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted (in shares)				0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Fair value (in dollars per share)				$ 6.72
Stock based compensation expense				$ 200,000	$ 200,000
Number of RSUs issued to employees (in shares)				60,622	48,535
Shares forfeited (in shares)				0	24,165

SHARE-BASED COMPENSATION Restri

SHARE-BASED COMPENSATION Restricted Shares (Details) - Employee and Director Restricted Shares	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Number of non-vested restricted  shares
Balance at December 31, 2019 (in shares) | shares	873,087
Granted (in shares) | shares	451,353
Vested (in shares) | shares	(163,288)
Forfeited (in shares) | shares	(18,701)
Balance at June 30, 2020 (in shares) | shares	1,142,451
Weighted  average grant date fair value
Balance at December 31, 2019 (in dollars per share) | $ / shares	$ 12.83
Granted (in dollars per share) | $ / shares	6.72
Vested (in dollars per share) | $ / shares	17
Forfeited (in dollars per share) | $ / shares	12.78
Balance at June 30, 2020 (in dollars per share) | $ / shares	$ 9.82

SHARE-BASED COMPENSATION Rest_2

SHARE-BASED COMPENSATION Restricted Stock Units (Details) - RSUs - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Number of non-vested RSUs
Balance at December 31, 2019 (in shares)	63,582
Granted (in shares)	60,622	48,535
Vested (in shares)	(7,482)
Forfeited (in shares)	0	(24,165)
Balance at June 30, 2020 (in shares)	116,722
Weighted  average grant date fair value
Balance at December 31, 2019 (in dollars per share)	$ 13.76
Granted (in dollars per share)	6.72
Vested (in dollars per share)	21.65
Forfeited (in dollars per share)	0
Balance at June 30, 2020 (in dollars per share)	$ 9.60

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	Jan. 01, 2019	Sep. 01, 2018	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Related Party Transaction [Line Items]
Performance allocation			$ 0	$ 1,564,000	$ 0	$ 4,981,000
Management fees			$ 616,000	$ 1,567,000	$ 1,278,000	$ 3,582,000
SILP | Board of Directors Chairman
Related Party Transaction [Line Items]
Performance compensation reduced rate as a percentage of investment income		10.00%
Performance compensation full rate		20.00%
Performance compensation reduced rate					10.00%
Loss carry forward recoupment required					150.00%
Investment Advisory Agreement | Board of Directors Chairman
Related Party Transaction [Line Items]
Investment management fee rate - monthly		0.125%
Investment management fee rate - annual		1.50%
Automatic agreement extension, term		3 years
Service Agreement | Board of Directors Chairman
Related Party Transaction [Line Items]
Investor relations monthly fee					$ 5,000
Contract termination prior notice period					30 days
Collateral Assets Investment Management Agreement | Board of Directors Chairman
Related Party Transaction [Line Items]
Contract termination prior notice period	30 days
Green Bricks Partners Inc (GRBK) | Affiliated Entity
Related Party Transaction [Line Items]
Ownership percentage			47.70%		47.70%

COMMITMENTS AND CONTINGENCIES S

COMMITMENTS AND CONTINGENCIES Schedule of Letters of Credit (Details) - Citibank Europe plc - Facility	6 Months Ended
	Jun. 30, 2020USD ($)
Line of Credit Facility [Line Items]
Facility	$ 400,000,000
Notice period required for termination	120 days

COMMITMENTS AND CONTINGENCIES N

COMMITMENTS AND CONTINGENCIES Narrative (Details) € in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)facility	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)facility	Jun. 30, 2020EUR (€)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Line of Credit Facility [Line Items]
Number of credit facilities | facility	1		1
Amount of letters of credit issued	$ 140.9		$ 140.9			$ 204.5
Total equity securities, restricted cash, and cash and cash equivalents fair value pledged as security against the letters of credit	140.5		140.5			213.4
Collateral held in trust	$ 590.8		590.8			528.7
Short term lease cost			$ 0.3		$ 0.3
Term of contract	5 years		5 years
Operating lease, ROU asset	$ 0.1		$ 0.1			0.2
Operating lease expense	0	$ 0	0		$ 0
Operating lease, liability	$ 0.1		$ 0.1			$ 0.2
GRIL
Line of Credit Facility [Line Items]
Short term lease cost | €				€ 0.1

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES Schedule of Commitments and Contingencies (Details) $ in Thousands	Jun. 30, 2020USD ($)
Operating lease obligations
2020	$ 340
2021	62
2022	0
2023	0
2024	0
Thereafter	0
Total	402
Total future obligations by year
2020	2,340
2021	4,062
2022	4,000
2023	104,000
2024	0
Thereafter	0
Total	114,402
Convertible Debt
Interest and convertible note payable
2020	2,000
2021	4,000
2022	4,000
2023	104,000
2024	0
Thereafter	0
Total	$ 114,000

SEGMENT REPORTING - Gross Premi

SEGMENT REPORTING - Gross Premiums Written by Line of Business (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment			1
Gross premiums written	$ 116,689	$ 152,340	$ 226,476	$ 314,900
Gross premiums written, percent	100.00%	100.00%	100.00%	100.00%
Commercial
Segment Reporting Information [Line Items]
Gross premiums written	$ 3,065	$ 2,934	$ 6,030	$ 6,664
Gross premiums written, percent	2.60%	1.90%	2.70%	2.10%
Motor
Segment Reporting Information [Line Items]
Gross premiums written	$ 6,812	$ 19,256	$ 15,045	$ 39,439
Gross premiums written, percent	5.90%	12.70%	6.60%	12.50%
Personal
Segment Reporting Information [Line Items]
Gross premiums written	$ 3,674	$ 3,263	$ 6,635	$ 6,156
Gross premiums written, percent	3.10%	2.10%	2.90%	2.00%
Total Property
Segment Reporting Information [Line Items]
Gross premiums written	$ 13,551	$ 25,453	$ 27,710	$ 52,259
Gross premiums written, percent	11.60%	16.70%	12.20%	16.60%
General Liability
Segment Reporting Information [Line Items]
Gross premiums written	$ 528	$ 473	$ 696	$ 1,455
Gross premiums written, percent	0.50%	0.30%	0.30%	0.50%
Motor Liability
Segment Reporting Information [Line Items]
Gross premiums written	$ 25,655	$ 71,072	$ 55,050	$ 150,315
Gross premiums written, percent	22.00%	46.70%	24.30%	47.70%
Professional Liability
Segment Reporting Information [Line Items]
Gross premiums written	$ 33	$ 24	$ 123	$ 106
Gross premiums written, percent	0.00%	0.00%	0.10%	0.00%
Workers' Compensation
Segment Reporting Information [Line Items]
Gross premiums written	$ 28,605	$ 11,615	$ 38,929	$ 21,044
Gross premiums written, percent	24.50%	7.60%	17.20%	6.70%
Multi-line
Segment Reporting Information [Line Items]
Gross premiums written	$ 19,973	$ 25,343	$ 41,559	$ 46,092
Gross premiums written, percent	17.10%	16.60%	18.40%	14.60%
Total Casualty
Segment Reporting Information [Line Items]
Gross premiums written	$ 74,794	$ 108,527	$ 136,357	$ 0
Gross premiums written, percent	64.10%	71.20%	60.30%	69.50%
Accident & Health
Segment Reporting Information [Line Items]
Gross premiums written	$ 10,228	$ 8,666	$ 28,104	$ 23,537
Gross premiums written, percent	8.80%	5.80%	12.40%	7.50%
Financial
Segment Reporting Information [Line Items]
Gross premiums written	$ 3,725	$ 7,175	$ 13,887	$ 15,079
Gross premiums written, percent	3.20%	4.70%	6.10%	4.80%
Marine
Segment Reporting Information [Line Items]
Gross premiums written	$ 266	$ 17	$ 622	$ 127
Gross premiums written, percent	0.20%	0.00%	0.30%	0.00%
Other Specialty
Segment Reporting Information [Line Items]
Gross premiums written	$ 14,125	$ 2,502	$ 19,796	$ 4,886
Gross premiums written, percent	12.10%	1.60%	8.70%	1.60%
Total Other
Segment Reporting Information [Line Items]
Gross premiums written	$ 28,344	$ 18,360	$ 62,409	$ 43,629
Gross premiums written, percent	24.30%	12.10%	27.50%	13.90%

SEGMENT REPORTING - Geographic

SEGMENT REPORTING - Geographic information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue from External Customer [Line Items]
Gross premiums written	$ 116,689	$ 152,340	$ 226,476	$ 314,900
Gross premiums by geographical area as a percentage of total gross premiums	100.00%	100.00%	100.00%	100.00%
U.S. and Caribbean
Revenue from External Customer [Line Items]
Gross premiums written	$ 94,663	$ 130,637	$ 180,713	$ 268,288
Gross premiums by geographical area as a percentage of total gross premiums	81.10%	85.80%	79.80%	85.10%
Worldwide
Revenue from External Customer [Line Items]
Gross premiums written	$ 20,616	$ 21,231	$ 43,412	$ 46,140
Gross premiums by geographical area as a percentage of total gross premiums	17.70%	13.90%	19.20%	14.70%
Asia
Revenue from External Customer [Line Items]
Gross premiums written	$ 1,410	$ 485	$ 2,351	$ 485
Gross premiums by geographical area as a percentage of total gross premiums	1.20%	0.30%	1.00%	0.20%
Europe
Revenue from External Customer [Line Items]
Gross premiums written	$ 0	$ (13)	$ 0	$ (13)
Gross premiums by geographical area as a percentage of total gross premiums	0.00%	0.00%	0.00%	0.00%