Greenlight Capital Re (GLRE) 10-Q 4 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 30, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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
Entity Central Index Key	0001385613
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		28,933,957
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	Sep. 30, 2020	Dec. 31, 2019
Investments
Investment in related party investment fund	$ 184,956	$ 240,056
Other investments	22,241	16,384
Total investments	207,197	256,440
Cash and cash equivalents	8,159	25,813
Restricted cash and cash equivalents	723,107	742,093
Reinsurance balances receivable (net of allowance for expected credit losses of $89)	264,227	230,384
Loss and loss adjustment expenses recoverable (net of allowance for expected credit losses of $47)	19,949	27,531
Deferred acquisition costs	51,696	49,665
Unearned premiums ceded	0	901
Notes receivable (net of allowance for expected credit losses of $1,000)	18,461	20,202
Other assets	3,264	2,164
Total assets	1,296,060	1,355,193
Liabilities
Loss and loss adjustment expense reserves	481,770	470,588
Unearned premium reserves	203,855	179,460
Reinsurance balances payable	80,364	122,665
Funds withheld	5,232	4,958
Other liabilities	3,756	6,825
Convertible senior notes payable	94,216	93,514
Total liabilities	869,193	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, 29,113,702 (2019: 30,739,395): Class B: par value $0.10; authorized, 25,000,000; issued and outstanding, 6,254,715 (2019: 6,254,715))	3,537	3,699
Additional paid-in capital	492,429	503,547
Retained earnings (deficit)	(69,099)	(30,063)
Total shareholders' equity	426,867	477,183
Total liabilities and equity	$ 1,296,060	$ 1,355,193

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 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)	29,113,702	30,739,395
Ordinary share capital, outstanding (in shares)	29,113,702	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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Gross premiums written	$ 135,596	$ 110,607	$ 362,072	$ 425,507
Gross premiums ceded	(1,464)	(4,035)	(2,274)	(48,577)
Net premiums written	134,132	106,572	359,798	376,930
Change in net unearned premium reserves	(18,613)	22,582	(24,844)	(1,973)
Net premiums earned	115,519	129,154	334,954	374,957
Income (loss) from investment in related party investment fund [net of related party expenses of $703 and $1,981, (three and nine months ended September 30, 2019: $1,325 and $9,888, respectively)]	6,431	6,609	(34,086)	51,770
Net investment income	466	3,312	11,237	9,265
Other income (expense), net	1,569	(887)	2,570	1,299
Total revenues	123,985	138,188	314,675	437,291
Expenses
Net loss and loss adjustment expenses incurred	88,053	92,962	252,944	294,303
Acquisition costs	27,018	30,962	76,660	89,660
General and administrative expenses	5,152	7,725	18,095	22,484
Interest expense	1,579	1,578	4,702	4,684
Total expenses	121,802	133,227	352,401	411,131
Income (loss) before income tax	2,183	4,961	(37,726)	26,160
Income tax (expense) benefit	0	179	(424)	200
Net income (loss)	$ 2,183	$ 5,140	$ (38,150)	$ 26,360
Earnings (loss) per share
Basic (in dollars per share)	$ 0.06	$ 0.14	$ (1.07)	$ 0.72
Diluted (in dollars per share)	$ 0.06	$ 0.14	$ (1.07)	$ 0.72
Weighted average number of ordinary shares used in the determination of earnings and loss per share
Basic (in shares)	35,677,554	36,841,623	35,569,292	36,646,515
Diluted (in shares)	35,779,703	36,921,490	35,569,292	36,720,550

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Management fee	$ 703	$ 1,981	$ 1,325	$ 9,888

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	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
Beginning balance at Dec. 31, 2018		$ 3,638	$ 499,726	$ (26,077)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of Class A ordinary shares, net of forfeitures		61
Share-based compensation expense			2,835
Net income (loss)	$ 26,360			26,360
Ending balance at Sep. 30, 2019	506,543	3,699	502,561	283
Beginning balance at Jun. 30, 2019		3,679	501,916	(4,857)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of Class A ordinary shares, net of forfeitures		20
Share-based compensation expense			645
Net income (loss)	5,140			5,140
Ending balance at Sep. 30, 2019	506,543	3,699	502,561	283
Beginning balance at Dec. 31, 2019	477,183	3,699	503,547	(30,063)	$ (886)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of Class A ordinary shares, net of forfeitures		25
Repurchase of Class A ordinary shares		(187)	(12,484)
Share-based compensation expense			1,366
Net income (loss)	(38,150)			(38,150)
Ending balance at Sep. 30, 2020	$ 426,867	3,537	492,429	(69,099)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Beginning balance at Jun. 30, 2020		3,627	497,559	(71,282)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of Class A ordinary shares, net of forfeitures		(19)
Repurchase of Class A ordinary shares		(71)	(4,828)
Share-based compensation expense			(302)
Net income (loss)	$ 2,183			2,183
Ending balance at Sep. 30, 2020	$ 426,867	$ 3,537	$ 492,429	$ (69,099)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash provided by (used in) operating activities
Net income (loss)	$ (38,150)	$ 26,360
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	34,086	(51,770)
Loss (income) from investment accounted for under the equity method	(870)	(267)
Net change in unrealized gains and losses on investments and notes receivable	(19,153)	(14,362)
Net realized (gains) losses on investments	15,000	14,150
Foreign exchange (gains) losses on investments	232	(160)
Current expected credit losses recognized on notes receivable and reinsurance assets	250	0
Share-based compensation expense	1,391	2,896
Amortization and interest expense, net of change in accruals	702	751
Depreciation expense	21	21
Net change in
Reinsurance balances receivable	(33,932)	26,981
Loss and loss adjustment expenses recoverable	7,535	2,170
Deferred acquisition costs	(2,031)	(678)
Unearned premiums ceded	901	17,242
Other assets, excluding depreciation	(1,121)	(561)
Loss and loss adjustment expense reserves	11,182	(3,227)
Unearned premium reserves	24,395	(15,211)
Reinsurance balances payable	(42,301)	(9,259)
Funds withheld	274	(6,465)
Other liabilities	(3,069)	2,709
Net cash provided by (used in) operating activities	(44,658)	(8,680)
Investing activities
Proceeds from redemptions from related party investment fund	69,108	107,162
Contributions to related party investment fund	(48,094)	(11,306)
Purchases of investments	(944)	(4,702)
Change in due to related party investment fund	0	(9,642)
Notes receivable collected (issued)	741	(1,016)
Non-controlling interest contribution into (withdrawal from) related party joint venture, net	0	(1,278)
Net cash provided by (used in) investing activities	20,811	79,218
Financing activities
Repurchase of Class A ordinary shares	(12,671)	0
Net cash provided by (used in) financing activities	(12,671)	0
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(122)	237
Net increase (decrease) in cash, cash equivalents and restricted cash	(36,640)	70,775
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)	731,266	774,006
Supplementary information
Interest paid in cash	4,000	3,933
Income tax paid in cash	0	0
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	9 Months Ended
	Sep. 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 nine months ended September 30, 2020 are not necessarily indicative of the results expected for the full calendar year.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 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 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: September 30, 2020 December 31, 2019 ($ in thousands) Cash and cash equivalents $ 8,159 $ 25,813 Restricted cash and cash equivalents 723,107 742,093 Total cash, cash equivalents and restricted cash presented in the condensed consolidated statements of cash flows $ 731,266 $ 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 uses includes a long-term probability of liquidation study specific to insurance companies. Additionally, the life of each of the Company’s reinsurance treaties is also considered as the probability of default is 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. In evaluating credit risk associated with reinsurance balances receivable, the Company considers its right to offset loss obligations or unearned premiums against premiums receivable. The Company regularly evaluates its net credit exposure to assess the ability of retrocessionaires to honor their respective obligations. Upon adoption of ASU 2016-13 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. Interest income, changes in the allowance for expected credit losses 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 experience as well as representative external loss history. The expected loss percentage is calculated as the product of the PD and LGD 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 September 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 September 30, 2020 and December 31, 2019, $0.1 million and $0.1 million, respectively, of accrued interest was included in the caption “Notes receivable” in the Company’s condensed consolidated balance sheets. When there is uncertainty as to the collection of interest contractually due, the Company places the note on non-accrual status. For notes receivable placed on non-accrual status, the notes are presented excluding any accrued interest amount. The Company resumes the accrual of interest on a note when none of the principal or interest remains past due, and the Company expects to collect the remaining contractual principal and interest. Interest collected on notes that are placed on non-accrual status is recorded as interest income when collected, provided that the recorded value of the note is deemed to be fully collectible. Where doubt exists as to the collectibility of the remaining recorded value of the notes placed on non-accrual status, the Company immediately reverses any previous accrued interest through interest income and any payments received are applied to reduce the recorded value of the notes. The allowance for expected credit losses for notes receivable is calculated on the amortized cost excluding accrued interest and interest written off due to non-accrual status. Charge offs of notes receivable are recorded when all or a portion of the financial asset is deemed uncollectible. Full or partial charge offs are recorded as reductions to the amortized cost and deducted from the allowance in the period in which the note receivable is deemed uncollectible. In instances where the Company collects cash that it has previously charged off, the recovery will be recognized through earnings or as a reduction of the amortized cost for interest and principal, respectively. The following table provides a roll-forward of the Company’s allowance for credit losses on notes receivable: Nine months ended September 30 2020 2019 ($ 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 September 30, 2020, deposit assets and deposit liabilities were $5.3 million and $35.2 million, respectively (December 31, 2019: $5.2 million and $56.9 million, respectively). For the three and nine months ended September 30, 2020 and 2019, the interest income/(expense) on deposit accounted contracts was as follows: Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 ($ in thousands) ($ in thousands) Deposit interest income $ 560 $ 1,023 $ 1,812 $ 2,493 Deposit interest expense $ — $ (656) $ — $ (135) Deposit interest income/(expense), net $ 560 $ 367 $ 1,812 $ 2,358 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 nine months ended September 30, 2020 and 2019: Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 Weighted average shares outstanding - basic 35,677,554 36,841,623 35,569,292 36,646,515 Effect of dilutive employee and director share-based awards 102,149 79,867 — 74,035 Weighted average shares outstanding - diluted 35,779,703 36,921,490 35,569,292 36,720,550 Anti-dilutive stock options outstanding 835,627 875,627 835,627 875,627 Participating securities excluded from calculation of loss per share — — 878,498 — 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. 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. In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity (“ASU 2020-06”). ASU 2020-06 is designed to simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity's own equity. The amendments remove the separation models in Subtopic 470-20 for certain contracts. As a result, embedded conversion features would not be presented separately in equity; rather, the contract would be accounted for as a single liability measured at its amortized cost. Subtopic 815-40 simplifies the analysis of whether an embedded conversion feature meets the derivative scope exception for contracts that are indexed to, and classified in, stockholders equity, as well as addresses the computation of earnings per share for convertible debt instruments. ASU 2020-06 requires the application of the if-converted method when calculating diluted earnings per share. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021 using either a modified retrospective method of transition or a fully retrospective method of transition. Early adoption is permitted no earlier than for fiscal years beginning after December 15, 2020. The Company is currently evaluating the effect the new standard will have on its consolidated financial statements.

INVESTMENT IN RELATED PARTY INV

INVESTMENT IN RELATED PARTY INVESTMENT FUND	9 Months Ended
	Sep. 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 (as amended by that certain letter agreement dated as of August 5, 2020, 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 December 31, 2019. On August 5, 2020, the Company entered into an amended and restated letter agreement with DME Advisors and DME II whereby the deployed Investment Portfolio can not exceed an amount equal to 50% of the Company’s shareholders’ equity, as reported in the Company’s then most recent quarterly U.S. GAAP financial statements, adjusted monthly for investment gains and losses as reported by SILP during any intervening period. 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 September 30, 2020, the net asset value of the GLRE Limited Partners’ investment in SILP was $185.0 million (December 31, 2019: $240.1 million), representing 81.0% (December 31, 2019: 81.0%) of SILP’s total net assets. The remaining 19.0% (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 nine months ended September 30, 2020 was $6.4 million and $(34.1) million, respectively, (three and nine months ended September 30, 2019: $6.6 million and $51.8 million, respectively), and shown in the caption “Income (loss) from investment in related party investment fund” in the Company’s condensed consolidated statements of operations. The change in the net asset value of SILP for the nine months ended September 30, 2020 was primarily driven by the impact of changes in fair value primarily attributable to the disruptions in global financial markets associated with the COVID–19 pandemic. The summarized financial statements of SILP are presented below. Summarized Statement of Assets and Liabilities of Solasglas Investments, LP September 30, 2020 December 31, 2019 ($ in thousands) Assets Investments, at fair value $ 220,116 $ 162,928 Derivative contracts, at fair value 3,097 6,324 Due from brokers 130,220 68,060 Cash and cash equivalents 2,202 111,046 Interest and dividends receivable 281 47 Total assets 355,916 348,405 Liabilities and partners’ capital Liabilities Investments sold short, at fair value (116,336) (47,834) Derivative contracts, at fair value (10,962) (2,054) Due to brokers — (1,180) Interest and dividends payable (32) (828) Other liabilities (233) (101) Total liabilities (127,563) (51,997) Net Assets $ 228,353 $ 296,408 GLRE Limited Partners’ share of Net Assets $ 184,956 $ 240,056 Summarized Statement of Operations of Solasglas Investments, LP Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 ($ in thousands) Investment income Dividend income (net of withholding taxes) $ 170 $ 652 $ 1,204 $ 2,334 Interest income 36 279 262 1,869 Total Investment income 206 931 1,466 4,203 Expenses Management fee (703) (653) (1,981) (4,235) Interest (176) (89) (518) (2,308) Dividends (213) (96) (612) (1,532) Professional fees and other (432) (204) (764) (1,009) Total expenses (1,524) (1,042) (3,875) (9,084) Net investment income (loss) (1,318) (111) (2,409) (4,881) Realized and change in unrealized gains (losses) Net realized gain (loss) (1,412) 14,760 (44,972) 26,989 Net change in unrealized appreciation (depreciation) 10,832 (5,675) 5,811 45,708 Net gain (loss) on investment transactions 9,420 9,085 (39,161) 72,697 Net income (loss) $ 8,102 $ 8,974 $ (41,570) $ 67,816 GLRE Limited Partners’ share of net income (loss) (1) $ 6,431 $ 6,609 $ (34,086) $ 51,770 (1) Net of management fees and accrued performance allocation as follows: Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 ($ in thousands) Management fees $ 703 $ 652 $ 1,981 $ 4,234 Performance allocation $ — $ 673 $ — $ 5,654

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 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 September 30, 2020, the following securities were included in the caption “Other investments”: September 30, 2020 Cost Unrealized Unrealized Fair value / carrying value ($ in thousands) Private investments and unlisted equities $ 11,364 $ 5,373 $ (1,067) $ 15,670 Investment accounted for under the equity method — — — 6,571 Total other investments $ 22,241 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 September 30, 2020, the carrying value of private investments and unlisted equities was $15.7 million (December 31, 2019: $10.7 million), and incorporated upward adjustments of $0.0 million and $4.1 million during the three and nine months ended September 30, 2020, respectively (2019: $0.0 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 September 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 nine months ended September 30, 2020, the Company’s share of AccuRisk’s net income was $0.1 million and $0.9 million, respectively (2019: $(0.2) million and $0.3 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 September 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) (see Note 7 ) .

LOSS AND LOSS ADJUSTMENT EXPENS

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES	9 Months Ended
	Sep. 30, 2020
Insurance Loss Reserves [Abstract]
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES	LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES At September 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 September 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 nine months ended September 30, 2020. At September 30, 2020 and December 31, 2019, loss and loss adjustment expense reserves were composed of the following: September 30, 2020 December 31, 2019 ($ in thousands) Case reserves $ 224,732 $ 217,834 IBNR 257,038 252,754 Total $ 481,770 $ 470,588 A summary of changes in outstanding loss and loss adjustment expense reserves for all lines of business consolidated for the nine months ended September 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 247,559 264,129 Prior years 5,385 30,174 Total incurred 252,944 294,303 Paid losses related to: Current year (72,453) (93,822) Prior years (161,222) (200,384) Total paid (233,675) (294,206) Foreign currency revaluation (505) (1,154) Net balance at September 30 461,821 437,900 Add: Losses recoverable 19,949 41,535 Gross balance at September 30 $ 481,770 $ 479,435 The changes in the outstanding loss and loss adjustment expense reserves for health claims for the nine months ended September 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 25,032 26,013 Prior years 1,341 2,196 Total incurred 26,373 28,209 Paid losses related to: Current year (15,115) (14,741) Prior years (16,327) (23,160) Total paid (31,442) (37,901) Foreign currency revaluation — — Net balance at September 30 12,994 14,810 Add: Losses recoverable — — Gross balance at September 30 $ 12,994 $ 14,810 For the nine months ended September 30, 2020, the estimate of net losses incurred relating to prior accident years increased by $5.4 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 nine months ended September 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 $4.8 million. For the nine months ended September 30, 2019, the estimate of net losses incurred relating to prior accident years increased by $30.2 million that originated primarily from certain private passenger automobile contracts. These unanticipated automobile losses were the result of adverse court 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 nine months ended September 30, 2019 was a loss of $27.7 million.

RETROCESSION

RETROCESSION	9 Months Ended
	Sep. 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 nine months ended September 30, 2020, the Company’s earned ceded premiums were $1.7 million and $3.2 million, respectively (2019: $22.0 million and $65.8 million, respectively). For the three and nine months ended September 30, 2020, loss and loss adjustment expenses incurred of $88.1 million and $252.9 million, respectively (2019: $93.0 million and $294.3 million, respectively), reported on the condensed consolidated statements of operations are net of loss and loss expenses recovered and recoverable of $2.5 million and $6.2 million (2019: $13.9 million and $56.2 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 September 30, 2020, the Company’s loss reserves recoverable consisted of (i) $15.0 million (December 31, 2019: $21.2 million) from unrated retrocessionaires, of which $14.5 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) $5.0 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 September 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	9 Months Ended
	Sep. 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. At September 30, 2020, the Company’s share price was 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 September 30, 2020 and December 31, 2019, the unamortized debt discount was $4.7 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 September 30, 2020, the unamortized portion of these costs attributed to the debt component was $1.8 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 September 30, 2020, including accrued interest of $0.7 million, was $94.2 million (December 31, 2019: $93.5 million). As of September 30, 2020, the fair value of the Notes was estimated to be $80.1 million (December 31, 2019: $94.9 million) (see Note 4 Financial Instruments). For the three and nine months ended September 30, 2020, the Company recognized interest expense of $1.6 million and $4.7 million (2019: $1.6 million and $4.7 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 September 30, 2020 and December 31, 2019.

SHARE CAPITAL

SHARE CAPITAL	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
SHARE CAPITAL	SHARE CAPITAL As of September 30, 2020, 293,939 (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. On October 29, 2020, 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 3.0 million shares from 5.0 million to 8.0 million. 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 nine months ended September 30, 2020, 1.9 million Class A ordinary shares were repurchased by the Company (2019: 0). As of September 30, 2020, 3.1 million Class A ordinary shares and $25.0 million of the Notes, remained available for repurchase under the repurchase plans. All Class A ordinary shares repurchased are canceled immediately upon repurchase. The following table is a summary of voting ordinary shares issued and outstanding: Nine months ended September 30 Nine months ended September 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 248,726 — 408,233 — Repurchase of ordinary shares (1,874,419) — — — Balance – end of period 29,113,702 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 the earned portion of the grant-date fair value of share-based awards that have not yet vested.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 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 nine months ended September 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 nine months ended September 30, 2020, 145,089 (2019: 326,240) 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. On July 30, 2020, the Company accelerated the vesting of a portion of the CEO’s restricted shares resulting in 72,545 shares vesting immediately. The remaining restricted shares are still subject to performance and service conditions. As the performance conditions associated with these restricted shares have not been met, no compensation cost was recognized relating to the unvested shares for the nine months ended September 30, 2020 and 2019. For the nine months ended September 30, 2020, 210,109 (2019: 27,386) restricted shares were forfeited by employees who left the Company and prior to the expiration of the applicable vesting periods. For the nine months ended September 30, 2020, $0.7 million stock compensation expense (2019: $0.2 million) relating to the forfeited restricted shares was reversed. The Company recorded $0.6 million of share-based compensation expense, net of forfeiture reversals, relating to restricted shares for the nine months ended September 30, 2020 (2019: $2.0 million). As of September 30, 2020, there was $2.2 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 2.4 years (December 31, 2019: 1.6 years). For the nine months ended September 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 nine months ended September 30, 2020: Number of Weighted Balance at December 31, 2019 873,087 $ 12.83 Granted 451,353 6.72 Vested (235,833) 13.83 Forfeited (210,109) 10.90 Balance at September 30, 2020 878,498 $ 9.88 Employee and Director Stock Options For the nine months ended September 30, 2020, no Class A ordinary share purchase options were granted or exercised by directors or employees, while 40,000 (2019: 60,000) stock options expired and 80,000 (2019: 80,000) 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 nine months ended September 30, 2020 was $0.5 million (2019: $0.7 million). At September 30, 2020, the total compensation cost related to non-vested options not yet recognized was $0.8 million (December 31, 2019: $1.3 million), which will be recognized over a weighted average period of 2.0 years (December 31, 2019: 2.4 years) assuming the grantee completes the service period for vesting of the options. At September 30, 2020 and December 31, 2019, there were 0.8 million and 0.9 million stock options outstanding, respectively, with a weighted average exercise price of $22.22 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 September 30, 2020 and December 31, 2019, respectively. Employee Restricted Stock Units The Company issues 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 nine months ended September 30, 2020, 60,622 (2019: 48,535) RSUs were issued to employees pursuant to the Company’s stock incentive plan. For the nine months ended September 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 $0.3 million of share-based compensation expense, net of forfeitures, relating to RSUs for the nine months ended September 30, 2020 (2019: $0.1 million). Employee RSU activity during the nine months ended September 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 September 30, 2020 116,722 $ 9.60

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 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-year terms. 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 nine months ended September 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 September 30, 2020, SILP, along with certain affiliates of DME Advisors, collectively owned 47.6% 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	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Letters of Credit and Trusts At September 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: Maximum Facility Limit Termination Date Notice period required for termination ($ in thousands) Citibank Europe plc $ 275,000 August 20, 2021 120 days prior to termination date Effective August 26, 2020, the Company amended the credit facility to reduce the maximum facility limit from $400.0 million to $275.0 million. As of September 30, 2020, an aggregate amount of $133.0 million (December 31, 2019: $204.5 million) in letters of credit were issued under the credit facility. As of September 30, 2020, total cash and cash equivalents with a fair value in the aggregate of $135.6 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 credit 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 credit facility as of September 30, 2020 and December 31, 2019. The Company has also established regulatory trust arrangements for certain cedents. As of September 30, 2020, collateral of $587.5 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 nine months ended September 30, 2020 was $0.4 million (2019: $0.4 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-year term. GRIL has the option to terminate the lease agreement in 2021. The Company has determined that this agreement qualifies as an operating lease under GAAP. As of September 30, 2020 the Company has recorded a right-of-use asset and a corresponding lease liability of $0.1 million (December 31, 2019: $0.2 million). The operating lease expense for the three and nine months ended September 30, 2020 and 2019 was insignificant. Included in the “Schedule of Commitments and Contingencies,” below, are the net minimum lease payment obligations relating to this lease as of September 30, 2020. Schedule of Commitments and Contingencies The following is a schedule of future minimum payments required under the above commitments: 2020 2021 2022 2023 2024 Thereafter Total ($ in thousands) Operating lease obligations $ 171 $ 65 $ — $ — $ — $ — $ 236 Interest and convertible note payable — 4,000 4,000 102,000 — — 110,000 $ 171 $ 4,065 $ 4,000 $ 102,000 $ — $ — $ 110,236 Litigation

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 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 September 30 Nine months ended September 30 2020 2019 2020 2019 ($ in thousands) ($ in thousands) Property Commercial $ 3,396 2.5 % $ 5,088 4.6 % $ 9,426 2.6 % $ 11,752 2.8 % Motor 10,091 7.4 11,367 10.3 25,136 6.9 50,807 11.9 Personal 3,691 2.7 3,632 3.3 10,326 2.9 9,788 2.3 Total Property 17,178 12.6 20,087 18.2 44,888 12.4 72,347 17.0 Casualty General Liability 3,224 2.4 913 0.8 3,920 1.1 2,368 0.6 Motor Liability 41,679 30.7 47,021 42.5 96,729 26.7 197,335 46.4 Professional Liability 76 0.1 11 — 199 0.1 117 — Workers' Compensation 21,979 16.2 14,077 12.7 60,908 16.8 35,121 8.3 Multi-line 25,820 19.0 15,082 13.6 67,379 18.6 61,173 14.4 Total Casualty 92,778 68.4 77,104 69.6 229,135 63.3 296,114 69.7 Other Accident & Health 12,418 9.3 7,527 6.8 40,522 11.2 31,065 7.2 Financial 1,817 1.3 315 0.3 15,704 4.3 15,394 3.6 Marine 127 0.1 (33) — 749 0.2 94 — Other Specialty 11,278 8.3 5,607 5.1 31,074 8.6 10,493 2.5 Total Other 25,640 19.0 13,416 12.2 88,049 24.3 57,046 13.3 $ 135,596 100.0 % $ 110,607 100.0 % $ 362,072 100.0 % $ 425,507 100.0 % Gross Premiums Written by Geographic Area of Risks Insured Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 ($ in thousands) ($ in thousands) U.S. and Caribbean $ 110,798 81.7 % $ 89,811 81.2 % $ 291,511 80.5 % $ 358,099 84.1 % Worldwide (1) $ 22,738 16.8 % $ 18,450 16.7 % $ 66,150 18.3 % $ 64,590 15.2 % Europe $ — — % $ — — % $ — — % $ (13) — % Asia $ 2,060 1.5 % $ 2,346 2.1 % $ 4,411 1.2 % $ 2,831 0.7 % $ 135,596 100.0 % $ 110,607 100.0 % $ 362,072 100.0 % $ 425,507 100.0 %

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSSubsequent to September 30, 2020, the Company agreed to settle a promissory note that had been entered into with a reinsurance counterparty. The Company’s amortized cost associated with the promissory note at September 30, 2020 was $13.3 million, which was included in the caption “Notes receivable (net of allowance for expected credit loss).” In connection with this settlement, the Company received $19.1 million, resulting in a gain of $5.8 million that will be recognized in the fourth quarter of 2020.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 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 uses includes a long-term probability of liquidation study specific to insurance companies. Additionally, the life of each of the Company’s reinsurance treaties is also considered as the probability of default is 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. In evaluating credit risk associated with reinsurance balances receivable, the Company considers its right to offset loss obligations or unearned premiums against premiums receivable. The Company regularly evaluates its net credit exposure to assess the ability of 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. Interest income, changes in the allowance for expected credit losses 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 experience as well as representative external loss history. The expected loss percentage is calculated as the product of the PD and LGD 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 September 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.
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. 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. In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity (“ASU 2020-06”). ASU 2020-06 is designed to simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity's own equity. The amendments remove the separation models in Subtopic 470-20 for certain contracts. As a result, embedded conversion features would not be presented separately in equity; rather, the contract would be accounted for as a single liability measured at its amortized cost. Subtopic 815-40 simplifies the analysis of whether an embedded conversion feature meets the derivative scope exception for contracts that are indexed to, and classified in, stockholders equity, as well as addresses the computation of earnings per share for convertible debt instruments. ASU 2020-06 requires the application of the if-converted method when calculating diluted earnings per share. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021 using either a modified retrospective method of transition or a fully retrospective method of transition. Early adoption is permitted no earlier than for fiscal years beginning after December 15, 2020. The Company is currently evaluating the effect the new standard will have on its consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Schedule of 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: September 30, 2020 December 31, 2019 ($ in thousands) Cash and cash equivalents $ 8,159 $ 25,813 Restricted cash and cash equivalents 723,107 742,093 Total cash, cash equivalents and restricted cash presented in the condensed consolidated statements of cash flows $ 731,266 $ 767,906
Restrictions on 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: September 30, 2020 December 31, 2019 ($ in thousands) Cash and cash equivalents $ 8,159 $ 25,813 Restricted cash and cash equivalents 723,107 742,093 Total cash, cash equivalents and restricted cash presented in the condensed consolidated statements of cash flows $ 731,266 $ 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: Nine months ended September 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 nine months ended September 30, 2020 and 2019, the interest income/(expense) on deposit accounted contracts was as follows: Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 ($ in thousands) ($ in thousands) Deposit interest income $ 560 $ 1,023 $ 1,812 $ 2,493 Deposit interest expense $ — $ (656) $ — $ (135) Deposit interest income/(expense), net $ 560 $ 367 $ 1,812 $ 2,358
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 nine months ended September 30, 2020 and 2019: Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 Weighted average shares outstanding - basic 35,677,554 36,841,623 35,569,292 36,646,515 Effect of dilutive employee and director share-based awards 102,149 79,867 — 74,035 Weighted average shares outstanding - diluted 35,779,703 36,921,490 35,569,292 36,720,550 Anti-dilutive stock options outstanding 835,627 875,627 835,627 875,627 Participating securities excluded from calculation of loss per share — — 878,498 —

INVESTMENT IN RELATED PARTY I_2

INVESTMENT IN RELATED PARTY INVESTMENT FUND (Tables)	9 Months Ended
	Sep. 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 September 30, 2020 December 31, 2019 ($ in thousands) Assets Investments, at fair value $ 220,116 $ 162,928 Derivative contracts, at fair value 3,097 6,324 Due from brokers 130,220 68,060 Cash and cash equivalents 2,202 111,046 Interest and dividends receivable 281 47 Total assets 355,916 348,405 Liabilities and partners’ capital Liabilities Investments sold short, at fair value (116,336) (47,834) Derivative contracts, at fair value (10,962) (2,054) Due to brokers — (1,180) Interest and dividends payable (32) (828) Other liabilities (233) (101) Total liabilities (127,563) (51,997) Net Assets $ 228,353 $ 296,408 GLRE Limited Partners’ share of Net Assets $ 184,956 $ 240,056 Summarized Statement of Operations of Solasglas Investments, LP Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 ($ in thousands) Investment income Dividend income (net of withholding taxes) $ 170 $ 652 $ 1,204 $ 2,334 Interest income 36 279 262 1,869 Total Investment income 206 931 1,466 4,203 Expenses Management fee (703) (653) (1,981) (4,235) Interest (176) (89) (518) (2,308) Dividends (213) (96) (612) (1,532) Professional fees and other (432) (204) (764) (1,009) Total expenses (1,524) (1,042) (3,875) (9,084) Net investment income (loss) (1,318) (111) (2,409) (4,881) Realized and change in unrealized gains (losses) Net realized gain (loss) (1,412) 14,760 (44,972) 26,989 Net change in unrealized appreciation (depreciation) 10,832 (5,675) 5,811 45,708 Net gain (loss) on investment transactions 9,420 9,085 (39,161) 72,697 Net income (loss) $ 8,102 $ 8,974 $ (41,570) $ 67,816 GLRE Limited Partners’ share of net income (loss) (1) $ 6,431 $ 6,609 $ (34,086) $ 51,770 (1) Net of management fees and accrued performance allocation as follows: Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 ($ in thousands) Management fees $ 703 $ 652 $ 1,981 $ 4,234 Performance allocation $ — $ 673 $ — $ 5,654

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Other Investments	At September 30, 2020, the following securities were included in the caption “Other investments”: September 30, 2020 Cost Unrealized Unrealized Fair value / carrying value ($ in thousands) Private investments and unlisted equities $ 11,364 $ 5,373 $ (1,067) $ 15,670 Investment accounted for under the equity method — — — 6,571 Total other investments $ 22,241 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

LOSS AND LOSS ADJUSTMENT EXPE_2

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES (Tables)	9 Months Ended
	Sep. 30, 2020
Insurance Loss Reserves [Abstract]
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense	At September 30, 2020 and December 31, 2019, loss and loss adjustment expense reserves were composed of the following: September 30, 2020 December 31, 2019 ($ in thousands) Case reserves $ 224,732 $ 217,834 IBNR 257,038 252,754 Total $ 481,770 $ 470,588 A summary of changes in outstanding loss and loss adjustment expense reserves for all lines of business consolidated for the nine months ended September 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 247,559 264,129 Prior years 5,385 30,174 Total incurred 252,944 294,303 Paid losses related to: Current year (72,453) (93,822) Prior years (161,222) (200,384) Total paid (233,675) (294,206) Foreign currency revaluation (505) (1,154) Net balance at September 30 461,821 437,900 Add: Losses recoverable 19,949 41,535 Gross balance at September 30 $ 481,770 $ 479,435 The changes in the outstanding loss and loss adjustment expense reserves for health claims for the nine months ended September 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 25,032 26,013 Prior years 1,341 2,196 Total incurred 26,373 28,209 Paid losses related to: Current year (15,115) (14,741) Prior years (16,327) (23,160) Total paid (31,442) (37,901) Foreign currency revaluation — — Net balance at September 30 12,994 14,810 Add: Losses recoverable — — Gross balance at September 30 $ 12,994 $ 14,810

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of Stock by Class	The following table is a summary of voting ordinary shares issued and outstanding: Nine months ended September 30 Nine months ended September 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 248,726 — 408,233 — Repurchase of ordinary shares (1,874,419) — — — Balance – end of period 29,113,702 6,254,715 30,538,447 6,254,715

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2020: Number of Weighted Balance at December 31, 2019 873,087 $ 12.83 Granted 451,353 6.72 Vested (235,833) 13.83 Forfeited (210,109) 10.90 Balance at September 30, 2020 878,498 $ 9.88 Employee RSU activity during the nine months ended September 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 September 30, 2020 116,722 $ 9.60

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Letters of Credit Facilities	At September 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: Maximum Facility Limit Termination Date Notice period required for termination ($ in thousands) Citibank Europe plc $ 275,000 August 20, 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 $ 171 $ 65 $ — $ — $ — $ — $ 236 Interest and convertible note payable — 4,000 4,000 102,000 — — 110,000 $ 171 $ 4,065 $ 4,000 $ 102,000 $ — $ — $ 110,236

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 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 September 30 Nine months ended September 30 2020 2019 2020 2019 ($ in thousands) ($ in thousands) Property Commercial $ 3,396 2.5 % $ 5,088 4.6 % $ 9,426 2.6 % $ 11,752 2.8 % Motor 10,091 7.4 11,367 10.3 25,136 6.9 50,807 11.9 Personal 3,691 2.7 3,632 3.3 10,326 2.9 9,788 2.3 Total Property 17,178 12.6 20,087 18.2 44,888 12.4 72,347 17.0 Casualty General Liability 3,224 2.4 913 0.8 3,920 1.1 2,368 0.6 Motor Liability 41,679 30.7 47,021 42.5 96,729 26.7 197,335 46.4 Professional Liability 76 0.1 11 — 199 0.1 117 — Workers' Compensation 21,979 16.2 14,077 12.7 60,908 16.8 35,121 8.3 Multi-line 25,820 19.0 15,082 13.6 67,379 18.6 61,173 14.4 Total Casualty 92,778 68.4 77,104 69.6 229,135 63.3 296,114 69.7 Other Accident & Health 12,418 9.3 7,527 6.8 40,522 11.2 31,065 7.2 Financial 1,817 1.3 315 0.3 15,704 4.3 15,394 3.6 Marine 127 0.1 (33) — 749 0.2 94 — Other Specialty 11,278 8.3 5,607 5.1 31,074 8.6 10,493 2.5 Total Other 25,640 19.0 13,416 12.2 88,049 24.3 57,046 13.3 $ 135,596 100.0 % $ 110,607 100.0 % $ 362,072 100.0 % $ 425,507 100.0 %
Gross Premiums Written by Geographic Area of Risks Insured	Gross Premiums Written by Geographic Area of Risks Insured Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 ($ in thousands) ($ in thousands) U.S. and Caribbean $ 110,798 81.7 % $ 89,811 81.2 % $ 291,511 80.5 % $ 358,099 84.1 % Worldwide (1) $ 22,738 16.8 % $ 18,450 16.7 % $ 66,150 18.3 % $ 64,590 15.2 % Europe $ — — % $ — — % $ — — % $ (13) — % Asia $ 2,060 1.5 % $ 2,346 2.1 % $ 4,411 1.2 % $ 2,831 0.7 % $ 135,596 100.0 % $ 110,607 100.0 % $ 362,072 100.0 % $ 425,507 100.0 %

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES Cash Flow, Supplemental Cash Equivalents Reconciliation (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 8,159	$ 25,813
Restricted cash and cash equivalents	723,107	742,093
Total cash, cash equivalents and restricted cash presented in the condensed consolidated statements of cash flows	$ 731,266	$ 767,906	$ 774,006	$ 703,231

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings (deficit)	$ (69,099,000)	$ (30,063,000)
Provision for uncollectible losses recoverable	89,000	0
Accrued interest	100,000	100,000
Deposit contracts, assets	5,300,000	5,200,000
Deposit contracts, liabilities	$ 35,200,000	56,900,000
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
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	9 Months Ended
	Sep. 30, 2020	Sep. 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]
Balance at beginning of period	$ 750	$ 0

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES Interest Income and Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accounting Policies [Abstract]
Deposit interest income	$ 560	$ 1,023	$ 1,812	$ 2,493
Deposit interest expense	0	(656)	0	(135)
Deposit interest income/(expense), net	$ 560	$ 367	$ 1,812	$ 2,358

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES Earnings Per Share Reconciliation (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted average shares outstanding - basic (in shares)	35,677,554	36,841,623	35,569,292	36,646,515
Effect of dilutive employee and director share-based awards (in shares)	102,149	79,867	0	74,035
Weighted average shares outstanding - diluted (in shares)	35,779,703	36,921,490	35,569,292	36,720,550
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)	835,627	875,627	835,627	875,627
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)	0	0	878,498	0

INVESTMENT IN RELATED PARTY I_3

INVESTMENT IN RELATED PARTY INVESTMENT FUND Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Aug. 05, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
GLRE Limited Partners’ share of net income (loss)	$ 6,431	$ 6,609	$ (34,086)	$ 51,770
General Partner
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	19.00%		19.00%			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]
Investment portfolio percent of shareholders equity maximum					50.00%
Equity method investments, fair value	$ 185,000		$ 185,000			$ 240,100
Equity method investment, ownership percentage	81.00%		81.00%			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	Sep. 30, 2020	Dec. 31, 2019
Liabilities
GLRE Limited Partners’ share of Net Assets	$ 184,956	$ 240,056
Solasglas Investment LP (SILP) | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Assets
Investments, at fair value	220,116	162,928
Derivative contracts, at fair value	3,097	6,324
Due from brokers	130,220	68,060
Cash and cash equivalents	2,202	111,046
Interest and dividends receivable	281	47
Total assets	355,916	348,405
Liabilities
Investments sold short, at fair value	(116,336)	(47,834)
Derivative contracts, at fair value	(10,962)	(2,054)
Due to brokers	0	(1,180)
Interest and dividends payable	(32)	(828)
Other liabilities	(233)	(101)
Total liabilities	(127,563)	(51,997)
Net Assets	228,353	296,408
GLRE Limited Partners’ share of Net Assets	$ 184,956	$ 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Expenses
Management fee	$ (703)	$ (1,981)	$ (1,325)	$ (9,888)
Interest	(1,579)	(1,578)	(4,702)	(4,684)
Realized and change in unrealized gains (losses)
Net income (loss)	2,183	5,140	(38,150)	26,360
GLRE Limited Partners’ share of net income (loss)	6,431	6,609	(34,086)	51,770
Management fees	703	652	1,981	4,234
Performance allocation	0	673	0	5,654
Solasglas Investment LP (SILP)
Investment income
Dividend income (net of withholding taxes)	170	652	1,204	2,334
Interest income	36	279	262	1,869
Total Investment income	206	931	1,466	4,203
Expenses
Management fee	(703)	(653)	(1,981)	(4,235)
Interest	(176)	(89)	(518)	(2,308)
Dividends	(213)	(96)	(612)	(1,532)
Professional fees and other	(432)	(204)	(764)	(1,009)
Total expenses	(1,524)	(1,042)	(3,875)	(9,084)
Net investment income (loss)	(1,318)	(111)	(2,409)	(4,881)
Realized and change in unrealized gains (losses)
Net realized gain (loss)	(1,412)	14,760	(44,972)	26,989
Net change in unrealized appreciation (depreciation)	10,832	(5,675)	5,811	45,708
Net gain (loss) on investment transactions	9,420	9,085	(39,161)	72,697
Net income (loss)	8,102	8,974	(41,570)	67,816
GLRE Limited Partners’ share of net income (loss)	$ 6,431	$ 6,609	$ (34,086)	$ 51,770

FINANCIAL INSTRUMENTS Schedule

FINANCIAL INSTRUMENTS Schedule of Other Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt and Equity Securities, FV-NI [Line Items]
Fair value / carrying value	$ 22,241	$ 16,384
Private investments and unlisted equities
Debt and Equity Securities, FV-NI [Line Items]
Cost	11,364	10,420
Unrealized gains	5,373	265
Unrealized losses	(1,067)	(4)
Fair value / carrying value	15,670	10,681
Investment accounted for under the equity method
Debt and Equity Securities, FV-NI [Line Items]
Fair value / carrying value	$ 6,571	$ 5,703

FINANCIAL INSTRUMENTS Narrative

FINANCIAL INSTRUMENTS Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value / carrying value	$ 22,241	$ 16,384	$ 22,241		$ 22,241
Income (loss) from equity method investments					870	$ 267
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	$ (200)	900	300
Private investments and unlisted equities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value / carrying value	$ 15,670	$ 10,681	15,670		15,670
Other investments, adjustment			$ 0	$ 0	$ 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	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Liability for Claims and Claims Adjustment Expense [Line Items]
Case reserves			$ 224,732	$ 217,834
IBNR			257,038	252,754
Total	$ 470,588	$ 479,435	481,770	470,588	$ 479,435	$ 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	247,559	264,129
Prior years	5,385	30,174
Total incurred	252,944	294,303
Paid losses related to:
Current year	(72,453)	(93,822)
Prior years	(161,222)	(200,384)
Total paid	(233,675)	(294,206)
Foreign currency revaluation	(505)	(1,154)
Net balance at September 30	461,821	437,900
Add: Losses recoverable			19,949	27,531	41,535
Gross balance at September 30	481,770	479,435
Prior years adjustment increase (decrease)	5,385	30,174
Net loss reserve on prior contracts increase (decrease)	(4,800)	(27,700)
Health
Liability for Claims and Claims Adjustment Expense [Line Items]
Total	12,994	14,810	12,994	18,063	14,810	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	25,032	26,013
Prior years	1,341	2,196
Total incurred	26,373	28,209
Paid losses related to:
Current year	(15,115)	(14,741)
Prior years	(16,327)	(23,160)
Total paid	(31,442)	(37,901)
Foreign currency revaluation	0	0
Net balance at September 30	12,994	14,810
Add: Losses recoverable			$ 0		$ 0
Gross balance at September 30	12,994	14,810
Prior years adjustment increase (decrease)	$ 1,341	$ 2,196

RETROCESSION (Details)

RETROCESSION (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Ceded Credit Risk [Line Items]
Ceded premiums earned	$ 1,700,000	$ 22,000,000	$ 3,200,000	$ 65,800,000
Net loss and loss adjustment expenses incurred	88,053,000	92,962,000	252,944,000	294,303,000
Loss and loss expenses recovered and recoverable	2,500,000	$ 13,900,000	6,200,000	$ 56,200,000
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	5,000,000		5,000,000		6,400,000
Unsecured | Unrated
Ceded Credit Risk [Line Items]
Loss and loss adjustment expenses recoverable	15,000,000		15,000,000		21,200,000
Secured | Unrated
Ceded Credit Risk [Line Items]
Loss and loss adjustment expenses recoverable	$ 14,500,000		$ 14,500,000		$ 20,000,000

SENIOR CONVERTIBLE NOTES (Detai

SENIOR CONVERTIBLE NOTES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Aug. 07, 2018
Debt Instrument [Line Items]
Convertible senior notes payable	$ 94,216,000		$ 94,216,000		$ 93,514,000
Senior Notes | Senior Unsecured Convertible Notes
Debt Instrument [Line Items]
Convertible debt, amount	25,000,000		25,000,000			$ 100,000,000
Debt interest rate						4.00%
Effective interest rate						6.00%
Unamortized discount	4,700,000		4,700,000		5,900,000	$ 8,200,000
Unamortized debt issuance expense	1,800,000		1,800,000		2,300,000
Convertible debt, carrying amount of equity component	7,900,000		7,900,000
Accrued interest	700,000		700,000
Convertible senior notes payable	94,200,000		94,200,000		93,500,000
Fair value of debt	80,100,000		80,100,000		$ 94,900,000
Recognized interest expense	$ 1,600,000	$ 1,600,000	$ 4,700,000	$ 4,700,000
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 (Detail

SHARE CAPITAL Narrative (Details) - USD ($)	Oct. 29, 2020	Sep. 30, 2020	Sep. 30, 2019	Oct. 28, 2020	Mar. 26, 2020	Dec. 31, 2019	Aug. 07, 2018
Senior Unsecured Convertible Notes | Senior Notes
Class of Stock [Line Items]
Debt instrument, amount authorized for repurchase (up to)					$ 25,000,000
Debt interest rate							4.00%
Convertible debt, amount		$ 25,000,000					$ 100,000,000
Common Class A
Class of Stock [Line Items]
Number of shares authorized for issuance (in shares)					5,000,000
Number of shares available for grant (in shares)		293,939				555,805
Repurchase of ordinary shares (in shares)		1,874,419	0
Stock repurchase program, remaining number of shares to be repurchased (in shares)		3,100,000
Ordinary share capital, par value (in dollars per share)		$ 0.10				$ 0.10
Common Class A | Subsequent Event
Class of Stock [Line Items]
Number of shares authorized for issuance period increase (in shares)	3,000,000
Number of shares authorized for issuance (in shares)	8,000,000			5,000,000
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 Votin

SHARE CAPITAL Schedule of Voting Ordinary Shares Issued And Outstanding (Details) - shares	9 Months Ended
	Sep. 30, 2020	Sep. 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)	248,726	408,233
Repurchase of ordinary shares (in shares)	(1,874,419)	0
Balance – end of period (in shares)	29,113,702	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 – end of period (in shares)	6,254,715	6,254,715

SHARE-BASED COMPENSATION Narrat

SHARE-BASED COMPENSATION Narrative (Details) - USD ($)	Sep. 30, 2020	Jul. 30, 2020	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense				$ 1,400,000	$ 2,900,000
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				$ 600,000	2,000,000
Shares forfeited				700,000	200,000
Unrecognized cost	$ 2,200,000		$ 2,700,000	2,200,000
Period of recognition	2 years 4 months 24 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)				210,109
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
Number of shares with accelerated vesting		72,545
Stock based compensation expense				$ 0	$ 0
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)				210,109	27,386
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	326,240
Employee and Director Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense				$ 500,000	$ 700,000
Period of recognition				2 years	2 years 4 months 24 days
Number of options granted (in shares)				40,000	60,000
Vested number of shares (in shares)				80,000	80,000
Cost not yet recognized	$ 800,000			$ 800,000	$ 1,300,000
Options outstanding (in shares)	800,000		900,000	800,000
Exercise price (in dollars per share)	$ 22.22		$ 22.68	$ 22.22
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
Number of stock options exercised (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				$ 300,000	$ 100,000
Number of RSUs issued to employees (in shares)				60,622	48,535
Shares forfeited (in shares)				0	24,165
RSUs | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Conversion ratio (in shares)				1

SHARE-BASED COMPENSATION Restri

SHARE-BASED COMPENSATION Restricted Shares (Details) - Employee and Director Restricted Shares	9 Months Ended
	Sep. 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	(235,833)
Forfeited (in shares) | shares	(210,109)
Balance at September 30, 2020 (in shares) | shares	878,498
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	13.83
Forfeited (in dollars per share) | $ / shares	10.90
Balance at September 30, 2020 (in dollars per share) | $ / shares	$ 9.88

SHARE-BASED COMPENSATION Rest_2

SHARE-BASED COMPENSATION Restricted Stock Units (Details) - RSUs - $ / shares	9 Months Ended
	Sep. 30, 2020	Sep. 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 September 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 September 30, 2020 (in dollars per share)	$ 9.60

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	Jan. 01, 2019	Sep. 01, 2018	Aug. 31, 2018	Sep. 30, 2020
Green Bricks Partners Inc (GRBK) | Affiliated Entity
Related Party Transaction [Line Items]
Ownership percentage				47.60%
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

COMMITMENTS AND CONTINGENCIES N

COMMITMENTS AND CONTINGENCIES Narrative (Details) € in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)facility	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)facility	Sep. 30, 2020EUR (€)	Sep. 30, 2019USD ($)	Aug. 26, 2020USD ($)	Aug. 25, 2020USD ($)	Dec. 31, 2019USD ($)
Line of Credit Facility [Line Items]
Number of credit facilities | facility	1		1
Amount of letters of credit issued	$ 133,000,000		$ 133,000,000					$ 204,500,000
Total equity securities, restricted cash, and cash and cash equivalents fair value pledged as security against the letters of credit	135,600,000		135,600,000					213,400,000
Collateral held in trust	587,500,000		587,500,000					528,700,000
Maximum Facility Limit						$ 275,000,000	$ 400,000,000
Short term lease cost	$ 400,000	$ 400,000	$ 400,000		$ 400,000
Term of contract	5 years		5 years
Operating lease, ROU asset	$ 100,000		$ 100,000					200,000
Operating lease, liability	100,000		100,000					$ 200,000
Operating lease expense	$ 0	$ 0	$ 0		$ 0
GRIL
Line of Credit Facility [Line Items]
Short term lease cost | €				€ 0.1

COMMITMENTS AND CONTINGENCIES S

COMMITMENTS AND CONTINGENCIES Schedule of Letters of Credit (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Aug. 26, 2020	Aug. 25, 2020
Line of Credit Facility [Line Items]
Maximum Facility Limit		$ 275,000,000	$ 400,000,000
Citibank Europe plc | Facility
Line of Credit Facility [Line Items]
Maximum Facility Limit	$ 275,000,000
Notice period required for termination	120 days

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES Schedule of Commitments and Contingencies (Details) $ in Thousands	Sep. 30, 2020USD ($)
Operating lease obligations
2020	$ 171
2021	65
2022	0
2023	0
2024	0
Thereafter	0
Total	236
Total future obligations by year
2020	171
2021	4,065
2022	4,000
2023	102,000
2024	0
Thereafter	0
Total	110,236
Convertible Debt
Interest and convertible note payable
2020	0
2021	4,000
2022	4,000
2023	102,000
2024	0
Thereafter	0
Total	$ 110,000

SEGMENT REPORTING Gross Premium

SEGMENT REPORTING Gross Premiums Written by Line of Business (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)segment	Sep. 30, 2019USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment			1
Gross premiums written	$ 135,596	$ 110,607	$ 362,072	$ 425,507
Gross premiums written, percent	100.00%	100.00%	100.00%	100.00%
Commercial
Segment Reporting Information [Line Items]
Gross premiums written	$ 3,396	$ 5,088	$ 9,426	$ 11,752
Gross premiums written, percent	2.50%	4.60%	2.60%	2.80%
Motor
Segment Reporting Information [Line Items]
Gross premiums written	$ 10,091	$ 11,367	$ 25,136	$ 50,807
Gross premiums written, percent	7.40%	10.30%	6.90%	11.90%
Personal
Segment Reporting Information [Line Items]
Gross premiums written	$ 3,691	$ 3,632	$ 10,326	$ 9,788
Gross premiums written, percent	2.70%	3.30%	2.90%	2.30%
Total Property
Segment Reporting Information [Line Items]
Gross premiums written	$ 17,178	$ 20,087	$ 44,888	$ 72,347
Gross premiums written, percent	12.60%	18.20%	12.40%	17.00%
General Liability
Segment Reporting Information [Line Items]
Gross premiums written	$ 3,224	$ 913	$ 3,920	$ 2,368
Gross premiums written, percent	2.40%	0.80%	1.10%	0.60%
Motor Liability
Segment Reporting Information [Line Items]
Gross premiums written	$ 41,679	$ 47,021	$ 96,729	$ 197,335
Gross premiums written, percent	30.70%	42.50%	26.70%	46.40%
Professional Liability
Segment Reporting Information [Line Items]
Gross premiums written	$ 76	$ 11	$ 199	$ 117
Gross premiums written, percent	0.10%	0.00%	0.10%	0.00%
Workers' Compensation
Segment Reporting Information [Line Items]
Gross premiums written	$ 21,979	$ 14,077	$ 60,908	$ 35,121
Gross premiums written, percent	16.20%	12.70%	16.80%	8.30%
Multi-line
Segment Reporting Information [Line Items]
Gross premiums written	$ 25,820	$ 15,082	$ 67,379	$ 61,173
Gross premiums written, percent	19.00%	13.60%	18.60%	14.40%
Total Casualty
Segment Reporting Information [Line Items]
Gross premiums written	$ 92,778	$ 77,104	$ 229,135	$ 296,114
Gross premiums written, percent	68.40%	69.60%	63.30%	69.70%
Accident & Health
Segment Reporting Information [Line Items]
Gross premiums written	$ 12,418	$ 7,527	$ 40,522	$ 31,065
Gross premiums written, percent	9.30%	6.80%	11.20%	7.20%
Financial
Segment Reporting Information [Line Items]
Gross premiums written	$ 1,817	$ 315	$ 15,704	$ 15,394
Gross premiums written, percent	1.30%	0.30%	4.30%	3.60%
Marine
Segment Reporting Information [Line Items]
Gross premiums written	$ 127	$ (33)	$ 749	$ 94
Gross premiums written, percent	0.10%	0.00%	0.20%	0.00%
Other Specialty
Segment Reporting Information [Line Items]
Gross premiums written	$ 11,278	$ 5,607	$ 31,074	$ 10,493
Gross premiums written, percent	8.30%	5.10%	8.60%	2.50%
Total Other
Segment Reporting Information [Line Items]
Gross premiums written	$ 25,640	$ 13,416	$ 88,049	$ 57,046
Gross premiums written, percent	19.00%	12.20%	24.30%	13.30%

SEGMENT REPORTING Geographic In

SEGMENT REPORTING Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue from External Customer [Line Items]
Gross premiums written	$ 135,596	$ 110,607	$ 362,072	$ 425,507
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	$ 110,798	$ 89,811	$ 291,511	$ 358,099
Gross premiums by geographical area as a percentage of total gross premiums	81.70%	81.20%	80.50%	84.10%
Worldwide
Revenue from External Customer [Line Items]
Gross premiums written	$ 22,738	$ 18,450	$ 66,150	$ 64,590
Gross premiums by geographical area as a percentage of total gross premiums	16.80%	16.70%	18.30%	15.20%
Europe
Revenue from External Customer [Line Items]
Gross premiums written	$ 0	$ 0	$ 0	$ (13)
Gross premiums by geographical area as a percentage of total gross premiums	0.00%	0.00%	0.00%	0.00%
Asia
Revenue from External Customer [Line Items]
Gross premiums written	$ 2,060	$ 2,346	$ 4,411	$ 2,831
Gross premiums by geographical area as a percentage of total gross premiums	1.50%	2.10%	1.20%	0.70%

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Nov. 04, 2020	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Note			$ 18,461	$ 20,202
Promissory Note [Member]
Subsequent Event [Line Items]
Note			$ 13,300
Forecast | Promissory Note [Member]
Subsequent Event [Line Items]
Gains on restructuring of debt		$ 5,800
Subsequent Event | Promissory Note [Member]
Subsequent Event [Line Items]
Receivable collection amount	$ 19,100