Greenlight Capital Re (GLRE) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 05, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		29,007,963
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,254,715

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Investments
Investment in related party investment fund	$ 196,060	$ 178,197
Other investments	71,162	70,279
Total investments	267,222	248,476
Cash and cash equivalents	40,024	38,238
Restricted cash and cash equivalents	626,236	668,310
Reinsurance balances receivable (net of allowance for expected credit losses of 2023: $356 and 2022: $356)	581,641	505,555
Loss and loss adjustment expenses recoverable (net of allowance for expected credit losses of 2023: $62 and 2022: $62)	16,927	13,239
Deferred acquisition costs	84,555	82,391
Unearned premiums ceded	20,783	18,153
Other assets	7,128	6,019
Total assets	1,644,516	1,580,381
Liabilities
Loss and loss adjustment expense reserves	595,799	555,468
Unearned premium reserves	337,889	307,820
Reinsurance balances payable	109,249	105,135
Funds withheld	21,846	21,907
Other liabilities	7,311	6,397
Convertible senior notes payable	62,381	80,534
Total liabilities	1,134,475	1,077,261
Commitments and Contingencies (Note 11)
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, 29,007,963 (2022: 28,569,346): Class B: par value $0.10; authorized, 25,000,000; issued and outstanding, 6,254,715 (2022: 6,254,715))	3,526	3,482
Additional paid-in capital	479,429	478,439
Retained earnings	27,086	21,199
Total shareholders' equity	510,041	503,120
Total liabilities and equity	$ 1,644,516	$ 1,580,381

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Allowance for expected credit losses	$ 356	$ 356
Loss and loss adjustment expenses recoverable, allowance	$ 62	$ 62
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
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)	29,007,963	28,569,346
Ordinary share capital, outstanding (in shares)	29,007,963	28,569,346
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
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Gross premiums written	$ 186,455	$ 145,886
Gross premiums ceded	(11,212)	(6,009)
Net premiums written	175,243	139,877
Change in net unearned premium reserves	(32,594)	(13,952)
Net premiums earned	142,649	125,925
Income (loss) from investment in related party investment fund (net of related party expenses - Note 3)	(3,138)	4,077
Net investment income (loss)	8,378	3,660
Other income (expense), net	7,097	(633)
Total revenues	154,986	133,029
Expenses
Net loss and loss adjustment expenses incurred	96,725	97,407
Acquisition costs	41,476	32,945
General and administrative expenses	9,936	7,232
Deposit interest expense	132	34
Interest expense	776	1,154
Total expenses	149,045	138,772
Income (loss) before income tax	5,941	(5,743)
Income tax (expense) benefit	(54)	16
Net income (loss)	$ 5,887	$ (5,727)
Earnings (loss) per share (Class A and Class B) (Note 2)
Basic (in dollars per share)	$ 0.17	$ (0.17)
Diluted (in dollars per share)	$ 0.17	$ (0.17)
Weighted average number of ordinary shares used in the determination of earnings and loss per share (Note 2)
Basic (in shares)	34,059,185	32,926,227
Diluted (in shares)	38,231,607	32,926,227

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Ordinary share capital	Additional paid-in capital	Additional paid-in capital Cumulative Effect, Period of Adoption, Adjustment	Retained earnings (deficit)	Retained earnings (deficit) Cumulative Effect, Period of Adoption, Adjustment
Beginning balance at Dec. 31, 2021		$ 3,384	$ 481,784		$ (9,505)
Beginning balance (Accounting Standards Update 2020-06) at Dec. 31, 2021				$ (7,896)		$ 5,362
Increase (Decrease) in Stockholders' Equity
Issue of Class A ordinary shares, net of forfeitures		88
Share-based compensation expense			917
Net income (loss)	$ (5,727)				(5,727)
Ending balance at Mar. 31, 2022	468,407	3,472	474,805		(9,870)
Beginning balance at Dec. 31, 2022	503,120	3,482	478,439		21,199
Increase (Decrease) in Stockholders' Equity
Issue of Class A ordinary shares, net of forfeitures		44
Share-based compensation expense			990
Net income (loss)	5,887				5,887
Ending balance at Mar. 31, 2023	$ 510,041	$ 3,526	$ 479,429		$ 27,086

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income (loss)	$ 5,887	$ (5,727)
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	3,138	(4,077)
Net realized gain on repurchase of convertible senior notes payable	(265)	0
Net change in unrealized gains and losses on investments	(550)	(3,899)
Net realized (gains) losses on investments	800	0
Foreign exchange (gains) losses	(4,931)	38
Share-based compensation expense	1,034	1,005
Amortization and interest expense, net of change in accruals	(803)	(845)
Net change in:
Accrued interest receivable	(58)	0
Reinsurance balances receivable	(72,203)	(36,280)
Loss and loss adjustment expenses recoverable	(3,688)	(269)
Deferred acquisition costs	(3,782)	(3,352)
Unearned premiums ceded	(2,630)	(4,836)
Other assets, excluding depreciation	(1,109)	3
Loss and loss adjustment expense reserves	37,709	25,131
Unearned premium reserves	35,225	18,546
Reinsurance balances payable	4,114	4,468
Funds withheld	(61)	137
Other liabilities	914	(1,661)
Net cash provided by (used in) operating activities	(1,259)	(11,618)
Cash flows from investing activities
Proceeds from redemptions from related party investment fund	26,000	46,658
Contributions to related party investment fund	(47,001)	(10,000)
Purchases of investments	(1,075)	(3,402)
Net cash provided by (used in) investing activities	(22,076)	33,256
Cash flows from financing activities
Repurchases of convertible senior notes payable	(17,085)	0
Net cash provided by (used in) financing activities	(17,085)	0
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	132	0
Net increase (decrease) in cash, cash equivalents and restricted cash	(40,288)	21,638
Cash, cash equivalents and restricted cash at beginning of the period	706,548	711,101
Cash, cash equivalents and restricted cash at end of the period	666,260	732,739
Supplementary information
Interest paid in cash	1,578	2,000
Income tax paid in cash	$ 21	$ 0

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Greenlight Capital Re, Ltd. (“GLRE” and, together with its wholly-owned subsidiaries, the “Company”) was incorporated as an exempted company under the Companies Law of the Cayman Islands on July 13, 2004. The Company’s wholly-owned subsidiaries are described below: • Greenlight Reinsurance, Ltd. (“Greenlight Re”), domiciled in the Cayman Islands, is a Class D insurer license issued in accordance with the terms of The Insurance Act, 2010 (as amended) and underlying regulations thereto (the “Act”) and is subject to regulation by the Cayman Islands Monetary Authority. Greenlight Re commenced underwriting in April 2006. • Greenlight Reinsurance Ireland, Designated Activity Company (“GRIL”), domiciled in Ireland since 2010, 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. • Greenlight Re Marketing (UK) Limited, domiciled in the United Kingdom (“U.K.”) since 2020, is a U.K. company formed to expand GLRE’s presence in the Lloyd’s of London market (“Lloyd’s”). • Greenlight Re Corporate Member Ltd., domiciled in the U.K. since 2014, is a corporate member that became a wholly-owned subsidiary of GLRE in 2023 and provides underwriting capacity for various Lloyd’s syndicates, including Syndicate 3456. • Verdant Holding Company, Ltd., domiciled in the United States since 2008, is an investment holding company. Additionally, through Greenlight Innovation Syndicate 3456 (“Syndicate 3456”), Greenlight Re provides a (re)insurance platform to its growing portfolio of insurtech partnerships. Domiciled in the U.K. since 2022, Syndicate 3456 is authorized to underwrite under the Lloyd’s syndicate-in-a-box model. The Class A ordinary shares of GLRE are listed on Nasdaq Global Select Market under the symbol “GLRE.” These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the U.S. Securities and Exchange Commission’s (“SEC”) instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 8, 2023. These unaudited condensed consolidated financial statements include GLRE and its wholly-owned subsidiaries and all significant intercompany transactions and balances have been eliminated on consolidation.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES There have been no material changes to the Company’s significant accounting policies as described in its Annual Report on Form 10-K for the year ended December 31, 2022. 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 revenue and expenses during the period. Actual results could differ from these estimates. The significant estimates reflected in the Company’s condensed consolidated financial statements include, but are not limited to, loss and loss adjustment expense reserves, premiums written, earned, and receivable, variability underlying risk transfer assessments, allowances for credit losses, share-based compensation, valuation allowances associated with deferred tax assets and investment impairments. Cash, Cash Equivalents, Restricted Cash, and Restricted 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: March 31, 2023 December 31, 2022 ($ in thousands) Cash and cash equivalents $ 40,024 $ 38,238 Restricted cash and cash equivalents 626,236 668,310 Total cash, cash equivalents and restricted cash presented in the condensed consolidated statements of cash flows $ 666,260 $ 706,548 Funds Held by Cedents The caption “Reinsurance balances receivable” in the Company’s condensed consolidated balance sheets includes financial assets held by cedents. At March 31, 2023, funds held by cedents were $367.8 million (December 31, 2022: $337.4 million). Such amounts include premiums withheld by Lloyd’s syndicates and funds contributed by the Company to Lloyd's as security for members’ underwriting activities. The Lloyd’s syndicates invest a portion of the premiums withheld in investment funds and fixed-maturity securities. The Company records its share of income (or expense) from these assets, in its condensed consolidated statements of operations under the caption “Other income (expense)” as reported by the syndicates on a quarterly lag basis due to the timing of the availability of these quarterly financial reports. Deposit Assets and Liabilities At March 31, 2023, deposit assets and liabilities were $3.1 million and $8.8 million, respectively (December 31, 2022: $3.1 million and $10.7 million, respectively). For the three months ended March 31, 2023 and 2022, the interest income (expense) on deposit-accounted contracts were as follows: Three months ended March 31 2023 2022 ($ in thousands) Deposit interest income $ — $ — Deposit interest expense $ (132) $ (34) Deposit interest income (expense), net $ (132) $ (34) Foreign Exchange For the three months ended March 31, 2023, $4.9 million (three months ended March 31, 2022: $(1.1) million), of foreign exchange gains (losses) were included in the Company’s net income in the condensed consolidated statements of operations. Earnings (Loss) Per Share The following table reconciles net income (loss) and weighted average shares used in computing basic and diluted net income (loss) per share for the three months ended March 31, 2023 and 2022 (expressed in thousands of U.S. dollars, except per share and share amounts): Three months ended March 31 2023 2022 Numerator for earnings per share Net income (loss) - basic $ 5,887 $ (5,727) Add: interest on convertible notes 776 — Less: gain on debt repurchases (265) — Net income (loss) - diluted $ 6,398 $ (5,727) Denominator for earnings per share Weighted average shares outstanding - basic 34,059,185 32,926,227 Effect of dilutive employee and director share-based awards 341,263 — Shares potentially issuable in connection with convertible notes 3,831,159 — Weighted average shares outstanding - diluted 38,231,607 32,926,227 Anti-dilutive stock options outstanding 690,337 735,627 Participating securities excluded from calculation of loss per share — 815,847 Shares potentially issuable in connection with convertible notes excluded from calculation of diluted loss per share — 5,818,182 Earnings (loss) per Class A and Class B ordinary share: Basic $ 0.17 $ (0.17) Diluted $ 0.17 $ (0.17) Due to the net loss attributable to common shareholders recognized for the three months ended March 31, 2022, the share-based awards and convertible notes were anti-dilutive.

INVESTMENT IN RELATED PARTY INV

INVESTMENT IN RELATED PARTY INVESTMENT FUND	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN RELATED PARTY INVESTMENT FUND	INVESTMENT IN RELATED PARTY INVESTMENT FUND The Company has entered into the Second Amended and Restated Exempted Limited Partnership Agreement (the “SILP LPA”) of Solasglas Investments, LP (“SILP”), with DME Advisors II, LLC (“DME II”), as General Partner, Greenlight Re, and GRIL, (together, the “GLRE Limited Partners”). SILP has entered into a SILP investment advisory agreement (“IAA”) with DME Advisors. LP (“DME Advisors”), pursuant to which DME Advisors is the investment manager for SILP. 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 “Chairman”). At March 31, 2023, the SILP LPA included the following proviso: “The Investment Portfolio of each Partner will not exceed the product of (a) such Partner’s surplus (Greenlight Re Surplus or GRIL Surplus, as the case may be) multiplied by (b) the Investment Cap (60%), and the General Partner will designate any portion of a Partner’s Investment Portfolio as Designated Securities to effectuate such limit.” 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 to appoint 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, not the Company’s, meet both the “power” and “benefits” criteria associated with VIE accounting guidance. Therefore DME II is SILP’s primary beneficiary. The Company presents its investment in SILP in its condensed consolidated balance sheets in the caption “Investment in related party investment fund.” 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. At March 31, 2023, the net asset value of the GLRE Limited Partners’ investment in SILP was $196.1 million (December 31, 2022: $178.2 million), representing 71.6% (December 31, 2022: 69.3%) of SILP’s total net assets. DME II held the remaining 28.4% (December 31, 2022: 30.7%) of SILP’s total net assets. 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 3 business days’ notice to DME II. At March 31, 2023, the majority of SILP’s long investments were composed of cash and publicly traded equity securities, which could be readily liquidated to meet the GLRE Limited Partners’ redemption requests. The Company’s share of the change in the net asset value of SILP for the three months ended March 31, 2023 was $(3.1) million (three months ended March 31, 2022: $4.1 million), and shown in the caption “Income (loss) from investment in related party investment fund” in the Company’s condensed consolidated statements of operations. The summarized financial statements of SILP are presented below. Summarized Statement of Assets and Liabilities of Solasglas Investments, LP March 31, 2023 December 31, 2022 ($ in thousands) Assets Investments, at fair value $ 370,568 $ 304,806 Derivative contracts, at fair value 15,095 17,547 Due from brokers 42,257 109,169 Interest and dividends receivable 8 527 Total assets 427,928 432,049 Liabilities and partners’ capital Liabilities Investments sold short, at fair value (132,658) (159,382) Derivative contracts, at fair value (14,737) (12,443) Capital withdrawals payable (670) (75) Due to brokers (5,299) (2,050) Interest and dividends payable (418) (760) Other liabilities (184) (159) Total liabilities (153,966) (174,869) Net Assets $ 273,962 $ 257,180 GLRE Limited Partners’ share of Net Assets $ 196,060 $ 178,197 Summarized Statement of Operations of Solasglas Investments, LP Three months ended March 31 2023 2022 ($ in thousands) Investment income Dividend income (net of withholding taxes) $ 627 $ 320 Interest income 1,816 49 Total Investment income 2,443 369 Expenses Management fee (1,068) (891) Interest (1,428) (256) Dividends (419) (382) Professional fees and other (282) (264) Total expenses (3,197) (1,793) Net investment income (loss) (754) (1,424) Realized and change in unrealized gains (losses) Net realized gain (loss) (1,760) 24,148 Net change in unrealized appreciation (depreciation) (1,033) (16,792) Net gain (loss) on investment transactions (2,793) 7,356 Net income (loss) $ (3,547) $ 5,932 GLRE Limited Partners’ share of net income (loss) (1) $ (3,138) $ 4,077 (1) Net income (loss) is net of management fees and performance allocation presented below: Three months ended March 31 2023 2022 ($ in thousands) Management fees $ 1,068 $ 891 Performance allocation — 453 Total $ 1,068 $ 1,344 See Note 10 for further details on related party management fees and performance allocation.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS Private investments and unlisted equity securities without readily determinable fair values At March 31, 2023, the Company included the following private investments and unlisted securities without readily determinable fair values in the caption “Other investments”: Cost Unrealized Unrealized Accrued interest Fair value / carrying value ($ in thousands) Private investments and unlisted equities $ 22,488 $ 42,461 $ (2,265) $ — $ 62,684 Debt and convertible debt securities 2,420 — — 58 2,478 Certificates of deposit 6,000 — — — 6,000 Total other investments $ 30,908 $ 42,461 $ (2,265) $ 58 $ 71,162 The accrued interest on certificates of deposit was included in other assets at March 31, 2023 and December 31, 2022. At December 31, 2022, the Company included the following private investments and unlisted securities without readily determinable fair values in the caption “Other investments”: Cost Unrealized Unrealized Fair value / carrying value ($ in thousands) Private investments and unlisted equities $ 22,787 $ 42,461 $ (2,815) $ 62,433 Debt and convertible debt securities 1,846 — — 1,846 Certificates of deposit 6,000 — — 6,000 Total other investments $ 30,633 $ 42,461 $ (2,815) $ 70,279 The following table presents the carrying values of the private investments and unlisted equity securities carried under the measurement alternative at March 31, 2023 and 2022, and the related adjustments recorded during the periods then ended. Three months ended March 31 2023 2022 ($ in thousands) Carrying value (1) $ 62,684 $ 54,312 Upward carrying value changes (2) $ — $ 3,827 Downward carrying value changes and impairment (3) $ (250) $ — (1) The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes. (2) The cumulative upward carrying value changes from inception to March 31, 2023, totaled $42.9 million. (3) The cumulative downward carrying value changes and impairments from inception to March 31, 2023, totaled $3.3 million. During three months ended March 31, 2023, the Company realized a loss of $0.8 million (three months ended March 31,2022: $nil), and a corresponding reversal of unrealized loss relating to an investment which was previously fully impaired at December 31, 2022, resulting in no impact to the Company’s net income (loss) for the quarter. 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 the extent to which the inputs are observable in the market. 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 supported by little or no market activity and significant to the fair value of the assets and liabilities. The term “unobservable inputs” includes certain pricing models, discounted cash flow methodologies, and similar techniques. Assets measured at fair value on a nonrecurring basis At March 31, 2023 and December 31, 2022, the Company held $53.6 million and $53.6 million, respectively, of private investments and unlisted equities measured at fair value on a nonrecurring basis. The Company classifies these assets as Level 3 within the fair value hierarchy. The following table summarizes the periods between the most recent fair value measurement dates and March 31, 2023, for the private and unlisted equities measured at fair value on a nonrecurring basis: Less than 6 months 6 to 12 months Over 1 year Total ($ in thousands) Fair values measured on a nonrecurring basis $ 599 $ 24,451 $ 28,503 $ 53,553 At March 31, 2023 and December 31, 2022, the Company held $9.1 million and $8.9 million, respectively, of private investments and unlisted equities measured at cost. Assets measured at fair value on a recurring basis At March 31, 2023 and December 31, 2022, the Company did not carry any other investments at fair value with an assigned 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.Therefore, this investment is not classified within the fair value hierarchy. (See Note 3 for further details on the related party investment fund.) During the three months ended March 31, 2023 and 2022, there were no transfers between Level 2 and Level 3 of the fair value hierarchy. Financial Instruments Disclosed, But Not Carried, at Fair Value The caption “Convertible senior notes payable” represents financial instruments that the Company carries at amortized cost. 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	3 Months Ended
	Mar. 31, 2023
Insurance Loss Reserves [Abstract]
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES	LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES At March 31, 2023 and December 31, 2022, loss and loss adjustment expense reserves were composed of the following: March 31, 2023 December 31, 2022 ($ in thousands) Case reserves $ 195,957 $ 184,756 IBNR 399,842 370,712 Total $ 595,799 $ 555,468 A summary of changes in outstanding loss and loss adjustment expense reserves for all lines of business consolidated for the three months ended March 31, 2023 and 2022 is as follows: Consolidated 2023 2022 ($ in thousands) Gross balance at January 1 $ 555,468 $ 524,010 Less: Losses recoverable (13,239) (11,100) Net balance at January 1 542,229 512,910 Incurred losses related to: Current year 84,687 95,082 Prior years 12,038 2,325 Total incurred 96,725 97,407 Paid losses related to: Current year (5,546) (9,903) Prior years (57,158) (59,901) Total paid (62,704) (69,804) Foreign currency revaluation 2,622 (2,741) Net balance at March 31 578,872 537,772 Add: Losses recoverable 16,927 11,369 Gross balance at March 31 $ 595,799 $ 549,141 Estimates for Significant Catastrophe Events At March 31, 2023, the Company’s net reserves for losses and loss expenses included estimated amounts for several catastrophe and weather-related events. The magnitude and complexity of losses arising from certain of these events inherently increase the level of uncertainty and, accordingly, the level of management judgement involved in arriving at estimated net reserves for losses and loss expenses. Consequently, actual losses for these events may ultimately differ materially from current management estimates. During the three months ended March 31, 2023, the Company recognized catastrophe and weather-related losses, net of reinsurance, of $6.2 million related to the Turkey earthquake, the New Zealand Cyclone Gabrielle and the U.S. convective storms that occurred during the current quarter, coupled with $4.1 million of CAT losses relating to the 2022 Winter Storm Elliott for total CAT losses of $10.3 million (three months ended March 31, 2022: $17.9 million). Prior Year Reserve Development For the three months ended March 31, 2023, the estimate of net losses incurred relating to prior accident years increased by $12.0 million, primarily due to the following: • $4.1 million relating to the 2022 Winter Storm Elliott as noted above; and • $9.8 million of additional attritional losses driven mainly by $7.8 million on casualty contracts (mostly 2019 and 2021 underwriting years) and $1.9 million on property contracts (mostly 2020 and 2021 underwriting years). These increases were partially offset by $1.9 million of loss reserve reduction on other lines of business (mostly 2021 and 2022 underwriting years).

RETROCESSION

RETROCESSION	3 Months Ended
	Mar. 31, 2023
Reinsurance Disclosures [Abstract]
RETROCESSION	RETROCESSION For the three months ended March 31, 2023, the Company’s earned ceded premiums were $8.6 million, (three months ended March 31, 2022: $1.2 million). For the three months ended March 31, 2023, loss and loss adjustment expenses recovered and changes in losses recoverable were $6.2 million (three months ended March 31, 2022: $0.7 million). Retrocession contracts do not relieve the Company from its obligations to its cedents. Failure of retrocessionaires to honor their obligations could result in losses to the Company. At March 31, 2023, the Company’s loss reserves recoverable consisted of (i) $12.5 million (December 31, 2022: $9.5 million) recoverable from unrated retrocessionaires, of which $12.2 million (December 31, 2022: $9.2 million) were secured by cash, letters of credit and collateral held in trust accounts for the benefit of the Company and (ii) $4.5 million (December 31, 2022: $3.8 million) recoverable 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 March 31, 2023, the Company had recorded an allowance for expected credit losses of $62 thousand (December 31, 2022: $62 thousand).

SENIOR CONVERTIBLE NOTES

SENIOR CONVERTIBLE NOTES	3 Months Ended
	Mar. 31, 2023
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 semiannually on February 1 and August 1 of each year beginning February 1, 2019. Noteholders have the option, under certain conditions, to redeem the Notes prior to maturity. At March 31, 2023, the Company’s share price was lower than the conversion price of $17.19 per share. If a holder redeems the Notes, 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’s effective borrowing rate for non-convertible debt at the time of issuance of the Notes was estimated to be 6.0%. The Company incurred issuance costs in connection with the issuance of the Notes. At March 31, 2023, the unamortized portion of these costs was $0.2 million (December 31, 2022: $0.4 million), which the Company expects to amortize through the maturity date. During the three months ended March 31, 2023 the Company repurchased and canceled $17.5 million of the Notes, resulting in realized gains of $0.3 million, which is included in Other income (expense), net, in the condensed consolidated statements of operations. The carrying value of the Notes outstanding at March 31, 2023, including accrued interest of $0.4 million, was $62.4 million (December 31, 2022: $80.5 million). At March 31, 2023, the Company estimated the fair value of the Notes (excluding accrued interest) to be $60.3 million (December 31, 2022: $77.1 million) (see Note 4 Financial Instruments). For the three months ended March 31, 2023, the Company recognized interest expense of $0.8 million (three months ended March 31, 2022: $1.2 million), which included the interest coupon and the amortization of issuance costs. The Company was in compliance with all covenants relating to the Notes at March 31, 2023, and December 31, 2022. At March 31, 2023, the Company had a remaining obligation for interest and principal payments of $63.4 million.

SHARE CAPITAL

SHARE CAPITAL	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
SHARE CAPITAL	SHARE CAPITAL The following table is a summary of the Company’s ordinary shares issued and outstanding: Three months ended March 31 Three months ended March 31 2023 2022 Class A Class B Class A Class B Balance – beginning of period 28,569,346 6,254,715 27,589,731 6,254,715 Issue of ordinary shares, net of forfeitures 438,617 — 876,785 — Repurchase of ordinary shares — — — — Balance – end of period 29,007,963 6,254,715 28,466,516 6,254,715 Under the $25.0 million share repurchase plan approved by the Board, expiring on June 30, 2023, the Company repurchased no Class A ordinary shares during the three months ended March 31, 2023 and 2022. All Class A ordinary shares repurchased are canceled immediately upon repurchase. On May 2, 2023, the Board of Directors re-approved the share

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Employee and Director Restricted Shares The following table summarizes the activity for unvested outstanding restricted share awards during the three months ended March 31, 2023: Performance Restricted Shares Service Restricted Shares Number of Weighted Number of Weighted Balance at December 31, 2021 193,149 $ 10.10 753,407 $ 8.68 Granted 601,213 6.82 248,659 6.82 Vested — — (122,233) 10.84 Forfeited — — (8,476) 7.67 Balance at March 31, 2022 794,362 $ 7.62 871,357 $ 7.86 Balance at December 31, 2022 794,362 $ 7.62 832,896 $ 7.76 Granted 357,766 9.85 152,001 9.85 Vested — — (256,243) 6.75 Forfeited (99,428) 9.62 (49,417) 8.64 Balance at March 31, 2023 1,052,700 $ 8.19 679,237 $ 8.54 For the three months ended March 31, 2023, the Company issued 587,462 (three months ended March 31, 2022: 849,872) Class A ordinary shares to employees pursuant to the Company’s stock incentive plan. The restricted shares granted to employees in 2023 and 2022 include (i) restricted shares with both performance and service-based vesting conditions (“Performance RSs”) and (ii) restricted shares with only service-based vesting conditions (“Service RSs”). The Service RSs vest evenly each year on January 1, subject to the grantee’s continued service with the Company. If performance goals are achieved, the Performance RSs will cliff vest at the end of a three-year performance period within a range of 25% and 100% of the awarded Performance RSs, with a target of 50%. During the vesting period, the holder of the Service RSs and Performance RSs retains voting rights but is entitled to any dividends declared by the Company only upon vesting. For the three months ended March 31, 2023, the total fair value of restricted shares vested was $1.7 million (three months ended March 31, 2022: $1.3 million). Employee Restricted Stock Units The following table summarizes the activity for unvested outstanding restricted stock units (“RSUs”) during the three months ended March 31, 2023: Performance Restricted Stock Units Service Restricted Stock Units Number of Weighted Number of Weighted Balance at December 31, 2022 105,008 $ 6.82 172,952 $ 7.58 Granted 71,121 9.85 42,811 9.85 Vested — — (77,695) 6.74 Forfeited — — (1,788) 7.82 Balance at March 31, 2023 176,129 $ 8.04 136,280 $ 8.76 For the three months ended March 31, 2023, the Company granted 113,932 (three months ended March 31,2022: 159,215) RSUs to employees pursuant to the Company’s stock incentive plan. The RSUs include (i) RSUs with both performance and service-based vesting conditions (“Performance RSUs”) and (ii) RSUs with only service-based vesting conditions (“Service RSUs”). The Service RSUs vest evenly each year on January 1, subject to the grantee’s continued service with the Company. If performance goals are achieved, the Performance RSUs will cliff vest at the end of a three-year performance period within a range of 25% and 100% of the awarded Performance RSUs, with a target of 50%. Prior to 2022, the RSUs issued to employees cliff vested three years after the date of issuance, subject to the grantee’s continued service with the Company. Stock Compensation Expense For the three months ended March 31, 2023 and 2022, the combined stock compensation expense (net of forfeitures) which was included in the caption “General and administrative expenses” in the Company’s condensed consolidated statements of operations was $1.0 million and $1.0 million, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Investment Advisory Agreement Each of DME, DME II, and DME Advisors is an affiliate of the Chairman and, therefore, is a related party to the Company. The Company has entered into the SILP LPA (as described in Note 3 of the condensed consolidated financial statements). 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 includes the amount of investment losses to be recouped, including any loss generated on the assets invested in SILP, subject to adjustments for redemptions. The loss carry-forward provision 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. 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. For a detailed breakdown of management fees and performance compensation for the three months ended March 31, 2023 and 2022, 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 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. The Company incurred no indemnification amounts during 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. At March 31, 2023, SILP, along with certain affiliates of DME Advisors, collectively owned 37.9% of the issued and outstanding common shares of GRBK. Under applicable securities laws, DME Advisors may sometimes be limited in its ability to trade GRBK shares held in SILP. At March 31, 2023, SILP held 2.7 million shares of GRBK. Service Agreement The Company has entered into a service agreement with DME Advisors, pursuant to which DME Advisors provides certain investor relations services to the Company for compensation of five thousand dollars per month (plus expenses). The agreement automatically renews annually until terminated by either the Company or DME Advisors for any reason with 30 days prior written notice to the other party. Collateral Assets Investment Management Agreement Effective January 1, 2019, the Company (and its subsidiaries) entered into a collateral assets investment management agreement (the “CMA”) with DME Advisors, pursuant to which DME Advisors manages certain assets of the Company that are not subject to the 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	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Letters of Credit and Trusts At March 31, 2023, the Company had the following committed letter of credit facility: Maximum Facility Limit Termination Date Notice period required for termination ($ in thousands) Citibank Europe plc $ 275,000 August 20, 2023 120 days before the termination date There was no amendment to the above credit facility since December 31, 2022. In addition, the Company has a $14.0 million uncommitted letter of credit facility with Citibank Europe plc. At March 31, 2023, an aggregate amount of $282.3 million (December 31, 2022: $203.9 million) in letters of credit was issued under the credit facilities. At March 31, 2023, the Company had pledged total cash and cash equivalents with a fair value in the aggregate of $283.1 million (December 31, 2022: $204.7 million) 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 Company was in compliance with all the covenants of these facilities at March 31, 2023. The Company has also established regulatory trust arrangements for certain cedents. At March 31, 2023, collateral of $343.2 million (December 31, 2022: $463.7 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.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The Company has one operating segment, Property & Casualty (Re)insurance. The following tables provide a breakdown of the Company’s gross premiums written by line and class of business, and by geographic area of risks insured for the periods indicated: Gross Premiums Written by Line of Business Three months ended March 31 2023 2022 ($ in thousands) Property Commercial $ 14,598 7.8 % $ 3,986 2.7 % Motor 232 0.1 1,446 1.0 Personal 15,542 8.3 13,103 9.0 Total Property 30,372 16.2 18,535 12.7 Casualty General Liability 19,516 10.5 10,005 6.9 Motor Liability 5,599 3.0 5,109 3.5 Professional Liability 3,647 2.0 141 0.1 Workers' Compensation 3,159 1.7 9,920 6.8 Multi-line 63,283 33.9 53,094 36.4 Total Casualty 95,204 51.1 78,269 53.7 Other Accident & Health 2,476 1.3 1,894 1.3 Financial 22,538 12.1 21,036 14.4 Marine 8,568 4.6 8,399 5.7 Other Specialty 27,297 14.7 17,753 12.2 Total Other 60,879 32.7 49,082 33.6 $ 186,455 100.0 % $ 145,886 100.0 % Gross Premiums Written by Geographic Area of Risks Insured Three months ended March 31 2023 2022 ($ in thousands) U.S. and Caribbean $ 69,852 37.5 % $ 76,037 52.1 % Worldwide (1) 106,262 57.0 66,271 45.4 Europe 3,427 1.8 2,874 2.0 Asia 6,914 3.7 704 0.5 $ 186,455 100.0 % $ 145,886 100.0 %

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Use of Estimates	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 revenue and expenses during the period. Actual results could differ from these estimates. The significant estimates reflected in the Company’s condensed consolidated financial statements include, but are not limited to, loss and loss adjustment expense reserves, premiums written, earned, and receivable, variability underlying risk transfer assessments, allowances for credit losses, share-based compensation, valuation allowances associated with deferred tax assets and investment impairments.
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents
Funds Held by Cedents	Funds Held by CedentsThe caption “Reinsurance balances receivable” in the Company’s condensed consolidated balance sheets includes financial assets held by cedents. At March 31, 2023, funds held by cedents were $367.8 million (December 31, 2022: $337.4 million). Such amounts include premiums withheld by Lloyd’s syndicates and funds contributed by the Company to Lloyd's as security for members’ underwriting activities. The Lloyd’s syndicates invest a portion of the premiums withheld in investment funds and fixed-maturity securities. The Company records its share of income (or expense) from these assets, in its condensed consolidated statements of operations under the caption “Other income (expense)” as reported by the syndicates on a quarterly lag basis due to the timing of the availability of these quarterly financial reports.
Earnings (Loss) Per Share	Earnings (Loss) Per ShareDue to the net loss attributable to common shareholders recognized for the three months ended March 31, 2022, the share-based awards and convertible notes were anti-dilutive.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	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: March 31, 2023 December 31, 2022 ($ in thousands) Cash and cash equivalents $ 40,024 $ 38,238 Restricted cash and cash equivalents 626,236 668,310 Total cash, cash equivalents and restricted cash presented in the condensed consolidated statements of cash flows $ 666,260 $ 706,548
Schedule of Restrictions on Cash and Cash Equivalents	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: March 31, 2023 December 31, 2022 ($ in thousands) Cash and cash equivalents $ 40,024 $ 38,238 Restricted cash and cash equivalents 626,236 668,310 Total cash, cash equivalents and restricted cash presented in the condensed consolidated statements of cash flows $ 666,260 $ 706,548
Schedule of Interest Income (Expense)	For the three months ended March 31, 2023 and 2022, the interest income (expense) on deposit-accounted contracts were as follows: Three months ended March 31 2023 2022 ($ in thousands) Deposit interest income $ — $ — Deposit interest expense $ (132) $ (34) Deposit interest income (expense), net $ (132) $ (34)
Schedule of Net Income (Loss) and Weighted Average Number of Shares	The following table reconciles net income (loss) and weighted average shares used in computing basic and diluted net income (loss) per share for the three months ended March 31, 2023 and 2022 (expressed in thousands of U.S. dollars, except per share and share amounts): Three months ended March 31 2023 2022 Numerator for earnings per share Net income (loss) - basic $ 5,887 $ (5,727) Add: interest on convertible notes 776 — Less: gain on debt repurchases (265) — Net income (loss) - diluted $ 6,398 $ (5,727) Denominator for earnings per share Weighted average shares outstanding - basic 34,059,185 32,926,227 Effect of dilutive employee and director share-based awards 341,263 — Shares potentially issuable in connection with convertible notes 3,831,159 — Weighted average shares outstanding - diluted 38,231,607 32,926,227 Anti-dilutive stock options outstanding 690,337 735,627 Participating securities excluded from calculation of loss per share — 815,847 Shares potentially issuable in connection with convertible notes excluded from calculation of diluted loss per share — 5,818,182 Earnings (loss) per Class A and Class B ordinary share: Basic $ 0.17 $ (0.17) Diluted $ 0.17 $ (0.17)

INVESTMENT IN RELATED PARTY I_2

INVESTMENT IN RELATED PARTY INVESTMENT FUND (Tables)	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Financial Information of Investment	The summarized financial statements of SILP are presented below. Summarized Statement of Assets and Liabilities of Solasglas Investments, LP March 31, 2023 December 31, 2022 ($ in thousands) Assets Investments, at fair value $ 370,568 $ 304,806 Derivative contracts, at fair value 15,095 17,547 Due from brokers 42,257 109,169 Interest and dividends receivable 8 527 Total assets 427,928 432,049 Liabilities and partners’ capital Liabilities Investments sold short, at fair value (132,658) (159,382) Derivative contracts, at fair value (14,737) (12,443) Capital withdrawals payable (670) (75) Due to brokers (5,299) (2,050) Interest and dividends payable (418) (760) Other liabilities (184) (159) Total liabilities (153,966) (174,869) Net Assets $ 273,962 $ 257,180 GLRE Limited Partners’ share of Net Assets $ 196,060 $ 178,197 Summarized Statement of Operations of Solasglas Investments, LP Three months ended March 31 2023 2022 ($ in thousands) Investment income Dividend income (net of withholding taxes) $ 627 $ 320 Interest income 1,816 49 Total Investment income 2,443 369 Expenses Management fee (1,068) (891) Interest (1,428) (256) Dividends (419) (382) Professional fees and other (282) (264) Total expenses (3,197) (1,793) Net investment income (loss) (754) (1,424) Realized and change in unrealized gains (losses) Net realized gain (loss) (1,760) 24,148 Net change in unrealized appreciation (depreciation) (1,033) (16,792) Net gain (loss) on investment transactions (2,793) 7,356 Net income (loss) $ (3,547) $ 5,932 GLRE Limited Partners’ share of net income (loss) (1) $ (3,138) $ 4,077 (1) Net income (loss) is net of management fees and performance allocation presented below: Three months ended March 31 2023 2022 ($ in thousands) Management fees $ 1,068 $ 891 Performance allocation — 453 Total $ 1,068 $ 1,344

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Other Investments	At March 31, 2023, the Company included the following private investments and unlisted securities without readily determinable fair values in the caption “Other investments”: Cost Unrealized Unrealized Accrued interest Fair value / carrying value ($ in thousands) Private investments and unlisted equities $ 22,488 $ 42,461 $ (2,265) $ — $ 62,684 Debt and convertible debt securities 2,420 — — 58 2,478 Certificates of deposit 6,000 — — — 6,000 Total other investments $ 30,908 $ 42,461 $ (2,265) $ 58 $ 71,162 The accrued interest on certificates of deposit was included in other assets at March 31, 2023 and December 31, 2022. At December 31, 2022, the Company included the following private investments and unlisted securities without readily determinable fair values in the caption “Other investments”: Cost Unrealized Unrealized Fair value / carrying value ($ in thousands) Private investments and unlisted equities $ 22,787 $ 42,461 $ (2,815) $ 62,433 Debt and convertible debt securities 1,846 — — 1,846 Certificates of deposit 6,000 — — 6,000 Total other investments $ 30,633 $ 42,461 $ (2,815) $ 70,279
Schedule of Carrying Values of Private Investments and Unlisted Equity Securities Carried under Measurement Alternative	The following table presents the carrying values of the private investments and unlisted equity securities carried under the measurement alternative at March 31, 2023 and 2022, and the related adjustments recorded during the periods then ended. Three months ended March 31 2023 2022 ($ in thousands) Carrying value (1) $ 62,684 $ 54,312 Upward carrying value changes (2) $ — $ 3,827 Downward carrying value changes and impairment (3) $ (250) $ — (1) The period-end carrying values reflect cumulative purchases and sales in addition to upward and downward carrying value changes. (2) The cumulative upward carrying value changes from inception to March 31, 2023, totaled $42.9 million. (3) The cumulative downward carrying value changes and impairments from inception to March 31, 2023, totaled $3.3 million.
Assets Measured at Fair Value on a Nonrecurring Basis	The Company classifies these assets as Level 3 within the fair value hierarchy. The following table summarizes the periods between the most recent fair value measurement dates and March 31, 2023, for the private and unlisted equities measured at fair value on a nonrecurring basis: Less than 6 months 6 to 12 months Over 1 year Total ($ in thousands) Fair values measured on a nonrecurring basis $ 599 $ 24,451 $ 28,503 $ 53,553

LOSS AND LOSS ADJUSTMENT EXPE_2

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES (Tables)	3 Months Ended
	Mar. 31, 2023
Insurance Loss Reserves [Abstract]
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense	At March 31, 2023 and December 31, 2022, loss and loss adjustment expense reserves were composed of the following: March 31, 2023 December 31, 2022 ($ in thousands) Case reserves $ 195,957 $ 184,756 IBNR 399,842 370,712 Total $ 595,799 $ 555,468 A summary of changes in outstanding loss and loss adjustment expense reserves for all lines of business consolidated for the three months ended March 31, 2023 and 2022 is as follows: Consolidated 2023 2022 ($ in thousands) Gross balance at January 1 $ 555,468 $ 524,010 Less: Losses recoverable (13,239) (11,100) Net balance at January 1 542,229 512,910 Incurred losses related to: Current year 84,687 95,082 Prior years 12,038 2,325 Total incurred 96,725 97,407 Paid losses related to: Current year (5,546) (9,903) Prior years (57,158) (59,901) Total paid (62,704) (69,804) Foreign currency revaluation 2,622 (2,741) Net balance at March 31 578,872 537,772 Add: Losses recoverable 16,927 11,369 Gross balance at March 31 $ 595,799 $ 549,141

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Stock by Class	The following table is a summary of the Company’s ordinary shares issued and outstanding: Three months ended March 31 Three months ended March 31 2023 2022 Class A Class B Class A Class B Balance – beginning of period 28,569,346 6,254,715 27,589,731 6,254,715 Issue of ordinary shares, net of forfeitures 438,617 — 876,785 — Repurchase of ordinary shares — — — — Balance – end of period 29,007,963 6,254,715 28,466,516 6,254,715

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Activity for Unvested Restricted Share Awards and Employee Restricted Stock Units	The following table summarizes the activity for unvested outstanding restricted share awards during the three months ended March 31, 2023: Performance Restricted Shares Service Restricted Shares Number of Weighted Number of Weighted Balance at December 31, 2021 193,149 $ 10.10 753,407 $ 8.68 Granted 601,213 6.82 248,659 6.82 Vested — — (122,233) 10.84 Forfeited — — (8,476) 7.67 Balance at March 31, 2022 794,362 $ 7.62 871,357 $ 7.86 Balance at December 31, 2022 794,362 $ 7.62 832,896 $ 7.76 Granted 357,766 9.85 152,001 9.85 Vested — — (256,243) 6.75 Forfeited (99,428) 9.62 (49,417) 8.64 Balance at March 31, 2023 1,052,700 $ 8.19 679,237 $ 8.54 Performance Restricted Stock Units Service Restricted Stock Units Number of Weighted Number of Weighted Balance at December 31, 2022 105,008 $ 6.82 172,952 $ 7.58 Granted 71,121 9.85 42,811 9.85 Vested — — (77,695) 6.74 Forfeited — — (1,788) 7.82 Balance at March 31, 2023 176,129 $ 8.04 136,280 $ 8.76

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Letters of Credit Facilities	At March 31, 2023, the Company had the following committed letter of credit facility: Maximum Facility Limit Termination Date Notice period required for termination ($ in thousands) Citibank Europe plc $ 275,000 August 20, 2023 120 days before the termination date

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Gross Premiums Written by Line of Business	Gross Premiums Written by Line of Business Three months ended March 31 2023 2022 ($ in thousands) Property Commercial $ 14,598 7.8 % $ 3,986 2.7 % Motor 232 0.1 1,446 1.0 Personal 15,542 8.3 13,103 9.0 Total Property 30,372 16.2 18,535 12.7 Casualty General Liability 19,516 10.5 10,005 6.9 Motor Liability 5,599 3.0 5,109 3.5 Professional Liability 3,647 2.0 141 0.1 Workers' Compensation 3,159 1.7 9,920 6.8 Multi-line 63,283 33.9 53,094 36.4 Total Casualty 95,204 51.1 78,269 53.7 Other Accident & Health 2,476 1.3 1,894 1.3 Financial 22,538 12.1 21,036 14.4 Marine 8,568 4.6 8,399 5.7 Other Specialty 27,297 14.7 17,753 12.2 Total Other 60,879 32.7 49,082 33.6 $ 186,455 100.0 % $ 145,886 100.0 %
Schedule of Gross Premiums Written by Geographic Area of Risks Insured	Gross Premiums Written by Geographic Area of Risks Insured Three months ended March 31 2023 2022 ($ in thousands) U.S. and Caribbean $ 69,852 37.5 % $ 76,037 52.1 % Worldwide (1) 106,262 57.0 66,271 45.4 Europe 3,427 1.8 2,874 2.0 Asia 6,914 3.7 704 0.5 $ 186,455 100.0 % $ 145,886 100.0 %

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 40,024	$ 38,238
Restricted cash and cash equivalents	626,236	668,310
Total cash, cash equivalents and restricted cash presented in the condensed consolidated statements of cash flows	$ 666,260	$ 706,548	$ 732,739	$ 711,101

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle
Deposit contracts, assets	$ 3,100		$ 3,100
Deposit contracts, liabilities	8,800		10,700
Reinsurance balances receivable	581,641		505,555
Foreign currency transaction gains (losses)	4,900	$ (1,100)
Cedents
New Accounting Pronouncements or Change in Accounting Principle
Reinsurance balances receivable	$ 367,800		$ 337,400

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Interest Income and Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounting Policies [Abstract]
Deposit interest income	$ 0	$ 0
Deposit interest expense	(132)	(34)
Deposit interest income (expense), net	$ (132)	$ (34)

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Net Income (Loss) and Weighted Average Number of Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator for earnings per share
Net income (loss) - basic	$ 5,887	$ (5,727)
Add: interest on convertible notes	776	0
Less: gain on debt repurchases	(265)	0
Net income (loss) - diluted	$ 6,398	$ (5,727)
Denominator for earnings per share
Weighted average shares outstanding - basic (in shares)	34,059,185	32,926,227
Effect of dilutive employee and director share-based awards (in shares)	341,263	0
Effect of settling the convertible debt in shares (in shares)	3,831,159	0
Weighted average shares outstanding - diluted (in shares)	38,231,607	32,926,227
Earnings (loss) per Class A and Class B ordinary share:
Basic (in dollars per share)	$ 0.17	$ (0.17)
Diluted (in dollars per share)	$ 0.17	$ (0.17)
Anti-dilutive stock options outstanding
Denominator for earnings per share
Shares potentially issuable in connection with convertible notes and Anti-dilutive stock options outstanding (in shares)	690,337	735,627
Participating securities excluded from calculation of loss per share
Denominator for earnings per share
Shares potentially issuable in connection with convertible notes and Anti-dilutive stock options outstanding (in shares)	0	815,847
Shares potentially issuable in connection with convertible notes
Denominator for earnings per share
Shares potentially issuable in connection with convertible notes and Anti-dilutive stock options outstanding (in shares)	0	5,818,182

INVESTMENT IN RELATED PARTY I_3

INVESTMENT IN RELATED PARTY INVESTMENT FUND - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Income (loss) from investment in related party investment fund	$ (3,138)	$ 4,077
Solasglas Investments, LP (SILP)
Schedule of Equity Method Investments [Line Items]
LPA, investment cap percentage	60%
Solasglas Investments, LP (SILP) | GLRE Limited Partners
Schedule of Equity Method Investments [Line Items]
Equity method investments, fair value	$ 196,100		$ 178,200
SILP General Partner
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest (as a percent)	28.40%		30.70%
Limited Partnership Agreement
Schedule of Equity Method Investments [Line Items]
Asset redemption notice to general partner	3 days
Solasglas Investments, LP (SILP) | GLRE Limited Partners
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest (as a percent)	71.60%		69.30%

INVESTMENT IN RELATED PARTY I_4

INVESTMENT IN RELATED PARTY INVESTMENT FUND - Financial Information of Investment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Investments, at fair value	$ 196,060	$ 178,197
Total assets	1,644,516	1,580,381
Liabilities
Other liabilities	(7,311)	(6,397)
Total liabilities	(1,134,475)	(1,077,261)
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Solasglas Investments, LP (SILP)
Liabilities
Net Assets	196,060	178,197
Solasglas Investments, LP (SILP) | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Assets
Investments, at fair value	370,568	304,806
Derivative contracts, at fair value	15,095	17,547
Due from brokers	42,257	109,169
Interest and dividends receivable	8	527
Total assets	427,928	432,049
Liabilities
Investments sold short, at fair value	(132,658)	(159,382)
Derivative contracts, at fair value	(14,737)	(12,443)
Capital withdrawals payable	(670)	(75)
Due to brokers	(5,299)	(2,050)
Interest and dividends payable	(418)	(760)
Other liabilities	(184)	(159)
Total liabilities	(153,966)	(174,869)
Net Assets	$ 273,962	$ 257,180

INVESTMENT IN RELATED PARTY I_5

INVESTMENT IN RELATED PARTY INVESTMENT FUND - Summarized Statements of Assets, Liabilities and Net Assets of SILP (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Expenses
Total expenses	$ (149,045)	$ (138,772)
Net investment income (loss)	8,378	3,660
Realized and change in unrealized gains (losses)
Net income (loss)	5,887	(5,727)
Management fees	1,068	891
Performance allocation	0	453
Total	1,068	1,344
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Solasglas Investments, LP (SILP)
Realized and change in unrealized gains (losses)
Net income (loss)	(3,138)	4,077
Solasglas Investments, LP (SILP) | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Investment income
Dividend income (net of withholding taxes)	627	320
Interest income	1,816	49
Total Investment income	2,443	369
Expenses
Management fee	(1,068)	(891)
Interest	(1,428)	(256)
Dividends	(419)	(382)
Professional fees and other	(282)	(264)
Total expenses	(3,197)	(1,793)
Net investment income (loss)	(754)	(1,424)
Realized and change in unrealized gains (losses)
Net realized gain (loss)	(1,760)	24,148
Net change in unrealized appreciation (depreciation)	(1,033)	(16,792)
Net gain (loss) on investment transactions	(2,793)	7,356
Net income (loss)	$ (3,547)	$ 5,932

FINANCIAL INSTRUMENTS - Other I

FINANCIAL INSTRUMENTS - Other Investments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Total other investments
Debt and Equity Securities, FV-NI
Cost	$ 30,908	$ 30,633
Unrealized gains	42,461	42,461
Unrealized losses	(2,265)	(2,815)
Fair value / carrying value	71,162	70,279
Private investments and unlisted equities
Debt and Equity Securities, FV-NI
Cost	22,488	22,787
Unrealized gains	42,461	42,461
Unrealized losses	(2,265)	(2,815)
Accrued interest	0
Fair value / carrying value	62,684	62,433
Debt and convertible debt securities
Debt and Equity Securities, FV-NI
Cost	2,420	1,846
Unrealized gains	0	0
Unrealized losses	0	0
Accrued interest	58
Fair value / carrying value	2,478	1,846
Certificates of deposit
Debt and Equity Securities, FV-NI
Cost	6,000	6,000
Unrealized gains	0	0
Unrealized losses	0	0
Accrued interest	0
Fair value / carrying value	$ 6,000	$ 6,000

FINANCIAL INSTRUMENTS - Nonrecu

FINANCIAL INSTRUMENTS - Nonrecurring Fair Value Disclosures (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Upward carrying value changes	$ 42,900
Downward carrying value changes and impairment	(3,300)
Fair Value, Nonrecurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Carrying value	62,684	$ 54,312
Upward carrying value changes	0	3,827
Downward carrying value changes and impairment	$ (250)	$ 0

FINANCIAL INSTRUMENTS - Narrati

FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Other investments	$ 71,162		$ 70,279
Realized loss	800	$ 0
Private Investments and Unlisted Equity Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Other investments	9,100		8,900
Private Investments and Unlisted Equity Securities | Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair value / carrying value	$ 53,600		$ 53,600

FINANCIAL INSTRUMENTS - Assets

FINANCIAL INSTRUMENTS - Assets Measured at Fair Value On a Nonrecurring Basis (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Fair values measured on a nonrecurring basis	$ 53,553
Less than 6 months
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Fair values measured on a nonrecurring basis	599
6 to 12 months
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Fair values measured on a nonrecurring basis	24,451
Over 1 year
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Fair values measured on a nonrecurring basis	$ 28,503

LOSS AND LOSS ADJUSTMENT EXPE_3

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES - Liability for Unpaid Claims and Claims Adjustment Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Insurance Loss Reserves [Abstract]
Case reserves	$ 195,957		$ 184,756
IBNR	399,842		370,712
Total	595,799	$ 549,141	555,468	$ 524,010
Liability for Unpaid Claims and Claims Adjustment Expense
Gross balance at January 1	555,468	524,010
Less: Losses recoverable			(13,239)	$ (11,100)
Net balance at January 1	542,229	512,910
Incurred losses related to:
Current year	84,687	95,082
Prior years	12,038	2,325
Total incurred	96,725	97,407
Paid losses related to:
Current year	(5,546)	(9,903)
Prior years	(57,158)	(59,901)
Total paid	(62,704)	(69,804)
Foreign currency revaluation	2,622	(2,741)
Net balance at March 31	578,872	537,772
Add: Losses recoverable	16,927	11,369	$ 13,239
Gross balance at March 31	$ 595,799	$ 549,141

LOSS AND LOSS ADJUSTMENT EXPE_4

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Liability for Claims and Claims Adjustment Expense
Prior years	$ 12,038	$ 2,325
Reinsurance Contract [Axis]: Casualty Contracts
Liability for Claims and Claims Adjustment Expense
Net loss reserve on prior contracts increase (decrease)	7,800
Reinsurance Contract [Axis]: Casualty Contracts and Property Contracts
Liability for Claims and Claims Adjustment Expense
Net loss reserve on prior contracts increase (decrease)	9,800
Reinsurance Contract [Axis]: Other Line of Businesss
Liability for Claims and Claims Adjustment Expense
Net loss reserve on prior contracts increase (decrease)	1,900
Reinsurance Contract [Axis]: Property Contracts
Liability for Claims and Claims Adjustment Expense
Net loss reserve on prior contracts increase (decrease)	1,900
Turkey Earthquake, New Zealand Cyclone Gabrielle, U.S.Convective Storms
Liability for Claims and Claims Adjustment Expense
Net loss reserve on prior contracts increase (decrease)	6,200
Winter Storm Elliott
Liability for Claims and Claims Adjustment Expense
Net loss reserve on prior contracts increase (decrease)	4,100
CAT Losses
Liability for Claims and Claims Adjustment Expense
Net loss reserve on prior contracts increase (decrease)	$ 10,300	$ 17,900

RETROCESSION (Details)

RETROCESSION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Ceded Credit Risk
Ceded premiums earned	$ 8,600	$ 1,200
Loss and loss expenses recovered and recoverable	6,200	$ 700
Loss and loss adjustment expenses recoverable			$ 13,239	$ 11,100
Loss and loss adjustment expenses recoverable, allowance	62		62
AM Best, A- Rating
Ceded Credit Risk
Loss and loss adjustment expenses recoverable	4,500		3,800
Unsecured | Unrated
Ceded Credit Risk
Loss and loss adjustment expenses recoverable	12,500		9,500
Secured | Unrated
Ceded Credit Risk
Loss and loss adjustment expenses recoverable	$ 12,200		$ 9,200

SENIOR CONVERTIBLE NOTES (Detai

SENIOR CONVERTIBLE NOTES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Aug. 07, 2018
Debt Instrument [Line Items]
Repurchased and cancelled shares amount	$ 17,085,000	$ 0
Realized gains	265,000	0
Convertible senior notes payable	$ 62,381,000		$ 80,534,000
Senior Notes | Senior Unsecured Convertible Notes
Debt Instrument [Line Items]
Convertible debt, amount				$ 100,000,000
Debt interest rate (in percent)				4%
Debt conversion price (in dollars per share)	$ 17.19
Effective interest rate (in percent)				6%
Unamortized debt issuance expense	$ 200,000		400,000
Repurchased and cancelled shares amount	17,500,000
Realized gains	300,000
Accrued interest	400,000
Convertible senior notes payable	62,400,000		80,500,000
Fair value of debt	60,300,000		$ 77,100,000
Recognized interest expense	800,000	$ 1,200,000
Convertible Debt
Debt Instrument [Line Items]
Long-term debt, maturity, remainder of fiscal year	$ 63,400,000

SHARE CAPITAL - Narrative (Deta

SHARE CAPITAL - Narrative (Details) - USD ($) $ in Millions	May 02, 2023	Mar. 31, 2023	Dec. 31, 2022
Class of Stock
Stock repurchase program, authorized amount		$ 25
Class A
Class of Stock
Shares authorized for the company's stock incentive plan (in shares)		8,000,000
Shares available for future issuance (in shares)		1,387,727	2,011,426
Class A | Subsequent Event
Class of Stock
Stock repurchase program, authorized amount	$ 25

SHARE CAPITAL - Stock by Class

SHARE CAPITAL - Stock by Class (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Class A
Increase (Decrease) in Stockholders' Equity
Balance – beginning of period (in shares)	28,569,346	27,589,731
Issue of ordinary shares, net of forfeitures (in shares)	438,617	876,785
Repurchase of ordinary shares (in shares)	0	0
Balance – end of period (in shares)	29,007,963	28,466,516
Class B
Increase (Decrease) in Stockholders' Equity
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 - Rest

SHARE-BASED COMPENSATION - Restricted Stock (Details) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Performance Restricted Shares
Number of non-vested RSUs
Beginning balance (in shares)	794,362	193,149	193,149
Granted (in shares)	357,766		601,213
Vested (in shares)	0		0
Forfeited (in shares)	(99,428)		0
Ending balance (in shares)	1,052,700	794,362	794,362
Weighted  average grant date fair value
Beginning balance (in dollars per share)	$ 7.62	$ 10.10	$ 10.10
Granted (in dollars per share)	9.85		6.82
Vested (in dollars per share)	0		0
Forfeited (in dollars per share)	9.62		0
Ending balance (in dollars per share)	$ 8.19	$ 7.62	$ 7.62
Service Restricted Shares
Number of non-vested RSUs
Beginning balance (in shares)	832,896	753,407	753,407
Granted (in shares)	152,001	248,659
Vested (in shares)	(256,243)	(122,233)
Forfeited (in shares)	(49,417)		(8,476)
Ending balance (in shares)	679,237	871,357	832,896
Weighted  average grant date fair value
Beginning balance (in dollars per share)	$ 7.76	$ 8.68	$ 8.68
Granted (in dollars per share)	9.85	6.82
Vested (in dollars per share)	6.75	10.84
Forfeited (in dollars per share)	8.64		7.67
Ending balance (in dollars per share)	$ 8.54	$ 7.86	$ 7.76

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense, net of forfeiture reversals	$ 1	$ 1
Employee and Director Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cliff vesting period after date of issuance	3 years
Cliff vesting percentage after date of issuance (in percent)	50%
Total fair value of restricted shares vested	$ 1.7	$ 1.3
Employee and Director Restricted Shares | Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares issued pursuant to stock incentive plan (in shares)	587,462	849,872
Employee and Director Restricted Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cliff vesting percentage after date of issuance (in percent)	25%
Employee and Director Restricted Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cliff vesting percentage after date of issuance (in percent)	100%
Performance Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued to employees RSUs (in shares)	357,766		601,213
Performance RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cliff vesting period after date of issuance	3 years
Cliff vesting percentage after date of issuance (in percent)	50%
Number of shares issued to employees RSUs (in shares)	71,121
Performance RSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cliff vesting percentage after date of issuance (in percent)	25%
Performance RSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cliff vesting percentage after date of issuance (in percent)	100%
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cliff vesting period after date of issuance	3 years
Number of shares issued to employees RSUs (in shares)	113,932	159,215

SHARE-BASED COMPENSATION - Re_2

SHARE-BASED COMPENSATION - Restricted Stock Units (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Performance Restricted Stock Units
Number of non-vested RSUs
Beginning balance (in shares) | shares	105,008
Granted (in shares) | shares	71,121
Vested (in shares) | shares	0
Forfeited (in shares) | shares	0
Ending balance (in shares) | shares	176,129
Weighted  average grant date fair value
Beginning balance (in dollars per share) | $ / shares	$ 6.82
Granted (in dollars per share) | $ / shares	9.85
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares	$ 8.04
Service Restricted Stock Units
Number of non-vested RSUs
Beginning balance (in shares) | shares	172,952
Granted (in shares) | shares	42,811
Vested (in shares) | shares	(77,695)
Forfeited (in shares) | shares	(1,788)
Ending balance (in shares) | shares	136,280
Weighted  average grant date fair value
Beginning balance (in dollars per share) | $ / shares	$ 7.58
Granted (in dollars per share) | $ / shares	9.85
Vested (in dollars per share) | $ / shares	6.74
Forfeited (in dollars per share) | $ / shares	7.82
Ending balance (in dollars per share) | $ / shares	$ 8.76

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) shares in Millions			3 Months Ended
	Jan. 01, 2019	Sep. 01, 2018	Mar. 31, 2023
Affiliated Entity | Green Bricks Partners Inc (GRBK) | Solasglas Investments, LP (SILP)
Related Party Transaction
Common stock held (in shares)			2.7
Affiliated Entity | Green Bricks Partners Inc (GRBK)
Related Party Transaction
Ownership percentage (in percent)			37.90%
Board of Directors Chairman | Limited Partnership Agreement
Related Party Transaction
Performance compensation reduced rate (in percent)		10%
Performance compensation full rate (in percent)		20%
Performance compensation reduced rate (in percent)			10%
Loss carry forward recoupment required (in percent)			150%
Board of Directors Chairman | Investment Advisory Agreement
Related Party Transaction
Investment management fee rate - monthly (in percent)		0.125%
Investment management fee rate - annual (in percent)		1.50%
Automatic agreement extension, term (in years)		3 years
Board of Directors Chairman | Service Agreement
Related Party Transaction
Investor relations monthly fee			$ 5,000
Contract termination prior notice period (in days)			30 days
Board of Directors Chairman | Collateral Assets Investment Management Agreement
Related Party Transaction
Contract termination prior notice period (in days)	30 days

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Letters of Credit Facilities (Details) - Citibank Europe plc - Facility	3 Months Ended
	Mar. 31, 2023 USD ($)
Line of Credit Facility
Maximum Facility Limit	$ 275,000,000
Notice period required for termination	120 days

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Line of Credit Facility
Aggregate amount of letters of credit issued	$ 282.3	$ 203.9
Collateral held in trust	343.2	463.7
Uncommitted Letter of Credit | Citibank Europe plc
Line of Credit Facility
Credit facility	14
Letter of Credit
Line of Credit Facility
Cash and cash equivalents	$ 283.1	$ 204.7

SEGMENT REPORTING - Gross Premi

SEGMENT REPORTING - Gross Premiums Written by Line of Business (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Segment Reporting Information
Number of operating segments | segment	1
Gross premiums written	$ 186,455	$ 145,886
Gross premiums written (in percent)	100%	100%
Total Property
Segment Reporting Information
Gross premiums written	$ 30,372	$ 18,535
Gross premiums written (in percent)	16.20%	12.70%
Commercial
Segment Reporting Information
Gross premiums written	$ 14,598	$ 3,986
Gross premiums written (in percent)	7.80%	2.70%
Motor
Segment Reporting Information
Gross premiums written	$ 232	$ 1,446
Gross premiums written (in percent)	0.10%	1%
Personal
Segment Reporting Information
Gross premiums written	$ 15,542	$ 13,103
Gross premiums written (in percent)	8.30%	9%
Total Casualty
Segment Reporting Information
Gross premiums written	$ 95,204	$ 78,269
Gross premiums written (in percent)	51.10%	53.70%
General Liability
Segment Reporting Information
Gross premiums written	$ 19,516	$ 10,005
Gross premiums written (in percent)	10.50%	6.90%
Motor Liability
Segment Reporting Information
Gross premiums written	$ 5,599	$ 5,109
Gross premiums written (in percent)	3%	3.50%
Professional Liability
Segment Reporting Information
Gross premiums written	$ 3,647	$ 141
Gross premiums written (in percent)	2%	0.10%
Workers' Compensation
Segment Reporting Information
Gross premiums written	$ 3,159	$ 9,920
Gross premiums written (in percent)	1.70%	6.80%
Multi-line
Segment Reporting Information
Gross premiums written	$ 63,283	$ 53,094
Gross premiums written (in percent)	33.90%	36.40%
Total Other
Segment Reporting Information
Gross premiums written	$ 60,879	$ 49,082
Gross premiums written (in percent)	32.70%	33.60%
Accident & Health
Segment Reporting Information
Gross premiums written	$ 2,476	$ 1,894
Gross premiums written (in percent)	1.30%	1.30%
Financial
Segment Reporting Information
Gross premiums written	$ 22,538	$ 21,036
Gross premiums written (in percent)	12.10%	14.40%
Marine
Segment Reporting Information
Gross premiums written	$ 8,568	$ 8,399
Gross premiums written (in percent)	4.60%	5.70%
Other Specialty
Segment Reporting Information
Gross premiums written	$ 27,297	$ 17,753
Gross premiums written (in percent)	14.70%	12.20%

SEGMENT REPORTING - Gross Pre_2

SEGMENT REPORTING - Gross Premiums Written by Geographic Area of Risks Insured (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from External Customer
Gross premiums written	$ 186,455	$ 145,886
Gross premiums written (in percent)	100%	100%
U.S. and Caribbean
Revenue from External Customer
Gross premiums written	$ 69,852	$ 76,037
Gross premiums written (in percent)	37.50%	52.10%
Worldwide
Revenue from External Customer
Gross premiums written	$ 106,262	$ 66,271
Gross premiums written (in percent)	57%	45.40%
Europe
Revenue from External Customer
Gross premiums written	$ 3,427	$ 2,874
Gross premiums written (in percent)	1.80%	2%
Asia
Revenue from External Customer
Gross premiums written	$ 6,914	$ 704
Gross premiums written (in percent)	3.70%	0.50%

Uncategorized Items - glre-2023

Label	Element	Value
Accounting Standards Update 2020-06 [Member]
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]