Greenlight Capital Re (GLRE) 10-Q 4 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-33493
Entity Registrant Name	GREENLIGHT CAPITAL RE, LTD.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	65 Market Street
Entity Address, Address Line Two	Suite 1207, Jasmine Court
Entity Address, Address Line Three	P.O. Box 31110
Entity Address, City or Town	Camana Bay
Entity Address, Country	KY
Entity Address, Postal Zip Code	KY1-1205
City Area Code	205
Local Phone Number	291-3440
Title of 12(b) Security	Ordinary Shares
Trading Symbol	GLRE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		34,832,493
Entity Central Index Key	0001385613
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments
Investment in related party investment fund, at fair value	$ 397,888	$ 258,890
Other investments	73,559	73,293
Total investments	471,447	332,183
Cash and cash equivalents	54,642	51,082
Restricted cash and cash equivalents	567,091	604,648
Reinsurance balances receivable (net of allowance for expected credit losses of 2024: $865 and 2023: $854)	718,719	619,401
Loss and loss adjustment expenses recoverable (net of allowance for expected credit losses of 2024: $700 and 2023: $487)	65,947	25,687
Deferred acquisition costs	82,206	79,956
Unearned premiums ceded	35,270	17,261
Other assets	6,364	5,089
Total assets	2,001,686	1,735,307
Liabilities
Loss and loss adjustment expense reserves	811,152	661,554
Unearned premium reserves	347,103	306,310
Reinsurance balances payable	88,152	68,983
Funds withheld	20,788	17,289
Other liabilities	8,491	11,795
Debt	62,582	73,281
Total liabilities	1,338,268	1,139,212
Commitments and Contingencies (Note 15)
Shareholders' equity
Preferred share capital (par value $0.10; none issued)	0	0
Ordinary share capital (par value $0.10; issued and outstanding, 34,832,493) (2023: par value $0.10; issued and outstanding, 35,336,732)	3,483	3,534
Additional paid-in capital	481,672	484,532
Retained earnings	178,263	108,029
Total shareholders' equity	663,418	596,095
Total liabilities and equity	$ 2,001,686	$ 1,735,307

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for expected credit losses	$ 865	$ 854
Loss and loss adjustment expenses recoverable, allowance	$ 700	$ 487
Preferred share capital, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred share capital, issued (in shares)	0	0
Ordinary share capital, par value (in dollars per share)	$ 0.10	$ 0.10
Ordinary share capital, issued (in shares)	34,832,493	35,336,732
Ordinary share capital, outstanding (in shares)	34,832,493	35,336,732

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Gross premiums written	$ 168,346	$ 183,074	$ 554,579	$ 524,472
Gross premiums ceded	(26,598)	(14,789)	(64,611)	(35,740)
Net premiums written	141,748	168,285	489,968	488,732
Change in net unearned premium reserves	10,136	(5,175)	(18,150)	(43,030)
Net premiums earned	151,884	163,110	471,818	445,702
Income (loss) from investment in related party investment fund (net of related party expenses - Note 3)	19,844	(1,853)	42,422	27,791
Net investment income	8,244	6,958	24,611	24,705
Foreign exchange gains (losses)	5,826	(1,999)	3,245	7,661
Other income, net	2,210	706	12,088	5,738
Total revenues	188,008	166,922	554,184	511,597
Expenses
Net loss and loss adjustment expenses incurred	93,165	96,843	304,524	284,072
Acquisition costs	46,162	46,933	138,226	126,702
General and administrative expenses	10,326	7,905	31,557	27,866
Deposit interest expense	377	278	3,139	645
Interest expense	2,018	1,457	4,827	2,977
Total expenses	152,048	153,416	482,273	442,262
Income before income tax	35,960	13,506	71,911	69,335
Income tax expense	(723)	(29)	(1,677)	(111)
Net income	$ 35,237	$ 13,477	$ 70,234	$ 69,224
Earnings per share ("EPS"):
Basic (in dollars per share)	$ 1.03	$ 0.40	$ 2.05	$ 2.03
Diluted (in dollars per share)	$ 1.01	$ 0.39	$ 2.02	$ 1.99
Weighted average number of ordinary shares used in the determination of EPS:
Basic (in shares)	34,120,955	34,070,818	34,210,560	34,067,012
Diluted (in shares)	34,810,066	34,801,864	34,824,372	34,703,973

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Ordinary share capital	Additional paid-in capital	Retained earnings
Beginning balance at Dec. 31, 2022		$ 3,482	$ 478,439	$ 21,199
Increase (Decrease) in Stockholders' Equity
Issue of ordinary shares, net of forfeitures		52
Repurchase of ordinary shares		0	0
Share-based compensation expense			3,469
Net income	$ 69,224			69,224
Ending balance at Sep. 30, 2023	575,865	3,534	481,908	90,423
Beginning balance at Jun. 30, 2023		3,527	480,648	76,946
Increase (Decrease) in Stockholders' Equity
Issue of ordinary shares, net of forfeitures		7
Repurchase of ordinary shares		0	0
Share-based compensation expense			1,260
Net income	13,477			13,477
Ending balance at Sep. 30, 2023	575,865	3,534	481,908	90,423
Beginning balance at Dec. 31, 2023		3,534	484,532	108,029
Increase (Decrease) in Stockholders' Equity
Issue of ordinary shares, net of forfeitures		4
Repurchase of ordinary shares		(55)	(7,433)
Share-based compensation expense			4,573
Net income	70,234			70,234
Ending balance at Sep. 30, 2024	663,418	3,483	481,672	178,263
Beginning balance at Jun. 30, 2024		3,532	487,462	143,026
Increase (Decrease) in Stockholders' Equity
Issue of ordinary shares, net of forfeitures		6
Repurchase of ordinary shares		(55)	(7,433)
Share-based compensation expense			1,643
Net income	35,237			35,237
Ending balance at Sep. 30, 2024	$ 663,418	$ 3,483	$ 481,672	$ 178,263

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income	$ 70,234	$ 69,224
Adjustments to reconcile net income or loss to net cash provided by (used in) operating activities:
Income from investments in related party investment fund	(42,422)	(27,791)
Net realized gain on repurchases of convertible senior notes payable	0	(265)
Net realized and unrealized losses (gains) on other investments	324	2,299
Net realized and unrealized losses (gains) on derivatives	58	0
Current expected credit losses (gains) recognized on reinsurance assets	225	500
Share-based compensation expense	4,577	3,521
Accretion of debt offering costs and change in interest accruals	1,177	(98)
Net change in:
Reinsurance balances receivable	(99,329)	(135,281)
Loss and loss adjustment expenses recoverable	(40,474)	(15,007)
Deferred acquisition costs	(2,250)	(2,711)
Unearned premiums ceded	(18,009)	(547)
Loss and loss adjustment expense reserves	149,598	102,766
Unearned premium reserves	40,793	32,762
Reinsurance balances payable	19,169	(35,253)
Funds withheld	3,499	(8,501)
Other items, net	(5,200)	(248)
Net cash provided by (used in) operating activities	81,970	(14,630)
Cash flows from investing activities
Proceeds from redemptions of investment in Solasglas	14,000	73,997
Contributions to investment in Solasglas	(110,576)	(97,000)
Purchases of other investments	(814)	(5,545)
Proceeds on disposal of other investments	168	6,000
Net cash used in investing activities	(97,222)	(22,548)
Cash flows from financing activities
Proceeds from term loans	0	74,053
Repayment of term loans	(11,876)	0
Repayment of convertible senior notes payable	0	(62,147)
Repurchases of convertible senior notes payable	0	(17,198)
Repurchase of shares	(7,488)	0
Net cash used in financing activities	(19,364)	(5,292)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	619	(152)
Decrease in cash, cash equivalents and restricted cash	(33,997)	(42,622)
Cash, cash equivalents and restricted cash at beginning of the period	655,730	706,548
Cash, cash equivalents and restricted cash at end of the period	621,733	663,926
Supplementary information
Interest paid in cash	3,825	3,336
Income tax paid (refund received) in cash	$ 192	$ 56

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Organization Greenlight Capital Re, Ltd. (“GLRE” and, together with its wholly-owned subsidiaries, the “Company”) was incorporated as an exempted company under the Companies Law of the Cayman Islands on July 13, 2004. The Company is a global specialty property and casualty reinsurer headquartered in the Cayman Islands. The ordinary shares of GLRE are listed on Nasdaq Global Select Market under the symbol “GLRE.” Basis of Presentation These unaudited condensed consolidated financial statements (the “financial statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the U.S. Securities and Exchange Commission’s (“SEC”) instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. The financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s 2023 Form 10-K. The financial statements include the accounts of GLRE and the consolidated financial statements of its wholly-owned subsidiaries and all significant intercompany transactions and balances have been eliminated on consolidation. In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position and results of operations as at the end of and for the periods presented. The results of operations for any interim period are not necessarily indicative of the results for a full year. Tabular dollars are in thousands, with the exception of per share amounts or otherwise noted. All amounts are reported in U.S. dollars. Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current financial statements. The Company has reported separately the foreign exchange gains (losses) from “ Other income ” in the condensed consolidated statements of operations. This resulted in no change to the previously reported total revenues or net income. The Company has also included the foreign exchange gains (losses) as part of the net change in working capital in the condensed consolidated statements of cash flows. Further, the Company combined “Other assets, excluding depreciation” and “Other liabilities” and presented the sum as “Other items, net” in the condensed consolidated statements of cash flows. These changes in presentation in the condensed consolidated statements of cash flows have resulted in no change to the previously reported net cash provided by (used in) operating activities.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES There were no material changes to the Company’s significant accounting policies subsequent to its 2023 Form 10-K. Recently Issued Accounting Standards Not Yet Adopted On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures . The new ASU requires incremental disclosures related to a public entity’s reportable segments but does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. This new guidance is effective for the Company’s 2024 year-end financial statements, and should be adopted retrospectively unless impracticable. Early adoption is permitted. On December 14, 2023, FASB issued ASU 2023-09, Income Taxes Topic (740) - Improvements to Income Tax Disclosures . The new ASU provides more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. This ASU is effective for the Company’s 2024 year-end financial statements. As the above ASUs relate solely to financial statement disclosures, the adoption of these ASUs will not impact the Company’s financial condition, results of operations, or cash flows.

INVESTMENT IN RELATED PARTY INV

INVESTMENT IN RELATED PARTY INVESTMENT FUND	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN RELATED PARTY INVESTMENT FUND	INVESTMENT IN RELATED PARTY INVESTMENT FUND Effective August 1, 2024, the Company and Solasglas Investments, LP (“Solasglas”) entered into Amendment No. 2 to the Second Amended and Restated Exempted Limited Partnership Agreement, to revise the Investment Cap from 60% to 70% (as defined in Note 3 of the 2023 Form 10-K). The Company’s maximum exposure to loss relating to Solasglas is limited to GLRE's share of Partners’ capital in Solasglas. At September 30, 2024, GLRE’s share of Partners’ capital in Solasglas was $397.9 million (December 31, 2023: $258.9 million), representing 77.2% (December 31, 2023: 72.7%) of Solasglas’ total net assets. DME Advisors II, LLC held the remaining 22.8% (December 31, 2023: 27.3%) of Solasglas’ total net assets. The Company’s share of the net increase in Partner’s capital for the three and nine months ended September 30, 2024 was $19.8 million and $42.4 million, respectively, (three and nine months ended September 30, 2023: a net decrease of $1.9 million and a net increase of $27.8 million, respectively), as shown in the caption “Income (loss) from investment in related party investment fund” in the Company’s condensed consolidated statements of operations. The summarized financial statements of Solasglas are presented below. Summarized Statements of Financial Condition of Solasglas Investments, LP September 30, 2024 December 31, 2023 Assets Investments, at fair value $ 549,163 $ 453,358 Derivative contracts, at fair value 11,844 11,167 Due from brokers 210,446 121,754 Cash and cash equivalents 21,782 — Interest and dividends receivable 438 1,143 Total assets 793,673 587,422 Liabilities and partners’ capital Liabilities Investments sold short, at fair value (263,540) (197,571) Derivative contracts, at fair value (12,101) (12,917) Capital withdrawals payable (1,250) (1,000) Due to brokers — (17,398) Interest and dividends payable (1,409) (2,315) Accrued expenses and other liabilities (204) (247) Total liabilities (278,504) (231,448) Partners' capital $ 515,170 $ 355,974 GLRE’s share of Partners' capital $ 397,888 $ 258,890 Summarized Statements of Operations of Solasglas Investments, LP Three months ended September 30 Nine months ended September 30 2024 2023 2024 2023 Investment income Dividend income (net of withholding taxes) $ 752 $ 273 $ 2,524 $ 1,624 Interest income 3,540 2,523 10,040 6,415 Total Investment income 4,292 2,796 12,564 8,039 Expenses Management fee (1,613) (1,238) (4,344) (3,469) Interest (817) (2,380) (2,887) (5,387) Dividends (782) (659) (2,217) (1,871) Professional fees and other (262) (507) (921) (1,396) Total expenses (3,474) (4,784) (10,369) (12,123) Net investment income (loss) 818 (1,988) 2,195 (4,084) Realized and change in unrealized gains (losses) Net realized gain (loss) 23,647 460 86,677 (2,145) Net change in unrealized appreciation (depreciation) 4,801 (1,191) (24,582) 52,601 Net gain (loss) on investment transactions 28,448 (731) 62,095 50,456 Net increase (decrease) in Partners' capital (1) $ 29,265 $ (2,719) $ 64,289 $ 46,372 GLRE’s share of the increase (decrease) in Partners' capital $ 19,844 $ (1,853) $ 42,422 $ 27,791 (1) The net increase in Partners’ capital is net of management fees and performance allocation presented below: Three months ended September 30 Nine months ended September 30 2024 2023 2024 2023 Management fees $ 1,613 $ 1,238 $ 4,344 $ 3,469 Performance allocation 2,205 $ (206) 4,714 3,088 Total $ 3,818 $ 1,032 $ 9,058 $ 6,557

OTHER INVESTMENTS

OTHER INVESTMENTS	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
OTHER INVESTMENTS	OTHER INVESTMENTS At September 30, 2024, the breakdown of the Company’s other investments was as follows: Cost Unrealized Unrealized Accrued interest Fair value / carrying value Private investments and unlisted equities $ 27,570 $ 49,902 $ (5,206) $ — $ 72,266 Debt and convertible debt securities 2,713 — (1,510) 90 1,293 Total other investments $ 30,283 $ 49,902 $ (6,716) $ 90 $ 73,559 At December 31, 2023, the breakdown of the Company’s other investments was as follows: Cost Unrealized Unrealized Accrued interest Fair value / carrying value Private investments and unlisted equities $ 28,470 $ 49,424 $ (6,737) $ — $ 71,157 Debt and convertible debt securities 2,499 — (499) 136 2,136 Total other investments $ 30,969 $ 49,424 $ (7,236) $ 136 $ 73,293 The following table presents the carrying values of the private investments and unlisted equity securities carried under the measurement alternative at September 30, 2024 and 2023, and the related adjustments recorded during the periods then ended. Nine months ended September 30 2024 2023 Carrying value (1) $ 72,266 $ 64,849 Upward carrying value changes (2) $ 501 $ 506 Downward carrying value changes and impairment (3) $ — $ (2,780) (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 September 30, 2024, totaled $50.9 million. (3) The cumulative downward carrying value changes and impairments from inception to September 30, 2024, totaled $2.8 million. Net investment income The following table summarizes the change in unrealized gains (losses) and the realized gains (losses) for the Company’s other investments, which are included in “ Net investment income ” in the condensed consolidated statements of operations (see Note 13): Three months ended September 30 Nine months ended September 30 2024 2023 2024 2023 Gross realized gains $ — $ — $ — $ — Gross realized losses — — (1,332) (800) Net realized gains (losses) $ — $ — $ (1,332) $ (800) Change in unrealized gains — (2,555) 1,008 (1,499) Net realized and unrealized gains (losses) on other investments $ — $ (2,555) $ (324) $ (2,299) During the nine months ended September 30, 2024, the Company collected $0.2 million of liquidation proceeds relating to a private investment which was previously fully impaired, resulting in a gross realized loss of $1.3 million offset by a corresponding reduction in unrealized losses of $1.5 million. The Company also impaired $1.1 million of convertible debt securities, offset partially by favorable adjustment to the carrying value of a private investment as a result of a completed financing round by the investee. During the three and nine months ended September 30, 2023, the Company realized a loss of $nil and $0.8 million, respectively, and a corresponding reversal of unrealized loss relating to an investment which was previously fully impaired at December 31, 2022, resulting in no impact to the Company’s net income (loss). Additionally, for the same periods, the Company recognized $2.6 million of unrealized losses on certain investments as a result of completed financing rounds by such investees.

RESTRICTED CASH AND CASH EQUIVA

RESTRICTED CASH AND CASH EQUIVALENTS	9 Months Ended
	Sep. 30, 2024
Cash and Cash Equivalents [Abstract]
RESTRICTED CASH AND CASH EQUIVALENTS	RESTRICTED CASH AND CASH EQUIVALENTS The following table shows the breakdown of the Company’s restricted cash and cash equivalents, along with a reconciliation of the total cash, cash equivalents, and restricted cash reported in the condensed consolidated statements of cash flows: September 30, 2024 December 31, 2023 Restricted cash and cash equivalents: Cash securing trust accounts $ 267,066 $ 300,152 Cash securing letters of credit issued 285,775 291,456 Cash securing Loan Facility 10,000 10,000 Other 4,250 3,040 Total restricted cash and cash equivalents 567,091 604,648 Cash and cash equivalents 54,642 51,082 Total cash, cash equivalents, and restricted cash $ 621,733 $ 655,730

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Assets measured at fair value on a nonrecurring basis At September 30, 2024 and December 31, 2023, the Company held $61.8 million and $61.3 million, respectively, of private investments and unlisted equities measured at fair value on a nonrecurring basis. At September 30, 2024, the Company held $10.4 million (2023: $9.9 million) of private investments and unlisted equities measured at cost. The Company classifies these investments as Level 3 within the fair value hierarchy. The following table summarizes the periods between the most recent fair value measurement dates and September 30, 2024, for the private and unlisted equities measured at fair value on a nonrecurring basis: Less than 6 months 6 to 12 months Over 1 year Total Fair values measured on a nonrecurring basis $ 12,434 $ 7,190 $ 42,223 $ 61,847 Assets measured at fair value on a recurring basis Derivative financial instruments The Company uses interest rate swaps in connection with its risk management activities to hedge 50% of the interest rate risk relating to the outstanding Term Loans (see Note 9). The interest rate swaps are carried at fair value and are determined using a market approach valuation technique based on significant observable market inputs from third-party pricing vendors. Accordingly, the interest rates swaps are classified as Level 2 within the fair value hierarchy. These derivative instruments are not designated as accounting hedges under U.S. GAAP. For the three and nine months ended September 30, 2024, the Company recognized an unrealized loss for the above derivatives of $0.6 million and $0.1 million, respectively, which is included in interest expense in the condensed consolidated statements of operations. The unrealized loss for the nine months ended September 30, 2024, is reported as “net change in unrealized gains and losses on investments and derivatives” in the condensed consolidated statements of cash flows. The derivative liability is included in other liabilities in the condensed consolidated balance sheets. Financial Instruments Disclosed, But Not Carried, at Fair Value

LOSS AND LOSS ADJUSTMENT EXPENS

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES	9 Months Ended
	Sep. 30, 2024
Insurance Loss Reserves [Abstract]
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES	LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES The Company’s loss and loss adjustment expense (“LAE”) reserves were composed of the following: September 30, 2024 December 31, 2023 Case reserves $ 216,200 $ 189,050 IBNR 594,952 472,504 Total $ 811,152 $ 661,554 Reserve Roll-forward The following provides a summary of changes in outstanding loss and LAE reserves for all lines of business: Consolidated Nine months ended September 30 2024 2023 Gross balance at January 1 $ 661,554 $ 555,468 Less: Losses recoverable (25,687) (13,239) Net balance at January 1 635,867 542,229 Incurred losses related to: Current year 305,467 273,570 Prior years (943) 10,502 Total incurred 304,524 284,072 Paid losses related to: Current year (27,382) (41,026) Prior years (176,210) (154,374) Total paid (203,592) (195,400) Foreign currency revaluation 8,405 (858) Net balance at September 30 745,205 630,043 Add: Losses recoverable (see Note 8) 65,947 28,191 Gross balance at September 30 $ 811,152 $ 658,234 Estimates for Significant Catastrophe Events At September 30, 2024, the Company’s net reserves for losses and loss expenses include estimated amounts for several catastrophe and weather-related events (“CAT loss”). The magnitude and volume of losses arising from these events is inherently uncertain and, consequently, actual losses for these events may ultimately differ, potentially materially, from current estimates. During the nine months ended September 30, 2024, the Company recognized total CAT loss, net of reinsurance, of $48.9 million. Current year CAT loss events were $39.9 million, driven mainly by the Baltimore Bridge collapse, Hurricane Helene, and U.S. tornados (including severe convective storms). Additionally, the Company incurred $9.0 million of net adverse prior year CAT loss development relating primarily to U.S. tornados (including severe convective storms) affecting U.S. homeowners’ property coverage (2021-2023 underwriting years). During the nine months ended September 30, 2023, the Company recognized total CAT loss, net of reinsurance, of $20.2 million. Current year CAT loss events were $29.5 million, driven mainly by the Turkey earthquake, New Zealand Cyclone Gabrielle and U.S. tornados, coupled with $9.3 million net favorable prior year CAT loss development predominantly from various prior years’ property catastrophe events (mostly 2019, 2021 and 2022 underwriting years). Prior Year Reserve Development During the nine months ended September 30, 2024, the Company experienced $0.9 million in net favorable development on prior year loss and LAE reserves. This was comprised of $11.4 million of favorable loss development predominantly from mortgage contracts (various underwriting years), general liability treaties (mostly 2021-2022 underwriting years), multiline commercial (predominantly 2020 underwriting year) and other specialty business (mostly 2020-2023 underwriting years). This was partially offset by $10.5 million of reserve strengthening predominantly for prior years’ CAT loss events mentioned above. During the nine months ended September 30, 2023, the Company experienced $10.5 million in net adverse development on prior year loss and LAE reserves. This was comprised of $31.3 million of reserve strengthening predominantly on legacy motor (mainly 2021 underwriting year) and workers’ compensation (2021 and prior underwriting years) due to current economic and social inflation trends, coupled with adverse CAT loss development on U.S. homeowners’ property business relating to Winter Storm Elliott (2022 underwriting year) and a final claim settlement on a professional liability contract (2008 underwriting year). This was partially offset by $20.8 million better than expected loss emergence predominantly from the above prior years’ CAT loss events, marine and energy (predominantly 2020 and 2022 underwriting years), group medical (2022 and prior underwriting years), and cyber contracts (predominantly 2021 underwriting year).

RETROCESSION

RETROCESSION	9 Months Ended
	Sep. 30, 2024
Reinsurance Disclosures [Abstract]
RETROCESSION	RETROCESSION The following table provides a breakdown of ceded reinsurance: Three months ended September 30 Nine months ended September 30 2024 2023 2024 2023 Gross ceded premiums $ 26,598 $ 14,789 $ 64,611 $ 35,740 Earned ceded premiums $ 19,512 $ 15,318 $ 46,603 $ 35,195 Loss and loss adjustment expenses ceded $ 10,070 $ 9,086 $ 47,919 $ 24,794 Retrocession contracts do not relieve the Company from its obligations to its cedents. Failure of retrocessionaires to honor their obligations could result in losses to the Company. The following table shows a breakdown of losses recoverable on a gross and net of collateral basis: September 30, 2024 December 31, 2023 Gross Net of Collateral (1) Gross Net of Collateral (1) A- or better by A.M. Best $ 40,028 $ 40,028 $ 8,767 $ 8,767 Not rated 26,619 7,239 17,407 2,432 Total before provision 66,647 $ 47,267 $ 26,174 $ 11,199 Provision for credit losses (700) (487) Total loss and loss adjustment expenses recoverable, net $ 65,947 $ 25,687 (1) Collateral is in the form of cash, letters of credit, funds withheld, and/or cash collateral held in trust accounts. This excludes any excess collateral in order to disclose the aggregate net exposure for each retrocessionaire. At September 30, 2024, we had 3 reinsurers (December 31, 2023: 3) that accounted for 10% or more of the total loss and loss adjustment expenses recoverable, net of the credit loss provision, for an aggregate gross amount of $46.1 million (December 31, 2023: $20.4 million).

DEBT AND CREDIT FACILITIES

DEBT AND CREDIT FACILITIES	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT AND CREDIT FACILITIES	DEBT AND CREDIT FACILITIES Debt Obligations The following table summarizes the Company’s outstanding debt obligations. September 30, 2024 December 31, 2023 Term loans $ 62,187 $ 74,062 Accrued interest payable 951 — Less: deferred financing costs (556) (781) Total debt $ 62,582 $ 73,281 During the nine months ended September 30, 2024, the Company partially repaid $11.9 million of the outstanding Term loans. Credit Facilities At September 30, 2024, the Company had the following letter of credit (“LOC”) facilities: Capacity LOCs issued Termination Date Citibank Europe plc ("Citi LOC") $ 229,752 $ 229,752 August 20, 2024 CIBC Bank USA ("CIBC LOC") 200,000 55,969 December 21, 2024 $ 429,752 $ 285,721 The above LOCs issued are cash collateralized (see Note 5). The LOC facilities are subject to various customary affirmative, negative and financial covenants. At September 30, 2024, the Company was in compliance with all LOC facilities covenants.

SHARE CAPITAL

SHARE CAPITAL	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
SHARE CAPITAL	SHARE CAPITAL Ordinary Shares The following table is a summary of changes in ordinary shares issued and outstanding for the nine months ended September 30, 2024 and 2023: 2024 2023 Ordinary Ordinary Class A Class B Balance – beginning of period 35,336,732 — 28,569,346 6,254,715 Issue of shares, net of forfeitures 43,163 65,394 447,952 — Repurchase of shares (547,402) — — — Re-designate Class B to Class A shares — — 6,254,715 (6,254,715) Reclassify Class A to Ordinary shares — 35,272,013 (35,272,013) — Balance – end of period 34,832,493 35,337,407 — — The Company’s authorized share capital is 125,000,000 ordinary shares, par value of $0.10 per share. On July 25, 2023, at the Company’s Annual General Meeting the shareholders approved the re-designation of Class B ordinary shares as Class A ordinary shares, and then reclassified Class A ordinary shares as “ordinary shares”, resulting in the elimination of the dual-class share structure. At September 30, 2024, the Company has an effective Form S-3 registration statement on file with the SEC for an aggregate principal amount of $200.0 million in securities. Share Repurchase Plan On May 3, 2024, the Board of Directors re-approved the share repurchase plan, until June 30, 2025, authorizing the Company to repurchase up to $25.0 million of ordinary shares or securities convertible into ordinary shares in the open market, through privately negotiated transactions or Rule 10b5-1 stock trading plans. Any shares repurchased are canceled immediately upon repurchase. For the three and nine months ended September 30, 2024, the Company repurchased 547,402 ordinary shares for $7.5 million. Preferred Shares The Company’s authorized share capital also consists of 50,000,000 preference shares with a par value of $0.10 each. At September 30, 2024, the Company has no issued and outstanding preferred shares.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Refer to Note 11 of the Company’s audited consolidated financial statements of its 2023 Form 10-K for a summary of the Company’s 2023 Incentive Plan, including the definition of performance-based and service-based stock awards. Employee and Director Restricted Shares The following table summarizes the activity for unvested outstanding restricted share awards (“RSs”) during the nine months ended September 30, 2024 and 2023: Performance Restricted Shares Service Restricted Shares Number of Weighted Number of Weighted Balance at December 31, 2022 794,362 $ 7.62 832,896 $ 7.76 Granted 357,766 9.85 242,957 10.22 Vested — — (364,006) 6.96 Forfeited (109,105) 9.37 (55,967) 8.43 Balance at September 30, 2023 1,043,023 $ 8.20 655,880 $ 9.05 Balance at December 31, 2023 1,042,688 $ 9.94 419,604 $ 9.18 Granted — — 58,751 12.51 Vested — — (282,916) 9.35 Forfeited (89,945) 10.84 — — Balance at September 30, 2024 952,743 $ 9.86 195,439 $ 9.93 At September 30, 2024, 2,825,659 (December 31, 2023: 3,296,771) ordinary shares remained available for future issuance under the Company’s 2023 Incentive Plan. During the nine months ended September 30, 2024 , the Company granted no RSs to employees and 58,751 RSs to non-employee directors as part of their remuneration for services to the Company (2023: 535,329 RSs to employees and non-employee directors). These will vest on the earlier of (1) the first anniversary of the date of the share issuance and (ii) the Company’s next annual general meeting, subject to the grantee’s continued service with the Company. During the vesting period, non-employee directors retain voting rights on these RSs; but they are not entitled to any dividends declared until the RSs vest. For the nine months ended September 30, 2024, the total fair value of Service RSs vested was $2.6 million (2023: $2.5 million). Employee Restricted Stock Units The following table summarizes the activity for unvested outstanding restricted stock units (“RSUs”) during the nine months ended September 30, 2024 and 2023: Performance RSUs Service RSUs 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 September 30, 2023 176,129 $ 8.04 136,280 $ 8.76 Balance at December 31, 2023 154,445 $ 8.03 110,425 $ 8.78 Granted 258,148 11.85 124,425 11.85 Vested — — (74,357) 8.84 Forfeited (6,229) 9.15 (5,806) 10.67 Balance at September 30, 2024 406,364 $ 10.44 154,687 $ 11.15 For the awards granted during the nine months ended September 30, 2024, the Service RSUs vest evenly over three years on January 1, subject to the grantee’s continued service with the Company. If performance goals are achieved, the Performance RSUs will cliff vest at the end of a three For the nine months ended September 30, 2024, the total fair value of Service RSUs vested was $0.7 million (2023: $0.5 million). Employee and Director Stock Options During the nine months ended September 30, 2024, 250,000 ordinary share purchase options were granted to the Company’s CEO, pursuant to his employment contract. These options vest 50,000 annually and expire in 10 years from the grant date. The grant date fair value of these options was $4.31 per share, based on the Black-Scholes option pricing model. The following inputs were used in this pricing model: Expected volatility 36.4 % Expected term (in years) 5 Expected dividend yield — % Risk-free interest rate 3.9 % Stock price at grant date $ 11.20 Stock Compensation Expense For the nine months ended September 30, 2024 and 2023, the Company recorded $4.6 million and $3.5 million of total stock compensation expense (net of forfeitures), respectively. The stock compensation expense is included in “ General and administrative expenses ” in the condensed consolidated statements of operations. Forfeiture recoveries were immaterial for both periods.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table reconciles net income and weighted average shares used in computing basic and diluted EPS for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30 Nine months ended September 30 2024 2023 2024 2023 Numerator for EPS Net income - basic $ 35,237 $ 13,477 $ 70,234 $ 69,224 Net income - diluted $ 35,237 $ 13,477 $ 70,234 $ 69,224 Denominator for EPS Weighted average shares outstanding - basic 34,120,955 34,070,818 34,210,560 34,067,012 Effect of dilutive employee and director share-based awards 689,111 731,046 613,812 636,961 Weighted average shares outstanding - diluted 34,810,066 34,801,864 34,824,372 34,703,973 Anti-dilutive stock options outstanding 870,319 652,140 870,319 652,140 EPS: Basic $ 1.03 $ 0.40 $ 2.05 $ 2.03 Diluted $ 1.01 $ 0.39 $ 2.02 $ 1.99

NET INVESTMENT INCOME

NET INVESTMENT INCOME	9 Months Ended
	Sep. 30, 2024
Net Investment Income [Abstract]
NET INVESTMENT INCOME	NET INVESTMENT INCOME The following table provides a breakdown of net investment income: Three months ended September 30 Nine months ended September 30 2024 2023 2024 2023 Interest and dividend income, net of withholding taxes and other expenses $ 8,244 $ 9,513 $ 24,935 $ 27,004 Net realized and unrealized gains on other investments (see Note 4) — (2,555) (324) (2,299) Net investment-related income 8,244 6,958 24,611 24,705 Share of Solasglas' net income (loss) (see Note 3) 19,844 (1,853) 42,422 27,791 Total investment income $ 28,088 $ 5,105 $ 67,033 $ 52,496

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Investment Advisory Agreement There has been no change to the Company’s investment advisory agreement with Solasglas as described in its 2023 Form 10-K. Refer to Note 3 for a breakdown of management fees and performance fees for the nine months ended September 30, 2024 and 2023. Green Brick Partners, Inc. David Einhorn also serves as the Chairman of the Board of Directors of Green Brick Partners, Inc. (“GRBK”), a publicly-traded company. At September 30, 2024, Solasglas, along with certain affiliates of DME Advisors, collectively owned 23.0% of the issued and outstanding common shares of GRBK. Under applicable securities laws, DME Advisors may sometimes be limited in its ability to trade GRBK shares held in Solasglas. At September 30, 2024, Solasglas held 1.3 million shares of GRBK. Service Agreement The Company has entered into a service agreement with DME Advisors, pursuant to which DME Advisors provides certain investor relations services to the Company for compensation of five thousand dollars per month (plus expenses). The agreement automatically renews annually until terminated by either the Company or DME Advisors for any reason with 30 days prior written notice to the other party. Collateral Assets Investment Management Agreement Effective January 1, 2019, the Company (and its subsidiaries) entered into a collateral assets investment management agreement (the “CMA”) with DME Advisors, pursuant to which DME Advisors manages certain assets of the Company that are not subject to the Solasglas LPA and are held by the Company to provide collateral required by the cedents in the form of trust accounts and letters of credit. In accordance with the CMA, DME Advisors receives no fees and is required to comply with the collateral investment guidelines. The CMA can be terminated by any of the parties upon 30 days’ prior written notice to the other parties.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES a) Concentration of Credit Risk Cash and cash equivalents The Company monitors its concentration of credit risk with financial institutions and limits acceptable counterparties based on current rating, outlook and other relevant factors. Investments The Company’s credit risk exposure to private debt and convertible debt securities within its “ Other investments ” are immaterial (see Note 4). Reinsurance balances receivable, net The following table shows the breakdown of reinsurance balances receivable: September 30, 2024 December 31, 2023 Amount % Amount % Premiums receivable $ 259,235 36.1 % $ 186,940 30.2 % Funds withheld: Funds held by cedants 51,332 7.1 % 50,075 8.1 % Premiums held by Lloyds' syndicates 296,152 41.2 % 264,278 42.7 % Funds at Lloyd’s 110,395 15.4 % 115,772 18.6 % Profit commission receivable 2,470 0.3 % 2,302 0.4 % Deposit assets — — % 888 0.1 % Total before provision 719,584 100.1 % 620,255 100.1 % Provision for expected credit losses (865) (0.1) % (854) (0.1) % Reinsurance balances receivable, net $ 718,719 100.0 % $ 619,401 100.0 % The Company has posted deposits at Lloyd’s to support underwriting capacity for certain syndicates, including Syndicate 3456. Lloyd’s has a credit rating of “A+” (Superior) from A.M. Best, as revised in August 2024. Premiums receivable includes a significant portion of estimated premiums not yet due. Brokers and other intermediaries are responsible for collecting premiums from customers on the Company’s behalf. The Company monitors its concentration of credit risks from brokers . The diversity in the Company’s client base limits credit risk associated with premiums receivable and funds (premiums) held by cedents. Further, under the reinsurance contracts the Company has contractual rights to offset premium balances receivable and funds held by cedants against corresponding payments for losses and loss expenses. Loss and loss adjustment expenses recoverable, net The Company regularly evaluates its net credit exposure to the retrocessionaires and their abilities to honor their respective obligations. See Note 8 for analysis of concentration of credit risk relating to retrocessionaires. b) Lease Obligations There was no material change to the Company’s operating lease agreements subsequent to its 2023 Form 10-K. c) Litigation

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The Company has one operating segment: Property & Casualty Reinsurance. The following tables provide a breakdown of the Company’s gross premiums written by line and class of business, and by geographic area of risks insured for the periods indicated: Gross Premiums Written by Line of Business Three months ended September 30 Nine months ended September 30 2024 2023 2024 2023 Property Commercial $ 14,794 8.8 % $ 16,105 8.8 % $ 45,030 8.0 % $ 45,236 8.6 % Motor 189 0.1 122 0.1 344 0.1 706 0.1 Personal (1,358) (0.8) 16,713 9.1 16,204 2.9 48,718 9.3 Total Property 13,625 8.1 32,940 18.0 61,578 11.0 94,660 18.0 Casualty General Liability 28,084 16.7 31,325 17.1 83,482 15.1 79,401 15.1 Motor Liability 2,900 1.7 2,917 1.6 17,556 3.2 11,223 2.1 Professional Liability (1) 33 — 1,625 0.9 152 — 4,850 0.9 Workers' Compensation 939 0.6 4,484 2.4 4,319 0.8 11,542 2.2 Multi-line (1) 60,168 35.7 68,613 37.5 173,609 31.3 177,544 33.9 Total Casualty 92,124 54.7 108,964 59.5 279,118 50.4 284,560 54.2 Other Accident & Health 2,329 1.4 1,695 0.9 6,207 1.1 6,184 1.2 Financial 11,868 7.0 17,059 9.3 50,012 9.0 48,406 9.2 Marine 11,200 6.7 3,973 2.2 41,642 7.5 23,967 4.6 Other Specialty 37,200 22.1 18,443 10.1 116,022 21.0 66,695 12.8 Total Other 62,597 37.2 41,170 22.5 213,883 38.6 145,252 27.8 $ 168,346 100.0 % $ 183,074 100.0 % $ 554,579 100.0 % $ 524,472 100.0 % (1) For the 2023 comparative periods, the Company has reclassified one treaty from Professional Liability to Multi-Line to conform with the current presentation within Casualty. Gross Premiums Written by Geographic Area of Risks Insured Three months ended September 30 Nine months ended September 30 2024 2023 2024 2023 U.S. and Caribbean $ 54,359 32.3 % $ 77,274 42.2 % $ 173,519 31.3 % $ 206,714 39.4 % Worldwide (1) 102,573 60.9 88,037 48.1 337,035 60.8 269,430 51.4 Europe 1,687 1.0 1,868 1.0 9,967 1.8 8,936 1.7 Asia 9,727 5.8 15,895 8.7 34,058 6.1 39,392 7.5 $ 168,346 100.0 % $ 183,074 100.0 % $ 554,579 100.0 % $ 524,472 100.0 % (1)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In October 2024, Hurricane Milton made landfall on the west coast of Florida. The Company’s preliminary loss estimates related to this event is in the range of $5.0 million to $15.0 million, based upon currently available information such as industry loss estimates and a high-level review of our in-force contracts. The Company will refine its estimated loss for Hurricane Milton, which will be recorded in the fourth quarter of 2024, as additional details about the event and actual level of claims emerge.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 35,237	$ 13,477	$ 70,234	$ 69,224

Insider Trading Arrangements

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

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Reclassifications	Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current financial statements. The Company has reported separately the foreign exchange gains (losses) from “ Other income ” in the condensed consolidated statements of operations. This resulted in no change to the previously reported total revenues or net income. The Company has also included the foreign exchange gains (losses) as part of the net change in working capital in the condensed consolidated statements of cash flows. Further, the Company combined “Other assets, excluding depreciation” and “Other liabilities” and presented the sum as “Other items, net” in the condensed consolidated statements of cash flows. These changes in presentation in the condensed consolidated statements of cash flows have resulted in no change to the previously reported net cash provided by (used in) operating activities.
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures . The new ASU requires incremental disclosures related to a public entity’s reportable segments but does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. This new guidance is effective for the Company’s 2024 year-end financial statements, and should be adopted retrospectively unless impracticable. Early adoption is permitted. On December 14, 2023, FASB issued ASU 2023-09, Income Taxes Topic (740) - Improvements to Income Tax Disclosures . The new ASU provides more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. This ASU is effective for the Company’s 2024 year-end financial statements. As the above ASUs relate solely to financial statement disclosures, the adoption of these ASUs will not impact the Company’s financial condition, results of operations, or cash flows.

INVESTMENT IN RELATED PARTY I_2

INVESTMENT IN RELATED PARTY INVESTMENT FUND (Tables)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Financial Information of Investment	The summarized financial statements of Solasglas are presented below. Summarized Statements of Financial Condition of Solasglas Investments, LP September 30, 2024 December 31, 2023 Assets Investments, at fair value $ 549,163 $ 453,358 Derivative contracts, at fair value 11,844 11,167 Due from brokers 210,446 121,754 Cash and cash equivalents 21,782 — Interest and dividends receivable 438 1,143 Total assets 793,673 587,422 Liabilities and partners’ capital Liabilities Investments sold short, at fair value (263,540) (197,571) Derivative contracts, at fair value (12,101) (12,917) Capital withdrawals payable (1,250) (1,000) Due to brokers — (17,398) Interest and dividends payable (1,409) (2,315) Accrued expenses and other liabilities (204) (247) Total liabilities (278,504) (231,448) Partners' capital $ 515,170 $ 355,974 GLRE’s share of Partners' capital $ 397,888 $ 258,890 Summarized Statements of Operations of Solasglas Investments, LP Three months ended September 30 Nine months ended September 30 2024 2023 2024 2023 Investment income Dividend income (net of withholding taxes) $ 752 $ 273 $ 2,524 $ 1,624 Interest income 3,540 2,523 10,040 6,415 Total Investment income 4,292 2,796 12,564 8,039 Expenses Management fee (1,613) (1,238) (4,344) (3,469) Interest (817) (2,380) (2,887) (5,387) Dividends (782) (659) (2,217) (1,871) Professional fees and other (262) (507) (921) (1,396) Total expenses (3,474) (4,784) (10,369) (12,123) Net investment income (loss) 818 (1,988) 2,195 (4,084) Realized and change in unrealized gains (losses) Net realized gain (loss) 23,647 460 86,677 (2,145) Net change in unrealized appreciation (depreciation) 4,801 (1,191) (24,582) 52,601 Net gain (loss) on investment transactions 28,448 (731) 62,095 50,456 Net increase (decrease) in Partners' capital (1) $ 29,265 $ (2,719) $ 64,289 $ 46,372 GLRE’s share of the increase (decrease) in Partners' capital $ 19,844 $ (1,853) $ 42,422 $ 27,791 (1) The net increase in Partners’ capital is net of management fees and performance allocation presented below: Three months ended September 30 Nine months ended September 30 2024 2023 2024 2023 Management fees $ 1,613 $ 1,238 $ 4,344 $ 3,469 Performance allocation 2,205 $ (206) 4,714 3,088 Total $ 3,818 $ 1,032 $ 9,058 $ 6,557

OTHER INVESTMENTS (Tables)

OTHER INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Other Investments	At September 30, 2024, the breakdown of the Company’s other investments was as follows: Cost Unrealized Unrealized Accrued interest Fair value / carrying value Private investments and unlisted equities $ 27,570 $ 49,902 $ (5,206) $ — $ 72,266 Debt and convertible debt securities 2,713 — (1,510) 90 1,293 Total other investments $ 30,283 $ 49,902 $ (6,716) $ 90 $ 73,559 At December 31, 2023, the breakdown of the Company’s other investments was as follows: Cost Unrealized Unrealized Accrued interest Fair value / carrying value Private investments and unlisted equities $ 28,470 $ 49,424 $ (6,737) $ — $ 71,157 Debt and convertible debt securities 2,499 — (499) 136 2,136 Total other investments $ 30,969 $ 49,424 $ (7,236) $ 136 $ 73,293
Schedule of Carrying Values of Private Investments and Unlisted Equity Securities Carried under Measurement Alternative	The following table presents the carrying values of the private investments and unlisted equity securities carried under the measurement alternative at September 30, 2024 and 2023, and the related adjustments recorded during the periods then ended. Nine months ended September 30 2024 2023 Carrying value (1) $ 72,266 $ 64,849 Upward carrying value changes (2) $ 501 $ 506 Downward carrying value changes and impairment (3) $ — $ (2,780) (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 September 30, 2024, totaled $50.9 million. (3) The cumulative downward carrying value changes and impairments from inception to September 30, 2024, totaled $2.8 million.
Schedule of Gain (Loss) on Securities	Net investment income The following table summarizes the change in unrealized gains (losses) and the realized gains (losses) for the Company’s other investments, which are included in “ Net investment income ” in the condensed consolidated statements of operations (see Note 13): Three months ended September 30 Nine months ended September 30 2024 2023 2024 2023 Gross realized gains $ — $ — $ — $ — Gross realized losses — — (1,332) (800) Net realized gains (losses) $ — $ — $ (1,332) $ (800) Change in unrealized gains — (2,555) 1,008 (1,499) Net realized and unrealized gains (losses) on other investments $ — $ (2,555) $ (324) $ (2,299)

RESTRICTED CASH AND CASH EQUI_2

RESTRICTED CASH AND CASH EQUIVALENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Cash and Cash Equivalents [Abstract]
Schedule of Restrictions on Cash and Cash Equivalents	The following table shows the breakdown of the Company’s restricted cash and cash equivalents, along with a reconciliation of the total cash, cash equivalents, and restricted cash reported in the condensed consolidated statements of cash flows: September 30, 2024 December 31, 2023 Restricted cash and cash equivalents: Cash securing trust accounts $ 267,066 $ 300,152 Cash securing letters of credit issued 285,775 291,456 Cash securing Loan Facility 10,000 10,000 Other 4,250 3,040 Total restricted cash and cash equivalents 567,091 604,648 Cash and cash equivalents 54,642 51,082 Total cash, cash equivalents, and restricted cash $ 621,733 $ 655,730

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on a Nonrecurring Basis	The following table summarizes the periods between the most recent fair value measurement dates and September 30, 2024, for the private and unlisted equities measured at fair value on a nonrecurring basis: Less than 6 months 6 to 12 months Over 1 year Total Fair values measured on a nonrecurring basis $ 12,434 $ 7,190 $ 42,223 $ 61,847

LOSS AND LOSS ADJUSTMENT EXPE_2

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES (Tables)	9 Months Ended
	Sep. 30, 2024
Insurance Loss Reserves [Abstract]
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense	The Company’s loss and loss adjustment expense (“LAE”) reserves were composed of the following: September 30, 2024 December 31, 2023 Case reserves $ 216,200 $ 189,050 IBNR 594,952 472,504 Total $ 811,152 $ 661,554 Reserve Roll-forward The following provides a summary of changes in outstanding loss and LAE reserves for all lines of business: Consolidated Nine months ended September 30 2024 2023 Gross balance at January 1 $ 661,554 $ 555,468 Less: Losses recoverable (25,687) (13,239) Net balance at January 1 635,867 542,229 Incurred losses related to: Current year 305,467 273,570 Prior years (943) 10,502 Total incurred 304,524 284,072 Paid losses related to: Current year (27,382) (41,026) Prior years (176,210) (154,374) Total paid (203,592) (195,400) Foreign currency revaluation 8,405 (858) Net balance at September 30 745,205 630,043 Add: Losses recoverable (see Note 8) 65,947 28,191 Gross balance at September 30 $ 811,152 $ 658,234

RETROCESSION (Tables)

RETROCESSION (Tables)	9 Months Ended
	Sep. 30, 2024
Reinsurance Disclosures [Abstract]
Ceded Credit Risk	The following table provides a breakdown of ceded reinsurance: Three months ended September 30 Nine months ended September 30 2024 2023 2024 2023 Gross ceded premiums $ 26,598 $ 14,789 $ 64,611 $ 35,740 Earned ceded premiums $ 19,512 $ 15,318 $ 46,603 $ 35,195 Loss and loss adjustment expenses ceded $ 10,070 $ 9,086 $ 47,919 $ 24,794
Effects of Reinsurance	The following table shows a breakdown of losses recoverable on a gross and net of collateral basis: September 30, 2024 December 31, 2023 Gross Net of Collateral (1) Gross Net of Collateral (1) A- or better by A.M. Best $ 40,028 $ 40,028 $ 8,767 $ 8,767 Not rated 26,619 7,239 17,407 2,432 Total before provision 66,647 $ 47,267 $ 26,174 $ 11,199 Provision for credit losses (700) (487) Total loss and loss adjustment expenses recoverable, net $ 65,947 $ 25,687 (1) Collateral is in the form of cash, letters of credit, funds withheld, and/or cash collateral held in trust accounts. This excludes any excess collateral in order to disclose the aggregate net exposure for each retrocessionaire.

DEBT AND CREDIT FACILITIES (Tab

DEBT AND CREDIT FACILITIES (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the Company’s outstanding debt obligations. September 30, 2024 December 31, 2023 Term loans $ 62,187 $ 74,062 Accrued interest payable 951 — Less: deferred financing costs (556) (781) Total debt $ 62,582 $ 73,281
Schedule of Letters of Credit Facilities	At September 30, 2024, the Company had the following letter of credit (“LOC”) facilities: Capacity LOCs issued Termination Date Citibank Europe plc ("Citi LOC") $ 229,752 $ 229,752 August 20, 2024 CIBC Bank USA ("CIBC LOC") 200,000 55,969 December 21, 2024 $ 429,752 $ 285,721

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Stock by Class	The following table is a summary of changes in ordinary shares issued and outstanding for the nine months ended September 30, 2024 and 2023: 2024 2023 Ordinary Ordinary Class A Class B Balance – beginning of period 35,336,732 — 28,569,346 6,254,715 Issue of shares, net of forfeitures 43,163 65,394 447,952 — Repurchase of shares (547,402) — — — Re-designate Class B to Class A shares — — 6,254,715 (6,254,715) Reclassify Class A to Ordinary shares — 35,272,013 (35,272,013) — Balance – end of period 34,832,493 35,337,407 — —

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Activity for Unvested Restricted Share Awards and Employee Restricted Stock Units	The following table summarizes the activity for unvested outstanding restricted share awards (“RSs”) during the nine months ended September 30, 2024 and 2023: Performance Restricted Shares Service Restricted Shares Number of Weighted Number of Weighted Balance at December 31, 2022 794,362 $ 7.62 832,896 $ 7.76 Granted 357,766 9.85 242,957 10.22 Vested — — (364,006) 6.96 Forfeited (109,105) 9.37 (55,967) 8.43 Balance at September 30, 2023 1,043,023 $ 8.20 655,880 $ 9.05 Balance at December 31, 2023 1,042,688 $ 9.94 419,604 $ 9.18 Granted — — 58,751 12.51 Vested — — (282,916) 9.35 Forfeited (89,945) 10.84 — — Balance at September 30, 2024 952,743 $ 9.86 195,439 $ 9.93 The following table summarizes the activity for unvested outstanding restricted stock units (“RSUs”) during the nine months ended September 30, 2024 and 2023: Performance RSUs Service RSUs 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 September 30, 2023 176,129 $ 8.04 136,280 $ 8.76 Balance at December 31, 2023 154,445 $ 8.03 110,425 $ 8.78 Granted 258,148 11.85 124,425 11.85 Vested — — (74,357) 8.84 Forfeited (6,229) 9.15 (5,806) 10.67 Balance at September 30, 2024 406,364 $ 10.44 154,687 $ 11.15
Schedule of Valuation Assumptions	The following inputs were used in this pricing model: Expected volatility 36.4 % Expected term (in years) 5 Expected dividend yield — % Risk-free interest rate 3.9 % Stock price at grant date $ 11.20

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Net Income (Loss) and Weighted Average Number of Shares	The following table reconciles net income and weighted average shares used in computing basic and diluted EPS for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30 Nine months ended September 30 2024 2023 2024 2023 Numerator for EPS Net income - basic $ 35,237 $ 13,477 $ 70,234 $ 69,224 Net income - diluted $ 35,237 $ 13,477 $ 70,234 $ 69,224 Denominator for EPS Weighted average shares outstanding - basic 34,120,955 34,070,818 34,210,560 34,067,012 Effect of dilutive employee and director share-based awards 689,111 731,046 613,812 636,961 Weighted average shares outstanding - diluted 34,810,066 34,801,864 34,824,372 34,703,973 Anti-dilutive stock options outstanding 870,319 652,140 870,319 652,140 EPS: Basic $ 1.03 $ 0.40 $ 2.05 $ 2.03 Diluted $ 1.01 $ 0.39 $ 2.02 $ 1.99

NET INVESTMENT INCOME (Tables)

NET INVESTMENT INCOME (Tables)	9 Months Ended
	Sep. 30, 2024
Net Investment Income [Abstract]
Schedule of Other Nonoperating Income (Expense)	The following table provides a breakdown of net investment income: Three months ended September 30 Nine months ended September 30 2024 2023 2024 2023 Interest and dividend income, net of withholding taxes and other expenses $ 8,244 $ 9,513 $ 24,935 $ 27,004 Net realized and unrealized gains on other investments (see Note 4) — (2,555) (324) (2,299) Net investment-related income 8,244 6,958 24,611 24,705 Share of Solasglas' net income (loss) (see Note 3) 19,844 (1,853) 42,422 27,791 Total investment income $ 28,088 $ 5,105 $ 67,033 $ 52,496

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Letters of Credit Facilities	The following table shows the breakdown of reinsurance balances receivable: September 30, 2024 December 31, 2023 Amount % Amount % Premiums receivable $ 259,235 36.1 % $ 186,940 30.2 % Funds withheld: Funds held by cedants 51,332 7.1 % 50,075 8.1 % Premiums held by Lloyds' syndicates 296,152 41.2 % 264,278 42.7 % Funds at Lloyd’s 110,395 15.4 % 115,772 18.6 % Profit commission receivable 2,470 0.3 % 2,302 0.4 % Deposit assets — — % 888 0.1 % Total before provision 719,584 100.1 % 620,255 100.1 % Provision for expected credit losses (865) (0.1) % (854) (0.1) % Reinsurance balances receivable, net $ 718,719 100.0 % $ 619,401 100.0 %

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Gross Premiums Written by Line of Business	The following tables provide a breakdown of the Company’s gross premiums written by line and class of business, and by geographic area of risks insured for the periods indicated: Gross Premiums Written by Line of Business Three months ended September 30 Nine months ended September 30 2024 2023 2024 2023 Property Commercial $ 14,794 8.8 % $ 16,105 8.8 % $ 45,030 8.0 % $ 45,236 8.6 % Motor 189 0.1 122 0.1 344 0.1 706 0.1 Personal (1,358) (0.8) 16,713 9.1 16,204 2.9 48,718 9.3 Total Property 13,625 8.1 32,940 18.0 61,578 11.0 94,660 18.0 Casualty General Liability 28,084 16.7 31,325 17.1 83,482 15.1 79,401 15.1 Motor Liability 2,900 1.7 2,917 1.6 17,556 3.2 11,223 2.1 Professional Liability (1) 33 — 1,625 0.9 152 — 4,850 0.9 Workers' Compensation 939 0.6 4,484 2.4 4,319 0.8 11,542 2.2 Multi-line (1) 60,168 35.7 68,613 37.5 173,609 31.3 177,544 33.9 Total Casualty 92,124 54.7 108,964 59.5 279,118 50.4 284,560 54.2 Other Accident & Health 2,329 1.4 1,695 0.9 6,207 1.1 6,184 1.2 Financial 11,868 7.0 17,059 9.3 50,012 9.0 48,406 9.2 Marine 11,200 6.7 3,973 2.2 41,642 7.5 23,967 4.6 Other Specialty 37,200 22.1 18,443 10.1 116,022 21.0 66,695 12.8 Total Other 62,597 37.2 41,170 22.5 213,883 38.6 145,252 27.8 $ 168,346 100.0 % $ 183,074 100.0 % $ 554,579 100.0 % $ 524,472 100.0 % (1) For the 2023 comparative periods, the Company has reclassified one treaty from Professional Liability to Multi-Line to conform with the current presentation within Casualty.
Schedule of 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 2024 2023 2024 2023 U.S. and Caribbean $ 54,359 32.3 % $ 77,274 42.2 % $ 173,519 31.3 % $ 206,714 39.4 % Worldwide (1) 102,573 60.9 88,037 48.1 337,035 60.8 269,430 51.4 Europe 1,687 1.0 1,868 1.0 9,967 1.8 8,936 1.7 Asia 9,727 5.8 15,895 8.7 34,058 6.1 39,392 7.5 $ 168,346 100.0 % $ 183,074 100.0 % $ 554,579 100.0 % $ 524,472 100.0 % (1)

INVESTMENT IN RELATED PARTY I_3

INVESTMENT IN RELATED PARTY INVESTMENT FUND - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	Aug. 01, 2024	Jul. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Share of Solasglas' net income (loss) (see Note 3)			$ 19,844	$ (1,853)	$ 42,422	$ 27,791
Solasglas Investments, LP (SILP)
Schedule of Equity Method Investments [Line Items]
Investment cap percentage	70%	60%
Solasglas Investments, LP (SILP) | GLRE Limited Partners
Schedule of Equity Method Investments [Line Items]
Equity method investments, fair value			$ 397,900		$ 397,900		$ 258,900
Equity method investment, ownership interest (as a percent)			77.20%		77.20%		72.70%
SILP General Partner
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership interest (as a percent)			22.80%		22.80%		27.30%

INVESTMENT IN RELATED PARTY I_4

INVESTMENT IN RELATED PARTY INVESTMENT FUND - Financial Information of Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Investments, at fair value	$ 397,888	$ 258,890
Cash and cash equivalents	54,642	51,082
Total assets	2,001,686	1,735,307
Liabilities
Accrued expenses and other liabilities	(8,491)	(11,795)
Total liabilities	(1,338,268)	(1,139,212)
Solasglas Investments, LP (SILP)
Assets
Investments, at fair value	549,163	453,358
Derivative contracts, at fair value	11,844	11,167
Due from brokers	210,446	121,754
Cash and cash equivalents	21,782	0
Interest and dividends receivable	438	1,143
Total assets	793,673	587,422
Liabilities
Investments sold short, at fair value	(263,540)	(197,571)
Derivative contracts, at fair value	(12,101)	(12,917)
Capital withdrawals payable	(1,250)	(1,000)
Due to brokers	0	(17,398)
Interest and dividends payable	(1,409)	(2,315)
Accrued expenses and other liabilities	(204)	(247)
Total liabilities	(278,504)	(231,448)
Partners' capital	$ 515,170	$ 355,974

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Expenses
Total expenses	$ (152,048)	$ (153,416)	$ (482,273)	$ (442,262)
Net investment income (loss)	8,244	6,958	24,611	24,705
Realized and change in unrealized gains (losses)
Net change in unrealized appreciation (depreciation)			1,500
Net gain (loss) on investment transactions	0	(2,555)	(324)	(2,299)
Net increase (decrease) in Partners' capital	35,237	13,477	70,234	69,224
GLRE’s share of the increase (decrease) in Partners' capital	19,844	(1,853)	42,422	27,791
Management fees	1,613	1,238	4,344	3,469
Performance allocation		(206)
Performance allocation	2,205		4,714	3,088
Total	3,818	1,032	9,058	6,557
Solasglas Investments, LP (SILP)
Realized and change in unrealized gains (losses)
GLRE’s share of the increase (decrease) in Partners' capital	19,844	(1,853)	42,422	27,791
Solasglas Investments, LP (SILP)
Investment income
Dividend income (net of withholding taxes)	752	273	2,524	1,624
Interest income	3,540	2,523	10,040	6,415
Total Investment income	4,292	2,796	12,564	8,039
Expenses
Management fee	(1,613)	(1,238)	(4,344)	(3,469)
Interest	(817)	(2,380)	(2,887)	(5,387)
Dividends	(782)	(659)	(2,217)	(1,871)
Professional fees and other	(262)	(507)	(921)	(1,396)
Total expenses	(3,474)	(4,784)	(10,369)	(12,123)
Net investment income (loss)	818	(1,988)	2,195	(4,084)
Realized and change in unrealized gains (losses)
Net realized gain (loss)	23,647	460	86,677	(2,145)
Net change in unrealized appreciation (depreciation)	4,801	(1,191)	(24,582)	52,601
Net gain (loss) on investment transactions	28,448	(731)	62,095	50,456
Net increase (decrease) in Partners' capital	$ 29,265	$ (2,719)	$ 64,289	$ 46,372

OTHER INVESTMENTS - Other Inves

OTHER INVESTMENTS - Other Investments (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt and Equity Securities, FV-NI
Cost	$ 30,283	$ 30,969
Unrealized gains	49,902	49,424
Unrealized losses	(6,716)	(7,236)
Accrued interest	90	136
Fair value / carrying value	73,559	73,293
Private investments and unlisted equities
Debt and Equity Securities, FV-NI
Cost	27,570	28,470
Unrealized gains	49,902	49,424
Unrealized losses	(5,206)	(6,737)
Accrued interest	0	0
Fair value / carrying value	72,266	71,157
Debt and convertible debt securities
Debt and Equity Securities, FV-NI
Cost	2,713	2,499
Unrealized gains	0	0
Unrealized losses	(1,510)	(499)
Accrued interest	90	136
Fair value / carrying value	$ 1,293	$ 2,136

OTHER INVESTMENTS - Nonrecurrin

OTHER INVESTMENTS - Nonrecurring Fair Value Disclosures (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Upward carrying value changes	$ 50,900
Downward carrying value changes and impairment	(2,800)
Fair Value, Nonrecurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Carrying value	72,266	$ 64,849
Upward carrying value changes	501	506
Downward carrying value changes and impairment	$ 0	$ (2,780)

OTHER INVESTMENTS - Net Investm

OTHER INVESTMENTS - Net Investment Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Gross realized gains	$ 0	$ 0	$ 0	$ 0
Gross realized losses	0	0	(1,332)	(800)
Net realized gains (losses)	0	0	(1,332)	(800)
Change in unrealized gains	0	(2,555)	1,008	(1,499)
Net gain (loss) on investment transactions	$ 0	$ (2,555)	$ (324)	$ (2,299)

OTHER INVESTMENTS - Narrative (

OTHER INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Liquidation proceeds relating to a private investment			$ 168	$ 6,000
Gross realized loss	$ 0	$ 0	1,332	800
Unrealized gain			1,500
Impairment loss			1,100
Realized loss		0		800
Unrealized loss	$ 0	$ (2,555)	$ 1,008	$ (1,499)

RESTRICTED CASH AND CASH EQUI_3

RESTRICTED CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash and cash equivalents	$ 567,091	$ 604,648
Cash and cash equivalents	54,642	51,082
Total cash, cash equivalents, and restricted cash	621,733	655,730	$ 663,926	$ 706,548
Cash securing trust accounts
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash and cash equivalents	267,066	300,152
Cash securing letters of credit issued
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash and cash equivalents	285,775	291,456
Cash securing Loan Facility
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash and cash equivalents	10,000	10,000
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash and cash equivalents	$ 4,250	$ 3,040

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Other investments	$ 73,559	$ 73,559	$ 73,293
Percentage of interest rate risk hedged	50%	50%
Unrealized gain (loss) on derivatives	$ 600	$ 100
Private investments and unlisted equities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Other investments	10,400	10,400	9,900
Fair Value, Nonrecurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Fair value / carrying value	$ 61,800	$ 61,800	$ 61,300

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets Measured at Fair Value On a Nonrecurring Basis (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Fair values measured on a nonrecurring basis	$ 61,847
Measurement Period One
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Fair values measured on a nonrecurring basis	12,434
Measurement Period Two
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Fair values measured on a nonrecurring basis	7,190
Measurement Period Three
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
Fair values measured on a nonrecurring basis	$ 42,223

LOSS AND LOSS ADJUSTMENT EXPE_3

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES - Liability for Unpaid Claims and Claims Adjustment Expense (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Insurance Loss Reserves [Abstract]
Case reserves	$ 216,200		$ 189,050
IBNR	594,952		472,504
Total	811,152	$ 658,234	661,554	$ 555,468
Liability for Unpaid Claims and Claims Adjustment Expense
Gross balance at January 1	661,554	555,468
Less: Losses recoverable			(25,687)	$ (13,239)
Net balance at January 1	635,867	542,229
Incurred losses related to:
Current year	305,467	273,570
Prior years	(943)	10,502
Total incurred	304,524	284,072
Paid losses related to:
Current year	(27,382)	(41,026)
Prior years	(176,210)	(154,374)
Total paid	(203,592)	(195,400)
Foreign currency revaluation	8,405	(858)
Net balance at September 30	745,205	630,043
Add: Losses recoverable (see Note 8)	65,947	28,191	$ 25,687
Gross balance at September 30	$ 811,152	$ 658,234

LOSS AND LOSS ADJUSTMENT EXPE_4

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Liability for Claims and Claims Adjustment Expense
Prior years	$ (943)	$ 10,502
Reinsurance Contract [Axis]: Expected Loss
Liability for Claims and Claims Adjustment Expense
Net loss reserve on prior contracts increase (decrease)		(20,800)
Reinsurance Contract [Axis]: Favorable Loss
Liability for Claims and Claims Adjustment Expense
Net loss reserve on prior contracts increase (decrease)	11,400
Reinsurance Contract [Axis]: Reserve Strengthening
Liability for Claims and Claims Adjustment Expense
Net loss reserve on prior contracts increase (decrease)	(10,500)	31,300
CAT Losses
Liability for Claims and Claims Adjustment Expense
Net loss reserve on prior contracts increase (decrease)	48,900	20,200
Baltimore Bridge Collapse, Hurricane Helene and US Tornados
Liability for Claims and Claims Adjustment Expense
Net loss reserve on prior contracts increase (decrease)	39,900
Turkey Earthquake, New Zealand Cyclone Gabrielle, Severe U.S. Tornados
Liability for Claims and Claims Adjustment Expense
Net loss reserve on prior contracts increase (decrease)		29,500
CAT Development
Liability for Claims and Claims Adjustment Expense
Net loss reserve on prior contracts increase (decrease)	$ (9,000)	$ (9,300)

RETROCESSION - Ceded Reinsuranc

RETROCESSION - Ceded Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reinsurance Disclosures [Abstract]
Gross ceded premiums	$ 26,598	$ 14,789	$ 64,611	$ 35,740
Earned ceded premiums	19,512	15,318	46,603	35,195
Loss and loss adjustment expenses ceded	$ 10,070	$ 9,086	$ 47,919	$ 24,794

RETROCESSION - Breakdown of Los

RETROCESSION - Breakdown of Losses Recoverable on a Gross and Net of Collateral Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Ceded Credit Risk
Provision for credit losses	$ (865)	$ (854)
Total loss and loss adjustment expenses recoverable, net		25,687	$ 13,239
Retrocession Portfolio
Ceded Credit Risk
Total before provision	66,647	26,174
Provision for credit losses	(700)	(487)
Total loss and loss adjustment expenses recoverable, net	65,947	25,687
Net of Collateral	47,267	11,199
A- or better by A.M. Best | Retrocession Portfolio
Ceded Credit Risk
Total before provision	40,028	8,767
Net of Collateral	40,028	8,767
Not rated | Retrocession Portfolio
Ceded Credit Risk
Total before provision	26,619	17,407
Net of Collateral	$ 7,239	$ 2,432

RETROCESSION - Narrative (Detai

RETROCESSION - Narrative (Details) - Three Reinsurers - Total Loss and Loss Adjustment Expense Recoverability - Reinsurance Concentration Risk - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Ceded Credit Risk
Concentration risk percentage	10%	10%
Loss and loss adjustment expenses ceded	$ 46.1	$ 20.4

DEBT AND CREDIT FACILITIES - De

DEBT AND CREDIT FACILITIES - Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Term loans	$ 62,187	$ 74,062
Accrued interest payable	951	0
Less: deferred financing costs	(556)	(781)
Total debt	$ 62,582	$ 73,281

DEBT AND CREDIT FACILITIES - Na

DEBT AND CREDIT FACILITIES - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Aug. 20, 2024
Line of Credit Facility [Line Items]
Committed capacity under the Citi LOC agreement	$ 429,752,000
Term Loan
Line of Credit Facility [Line Items]
Repayments of debt	11,900,000
Financial Standby Letter of Credit | Citibank Europe plc ("Citi LOC")
Line of Credit Facility [Line Items]
Committed capacity under the Citi LOC agreement	$ 229,752,000	$ 275,000,000

DEBT AND CREDIT FACILITIES - Le

DEBT AND CREDIT FACILITIES - Letter of Credit (“LOC”) Facilities (Details) - USD ($)	Sep. 30, 2024	Aug. 20, 2024
Line of Credit Facility [Line Items]
Capacity	$ 429,752,000
Financial Standby Letter of Credit
Line of Credit Facility [Line Items]
LOCs issued	285,721,000
Financial Standby Letter of Credit | Citibank Europe plc ("Citi LOC")
Line of Credit Facility [Line Items]
Capacity	229,752,000	$ 275,000,000
LOCs issued	229,752,000
Financial Standby Letter of Credit | CIBC Bank USA ("CIBC LOC")
Line of Credit Facility [Line Items]
Capacity	200,000,000
LOCs issued	$ 55,969,000

SHARE CAPITAL - Stock by Class

SHARE CAPITAL - Stock by Class (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) in Stockholders' Equity
Balance – beginning of period (in shares)		35,336,732	0
Issue of shares, net of forfeitures (in shares)		43,163	65,394
Repurchase of shares (in shares)	(547,402)	(547,402)	0
Re-designate Class B to Class A shares (in shares)		0	0
Reclassify Class A to Ordinary shares (in shares)		0	35,272,013
Balance – end of period (in shares)	34,832,493	34,832,493	35,337,407
Class A
Increase (Decrease) in Stockholders' Equity
Balance – beginning of period (in shares)			28,569,346
Issue of shares, net of forfeitures (in shares)			447,952
Repurchase of shares (in shares)			0
Re-designate Class B to Class A shares (in shares)			6,254,715
Reclassify Class A to Ordinary shares (in shares)			(35,272,013)
Balance – end of period (in shares)			0
Class B
Increase (Decrease) in Stockholders' Equity
Balance – beginning of period (in shares)			6,254,715
Issue of shares, net of forfeitures (in shares)			0
Repurchase of shares (in shares)			0
Re-designate Class B to Class A shares (in shares)			(6,254,715)
Reclassify Class A to Ordinary shares (in shares)			0
Balance – end of period (in shares)			0

SHARE CAPITAL - Narrative (Deta

SHARE CAPITAL - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	May 03, 2024	Dec. 31, 2023
Equity [Abstract]
Ordinary share capital, authorized (in shares)	125,000,000	125,000,000
Ordinary share capital, par value (in dollars per share)	$ 0.10	$ 0.10			$ 0.10
Aggregate principal amount		$ 200,000
Stock repurchase program, authorized amount				$ 25,000
Repurchase of ordinary shares (in shares)	547,402	547,402	0
Repurchase of shares	$ 7,500	$ 7,488	$ 0
Preferred share capital, authorized (in shares)	50,000,000	50,000,000
Preferred share capital, par value (in dollars per share)	$ 0.10	$ 0.10			$ 0.10

SHARE-BASED COMPENSATION - Rest

SHARE-BASED COMPENSATION - Restricted Stock (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Performance Restricted Shares
Number of non-vested RSUs
Beginning balance (in shares)	1,042,688	794,362
Granted (in shares)	0	357,766
Vested (in shares)	0	0
Forfeited (in shares)	(89,945)	(109,105)
Ending balance (in shares)	952,743	1,043,023
Weighted  average grant date fair value
Beginning balance (in dollars per share)	$ 9.94	$ 7.62
Granted (in dollars per share)	0	9.85
Vested (in dollars per share)	0	0
Forfeited (in dollars per share)	10.84	9.37
Ending balance (in dollars per share)	$ 9.86	$ 8.20
Service Restricted Shares
Number of non-vested RSUs
Beginning balance (in shares)	419,604	832,896
Granted (in shares)	58,751	242,957
Vested (in shares)	(282,916)	(364,006)
Forfeited (in shares)	0	(55,967)
Ending balance (in shares)	195,439	655,880
Weighted  average grant date fair value
Beginning balance (in dollars per share)	$ 9.18	$ 7.76
Granted (in dollars per share)	12.51	10.22
Vested (in dollars per share)	9.35	6.96
Forfeited (in dollars per share)	0	8.43
Ending balance (in dollars per share)	$ 9.93	$ 9.05

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance (in shares)	2,825,659		3,296,771
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	250,000
Grants (in dollars per share)	$ 4.31
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense, net of forfeiture reversals	$ 4.6	$ 3.5
Employee and Director Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted shares vested	$ 2.6	$ 2.5
Employee and Director Restricted Shares | Employee and Non-employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted to employees RSUs (in shares)		535,329
Performance RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted to employees RSUs (in shares)	258,148	71,121
Total fair value of restricted shares vested	$ 0.7	$ 0.5
Cliff vesting period after date of issuance	3 years
Cliff vesting percentage after date of issuance (in percent)	100%
Performance RSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cliff vesting percentage after date of issuance (in percent)	50%
Performance RSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cliff vesting percentage after date of issuance (in percent)	200%
Anti-dilutive stock options outstanding | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cliff vesting period after date of issuance	10 years
Number of options exercisable (in shares)	50,000
Performance Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted to employees RSUs (in shares)	0	357,766
Service Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted to employees RSUs (in shares)	58,751	242,957
Service Restricted Shares | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted to employees RSUs (in shares)	0
Service Restricted Shares | Non-employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted to employees RSUs (in shares)	58,751

SHARE-BASED COMPENSATION - Re_2

SHARE-BASED COMPENSATION - Restricted Stock Units (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Performance RSUs
Number of non-vested RSUs
Beginning balance (in shares)	154,445	105,008
Granted (in shares)	258,148	71,121
Vested (in shares)	0	0
Forfeited (in shares)	(6,229)	0
Ending balance (in shares)	406,364	176,129
Weighted  average grant date fair value
Beginning balance (in dollars per share)	$ 8.03	$ 6.82
Granted (in dollars per share)	11.85	9.85
Vested (in dollars per share)	0	0
Forfeited (in dollars per share)	9.15	0
Ending balance (in dollars per share)	$ 10.44	$ 8.04
Service RSUs
Number of non-vested RSUs
Beginning balance (in shares)	110,425	172,952
Granted (in shares)	124,425	42,811
Vested (in shares)	(74,357)	(77,695)
Forfeited (in shares)	(5,806)	(1,788)
Ending balance (in shares)	154,687	136,280
Weighted  average grant date fair value
Beginning balance (in dollars per share)	$ 8.78	$ 7.58
Granted (in dollars per share)	11.85	9.85
Vested (in dollars per share)	8.84	6.74
Forfeited (in dollars per share)	10.67	7.82
Ending balance (in dollars per share)	$ 11.15	$ 8.76

SHARE-BASED COMPENSATION - Sche

SHARE-BASED COMPENSATION - Schedule of Valuation Assumptions (Details) - Chief Executive Officer	9 Months Ended
	Sep. 30, 2024 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	36.40%
Expected term (in years)	5 years
Expected dividend yield	0%
Risk-free interest rate	3.90%
Stock price at grant date	$ 11.20

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator for EPS
Net income - basic	$ 35,237	$ 13,477	$ 70,234	$ 69,224
Net income - diluted	$ 35,237	$ 13,477	$ 70,234	$ 69,224
Denominator for EPS
Weighted average shares outstanding - basic (in shares)	34,120,955	34,070,818	34,210,560	34,067,012
Effect of dilutive employee and director share-based awards (in shares)	689,111	731,046	613,812	636,961
Weighted average shares outstanding - diluted (in shares)	34,810,066	34,801,864	34,824,372	34,703,973
EPS:
Basic (in dollars per share)	$ 1.03	$ 0.40	$ 2.05	$ 2.03
Diluted (in dollars per share)	$ 1.01	$ 0.39	$ 2.02	$ 1.99
Anti-dilutive stock options outstanding
Denominator for EPS
Anti-dilutive stock options outstanding (in shares)	870,319	652,140	870,319	652,140

NET INVESTMENT INCOME (Details)

NET INVESTMENT INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Investment Income [Abstract]
Interest and dividend income, net of withholding taxes and other expenses	$ 8,244	$ 9,513	$ 24,935	$ 27,004
Net realized and unrealized gains on other investments (see Note 4)	0	(2,555)	(324)	(2,299)
Net investment-related income	8,244	6,958	24,611	24,705
Share of Solasglas' net income (loss) (see Note 3)	19,844	(1,853)	42,422	27,791
Total investment income	$ 28,088	$ 5,105	$ 67,033	$ 52,496

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) shares in Millions		9 Months Ended
	Jan. 01, 2019	Sep. 30, 2024
Affiliated Entity | Green Bricks Partners Inc (GRBK) | Solasglas Investments, LP (SILP)
Related Party Transaction
Common stock held (in shares)		1.3
Affiliated Entity | Green Bricks Partners Inc (GRBK) | Solasglas Investments, LP (SILP)
Related Party Transaction
Ownership percentage (in percent)		23%
Service Agreement | Board of Directors Chairman
Related Party Transaction
Investor relations monthly fee		$ 5,000
Contract termination prior notice period (in days)		30 days
Collateral Assets Investment Management Agreement | Board of Directors Chairman
Related Party Transaction
Contract termination prior notice period (in days)	30 days

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Breakdown of Reinsurance Balances Receivable (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Amount
Premiums receivable	$ 259,235	$ 186,940
Funds held by cedants	51,332	50,075
Premiums held by Lloyds' syndicates	296,152	264,278
Funds at Lloyd’s	110,395	115,772
Profit commission receivable	2,470	2,302
Deposit assets	0	888
Total before provision	719,584	620,255
Provision for credit losses	(865)	(854)
Reinsurance balances receivable, net	$ 718,719	$ 619,401
%
Premiums receivable	0.361	0.302
Funds held by cedants	7.10%	8.10%
Premiums held by Lloyds' syndicates	0.412	0.427
Funds at Lloyd’s	0.154	0.186
Profit commission receivable	0.003	0.004
Deposit assets	0	0.001
Total before provision	1.001	1.001
Provision for expected credit losses	(0.001)	(0.001)
Reinsurance balances receivable, net	1	1

SEGMENT REPORTING - Gross Premi

SEGMENT REPORTING - Gross Premiums Written by Line of Business (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Segment Reporting Information
Number of operating segments | segment			1
Gross premiums written	$ 168,346	$ 183,074	$ 554,579	$ 524,472
Gross premiums written (in percent)	100%	100%	100%	100%
Total Property
Segment Reporting Information
Gross premiums written	$ 13,625	$ 32,940	$ 61,578	$ 94,660
Gross premiums written (in percent)	8.10%	18%	11%	18%
Commercial
Segment Reporting Information
Gross premiums written	$ 14,794	$ 16,105	$ 45,030	$ 45,236
Gross premiums written (in percent)	8.80%	8.80%	8%	8.60%
Motor
Segment Reporting Information
Gross premiums written	$ 189	$ 122	$ 344	$ 706
Gross premiums written (in percent)	0.10%	0.10%	0.10%	0.10%
Personal
Segment Reporting Information
Gross premiums written	$ (1,358)	$ 16,713	$ 16,204	$ 48,718
Gross premiums written (in percent)	(0.80%)	9.10%	2.90%	9.30%
Total Casualty
Segment Reporting Information
Gross premiums written	$ 92,124	$ 108,964	$ 279,118	$ 284,560
Gross premiums written (in percent)	54.70%	59.50%	50.40%	54.20%
General Liability
Segment Reporting Information
Gross premiums written	$ 28,084	$ 31,325	$ 83,482	$ 79,401
Gross premiums written (in percent)	16.70%	17.10%	15.10%	15.10%
Motor Liability
Segment Reporting Information
Gross premiums written	$ 2,900	$ 2,917	$ 17,556	$ 11,223
Gross premiums written (in percent)	1.70%	1.60%	3.20%	2.10%
Professional Liability
Segment Reporting Information
Gross premiums written	$ 33	$ 1,625	$ 152	$ 4,850
Gross premiums written (in percent)	0%	0.90%	0%	0.90%
Workers' Compensation
Segment Reporting Information
Gross premiums written	$ 939	$ 4,484	$ 4,319	$ 11,542
Gross premiums written (in percent)	0.60%	2.40%	0.80%	2.20%
Multi-line
Segment Reporting Information
Gross premiums written	$ 60,168	$ 68,613	$ 173,609	$ 177,544
Gross premiums written (in percent)	35.70%	37.50%	31.30%	33.90%
Total Other
Segment Reporting Information
Gross premiums written	$ 62,597	$ 41,170	$ 213,883	$ 145,252
Gross premiums written (in percent)	37.20%	22.50%	38.60%	27.80%
Accident & Health
Segment Reporting Information
Gross premiums written	$ 2,329	$ 1,695	$ 6,207	$ 6,184
Gross premiums written (in percent)	1.40%	0.90%	1.10%	1.20%
Financial
Segment Reporting Information
Gross premiums written	$ 11,868	$ 17,059	$ 50,012	$ 48,406
Gross premiums written (in percent)	7%	9.30%	9%	9.20%
Marine
Segment Reporting Information
Gross premiums written	$ 11,200	$ 3,973	$ 41,642	$ 23,967
Gross premiums written (in percent)	6.70%	2.20%	7.50%	4.60%
Other Specialty
Segment Reporting Information
Gross premiums written	$ 37,200	$ 18,443	$ 116,022	$ 66,695
Gross premiums written (in percent)	22.10%	10.10%	21%	12.80%

SEGMENT REPORTING - Gross Pre_2

SEGMENT REPORTING - Gross Premiums Written by Geographic Area of Risks Insured (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from External Customer
Gross premiums written	$ 168,346	$ 183,074	$ 554,579	$ 524,472
Gross premiums by geographical area as a percentage of total gross premiums			100%	100%
Gross premiums written (in percent)	100%	100%	100%	100%
U.S. and Caribbean
Revenue from External Customer
Gross premiums written	$ 54,359	$ 77,274	$ 173,519	$ 206,714
Gross premiums by geographical area as a percentage of total gross premiums			31.30%	39.40%
Gross premiums written (in percent)	32.30%	42.20%
Worldwide
Revenue from External Customer
Gross premiums written	$ 102,573	$ 88,037	$ 337,035	$ 269,430
Gross premiums by geographical area as a percentage of total gross premiums			60.80%	51.40%
Gross premiums written (in percent)	60.90%	48.10%
Europe
Revenue from External Customer
Gross premiums written	$ 1,687	$ 1,868	$ 9,967	$ 8,936
Gross premiums by geographical area as a percentage of total gross premiums			1.80%	1.70%
Gross premiums written (in percent)	1%	1%
Asia
Revenue from External Customer
Gross premiums written	$ 9,727	$ 15,895	$ 34,058	$ 39,392
Gross premiums by geographical area as a percentage of total gross premiums			6.10%	7.50%
Gross premiums written (in percent)	5.80%	8.70%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Hurricane Milton - Subsequent Event $ in Millions	1 Months Ended
	Oct. 31, 2024 USD ($)
Minimum
Subsequent Event [Line Items]
Loss from catastrophes	$ 5
Maximum
Subsequent Event [Line Items]
Loss from catastrophes	$ 15