4 unchanged sentences
Since inception, we have not paid any cash dividends on our Class A ordinary shares or Class B ordinary shares, or collectively, our ordinary shares.
+Added: Link to Table of Contents
Holders of ordinary shares are entitled to receive dividends when, as and if declared by the Board of Directors in accordance with the provisions of our Articles and the Companies Law.
9 unchanged sentences
Any dividends we pay will be declared and paid in U.S.
−Removed: Link to Table of Contents
Performance Graph
2 unchanged sentences
The performance graph also assumes that all dividends are reinvested.
+Added: Link to Table of Contents
The performance reflected in the graph above is not necessarily indicative of future performance.
3 unchanged sentences
From time to time, the repurchase plan has been re-approved or modified at the election of our Board of Directors.
−Removed: On May 2, 2019, the Board of Directors renewed the share repurchase plan, with effect from July 1, 2019 and expiring on June 30, 2020, authorizing the Company to purchase up to 2.5 million Class A ordinary shares or securities convertible into Class A ordinary shares in the open market, through privately negotiated transactions or Rule 10b5-1 stock trading plans.
−Removed: As of December 31, 2019 , 2.5 million Class A ordinary shares remained authorized for repurchase under the share repurchase plan.
+Added: On March 26, 2020, the Board of Directors extended the share repurchase plan to June 30, 2021, and increased the number of shares authorized to be repurchased to 5.0 million Class A ordinary shares or securities convertible into Class A ordinary shares in the open market, through privately negotiated transactions or Rule 10b5-1 stock trading plans.
+Added: In addition, the Board of Directors also authorized the Company to repurchase up to $25.0 million aggregate face amount of the Company’s 4.00% Convertible Senior Notes due 2023 (the “Notes”) in privately negotiated transactions, in open market repurchases or pursuant to one more tender offers.
The Company is not required to repurchase any Class A ordinary shares and the repurchase plan may be modified, suspended or terminated at any time without prior notice.
−Removed: No shares were repurchased by the Company during the year ended December 31, 2019 .
−Removed: Link to Table of Contents
+Added: The table below details the share repurchases that were made under the plan during the three months ended December 31, 2020:
+Added: Issuer Purchases of Equity Securities
+Added: Period Total Number of Shares Purchased (1) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1)
+Added: October 1 - 31, 2020 176,025 $ 6.89 176,025 2,949,556
+Added: November 1 - 30, 2020 296,634 $ 7.85 296,634 2,652,922
+Added: December 1 - 31, 2020 200,019 $ 7.85 200,019 2,452,903
+Added: Total 672,678 $ 7.60 672,678 2,452,903
+Added: (1) Class A ordinary shares.
SELECTED FINANCIAL DATA
2 unchanged sentences
GAAP”) and have been audited by BDO USA, LLP, an independent registered public accounting firm.
−Removed: These historic results presented below are not necessarily indicative of results for any future period, and should be read in conjunction with our consolidated financial statements and related notes thereto contained in “Item 8.
+Added: These historical results presented below are not necessarily indicative of results for any future period and should be read in conjunction with our consolidated financial statements and related notes thereto contained in “Item 8.
Financial Statements and Supplementary Data” and “Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in this filing and all other information appearing elsewhere or incorporated into this filing by reference.
+Added: Link to Table of Contents
Year ended December 31
+Added: 2020 2019 2018 2017 2016
($ in thousands, except per share and share amounts)
7 unchanged sentences
Net income (loss) attributable to Greenlight Capital Re, Ltd.
+Added: $ 3,866 $ (3,986) $ (350,054) $ (44,952) $ 44,881
Earnings (Loss) Per Share Data (1)
+Added: Basic $ 0.11 $ (0.11) $ (9.74) $ (1.21) $ 1.20
+Added: Diluted 0.11 (0.11) (9.74) (1.21) 1.20
Weighted average number of ordinary shares used in the determination of earnings and loss per share
+Added: Basic 36,172,216 36,079,419 35,951,659 37,002,260 37,267,145
+Added: Diluted 36,278,028 36,079,419 35,951,659 37,002,260 37,340,018
Underwriting Income (Loss) and Selected Ratios
Underwriting income (loss) * $ (1,612) $ (33,480) $ (14,384) $ (53,628) $ (18,814)
+Added: Loss ratio 74.2 % 80.3 % 71.6 % 80.3 % 74.2 %
Acquisition cost ratio 24.0 % 24.2 % 28.6 % 25.8 % 26.2 %
4 unchanged sentences
(i) RSUs issued that would convert to common shares upon vesting, (ii) additional potential common shares issuable when stock options are exercised, determined using the treasury stock method, and (iii) those common shares with the potential to be issued by virtue of convertible debt and other such convertible instruments, determined using the treasury stock method.
−Removed: Diluted earnings (or loss) per share contemplates a conversion to common shares of all convertible instruments only if they are dilutive in nature with regards to earnings per share.
+Added: Diluted earnings (or loss) per share contemplates the conversion to common shares of all convertible instruments only if they are dilutive to earnings per share.
In the event of a net loss, all RSUs, stock options outstanding, convertible debt and participating securities are excluded from the calculation of both basic and diluted loss per share since their inclusion would be anti-dilutive.
Link to Table of Contents
+Added: 2020 2019 2018 2017 2016
($ in thousands, except per share and share amounts)
3 unchanged sentences
Restricted cash and cash equivalents 745,371 742,093 685,016 1,503,813 1,202,651
−Removed: Reinsurance balances receivable
+Added: Reinsurance balances receivable (net of allowance for expected credit losses) 330,232 230,384 300,251 301,762 219,126
+Added: Total assets 1,357,650 1,355,193 1,435,445 3,357,393 2,664,693
Loss and loss adjustment expense reserves (1)
+Added: 494,179 470,588 482,662 464,380 306,641
Unearned premium reserves 201,089 179,460 211,789 255,818 222,527
Total liabilities 892,793 878,010 955,981 2,505,967 1,773,006
+Added: Total shareholders' equity 464,857 477,183 477,772 844,257 885,803
Adjusted book value* (2)
+Added: $ 464,857 $ 477,183 $ 477,287 $ 831,324 $ 874,242
Diluted adjusted book value* (3)
+Added: 464,857 477,183 477,287 845,183 876,362
Ordinary shares outstanding
+Added: Basic 34,514,790 36,994,110 36,384,929 37,359,545 37,366,327
+Added: 34,631,512 37,057,692 36,431,327 38,039,229 37,489,647
Per Share Data
Basic adjusted book value per share* (5)
+Added: $ 13.47 $ 12.90 $ 13.12 $ 22.25 $ 23.40
Fully diluted adjusted book value per share* (6)
+Added: 13.42 12.88 13.10 22.22 23.38
For a detailed discussion of the change in our loss and loss adjustment expenses, refer to “Item 7.
8 unchanged sentences
Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations”.
−Removed: Link to Table of Contents
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.