2 unchanged sentences
Our Class A ordinary shares began publicly trading on the Nasdaq Global Select Market on May 24, 2007 under the symbol “GLRE”.
−Removed: As of March 5, 2021, the number of holders of record of our Class A ordinary shares was approximately 38, not including beneficial owners of shares registered in nominee or street name who represent approximately 95.7% of the Class A ordinary shares issued and outstanding.
+Added: At March 4, 2022, the number of holders of record of our Class A ordinary shares was approximately 45, not including beneficial owners of shares registered in nominee or street name who represent approximately 94.4% of the Class A ordinary shares issued and outstanding.
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.
−Removed: 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.
7 unchanged sentences
Although Greenlight Capital Re is not subject to any significant legal prohibitions on the payment of dividends, Greenlight Re and GRIL are subject to regulatory constraints that affect their ability to pay dividends and include minimum net worth requirements.
−Removed: As of December 31, 2020, Greenlight Re and GRIL both exceeded the minimum statutory capital requirements.
+Added: At December 31, 2021, Greenlight Re and GRIL both exceeded the minimum statutory capital requirements.
Any dividends we pay will be declared and paid in U.S.
+Added: Link to Table of Contents
Performance Graph
2 unchanged sentences
The performance graph also assumes that all dividends are reinvested.
−Removed: 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 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.
−Removed: 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.
+Added: On May 4, 2021, the Board of Directors approved a share repurchase plan effective from July 1, 2021, until June 30, 2022, authorizing the Company to repurchase up to $25.0 million of Class A ordinary shares or securities convertible into Class A ordinary shares in the open market, through privately negotiated transactions or Rule 10b5-1 stock trading plans.
The Company is not required to repurchase any Class A ordinary shares and the repurchase plan may be modified, suspended or terminated at any time without prior notice.
The table below details the share repurchases that were made under the plan during the three months ended December 31, 2021:
+Added: Link to Table of Contents
Issuer Purchases of Equity Securities
−Removed: Period Total Number of Shares Purchased (1) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1)
+Added: Period Total Number of Shares Purchased (1) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) Maximum Value of Shares that May Yet Be Purchased Under the Plans or Programs ($ in thousands)
October 1 - 31, 2021 0 $ — 0 $ 21,747
3 unchanged sentences
(1) Class A ordinary shares.
−Removed: SELECTED FINANCIAL DATA
−Removed: The following table sets forth our selected historical consolidated statement of operations data for the fiscal years ended December 31, 2020, 2019, 2018, 2017, and 2016, as well as our selected historical consolidated balance sheet data as of December 31, 2020, 2019, 2018, 2017, and 2016, which are derived from our audited consolidated financial statements.
−Removed: The audited consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S.
−Removed: GAAP”) and have been audited by BDO USA, LLP, an independent registered public accounting firm.
−Removed: 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.
−Removed: Financial Statements and Supplementary Data” and “Item 7.
−Removed: 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.
−Removed: Link to Table of Contents
−Removed: Year ended December 31
−Removed: 2020 2019 2018 2017 2016
−Removed: ($ in thousands, except per share and share amounts)
−Removed: Selected Consolidated Statement of Operations Data
−Removed: Gross premiums written $ 479,791 $ 523,977 $ 567,531 $ 692,651 $ 536,072
−Removed: Net premiums earned 455,411 483,580 508,363 626,004 513,118
−Removed: Net investment income (loss) 25,532 52,267 (323,106) 20,231 76,183
−Removed: Net loss and loss adjustment expenses incurred 337,833 388,487 363,873 502,404 380,815
−Removed: Acquisition costs 109,288 117,084 145,475 161,740 134,534
−Removed: General and administrative expenses 26,401 29,822 25,173 26,356 25,808
−Removed: Net income (loss) attributable to Greenlight Capital Re, Ltd.
−Removed: $ 3,866 $ (3,986) $ (350,054) $ (44,952) $ 44,881
−Removed: Earnings (Loss) Per Share Data (1)
−Removed: Basic $ 0.11 $ (0.11) $ (9.74) $ (1.21) $ 1.20
−Removed: Diluted 0.11 (0.11) (9.74) (1.21) 1.20
−Removed: Weighted average number of ordinary shares used in the determination of earnings and loss per share
−Removed: Basic 36,172,216 36,079,419 35,951,659 37,002,260 37,267,145
−Removed: Diluted 36,278,028 36,079,419 35,951,659 37,002,260 37,340,018
−Removed: Underwriting Income (Loss) and Selected Ratios
−Removed: Underwriting income (loss) * $ (1,612) $ (33,480) $ (14,384) $ (53,628) $ (18,814)
−Removed: Loss ratio 74.2 % 80.3 % 71.6 % 80.3 % 74.2 %
−Removed: Acquisition cost ratio 24.0 % 24.2 % 28.6 % 25.8 % 26.2 %
−Removed: Underwriting expense ratio 2.2 % 2.4 % 2.6 % 2.5 % 3.2 %
−Removed: Combined ratio 100.4 % 106.9 % 102.8 % 108.6 % 103.6 %
−Removed: The Company treats its unvested restricted stock awards, which contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid as “participating securities.” Basic earnings per share is calculated on the basis of the weighted average number of common shares and participating securities outstanding during the period.
−Removed: Diluted earnings (or loss) per share includes the dilutive effect of the following:
−Removed: (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 the conversion to common shares of all convertible instruments only if they are dilutive to earnings per share.
−Removed: 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.
−Removed: Link to Table of Contents
−Removed: 2020 2019 2018 2017 2016
−Removed: ($ in thousands, except per share and share amounts)
−Removed: Selected Consolidated Balance Sheet Data
−Removed: Total investments $ 196,153 $ 256,440 $ 283,928 $ 1,362,984 $ 1,022,537
−Removed: Cash and cash equivalents 8,935 25,813 18,215 27,285 39,858
−Removed: Restricted cash and cash equivalents 745,371 742,093 685,016 1,503,813 1,202,651
−Removed: Reinsurance balances receivable (net of allowance for expected credit losses) 330,232 230,384 300,251 301,762 219,126
−Removed: Total assets 1,357,650 1,355,193 1,435,445 3,357,393 2,664,693
−Removed: Loss and loss adjustment expense reserves (1)
−Removed: 494,179 470,588 482,662 464,380 306,641
−Removed: Unearned premium reserves 201,089 179,460 211,789 255,818 222,527
−Removed: Total liabilities 892,793 878,010 955,981 2,505,967 1,773,006
−Removed: Total shareholders' equity 464,857 477,183 477,772 844,257 885,803
−Removed: Adjusted book value* (2)
−Removed: $ 464,857 $ 477,183 $ 477,287 $ 831,324 $ 874,242
−Removed: Diluted adjusted book value* (3)
−Removed: 464,857 477,183 477,287 845,183 876,362
−Removed: Ordinary shares outstanding
−Removed: Basic 34,514,790 36,994,110 36,384,929 37,359,545 37,366,327
−Removed: 34,631,512 37,057,692 36,431,327 38,039,229 37,489,647
−Removed: Per Share Data
−Removed: Basic adjusted book value per share* (5)
−Removed: $ 13.47 $ 12.90 $ 13.12 $ 22.25 $ 23.40
−Removed: Fully diluted adjusted book value per share* (6)
−Removed: 13.42 12.88 13.10 22.22 23.38
−Removed: For a detailed discussion of the change in our loss and loss adjustment expenses, refer to “Item 7.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations — Financial Condition” and Note 7 to the consolidated financial statements.
−Removed: Adjusted book value equals total shareholders’ equity minus non-controlling interest in Joint Venture.
−Removed: Diluted adjusted book value is the adjusted book value plus the proceeds from the exercise of in-the-money options issued and outstanding at year-end.
−Removed: Diluted number of shares outstanding is the sum of basic shares outstanding and the in-the-money options and restricted stock units issued and outstanding at year-end.
−Removed: Basic adjusted book value per share is calculated by dividing adjusted book value by the number of shares and share equivalents issued and outstanding at year-end.
−Removed: Fully diluted adjusted book value per share is calculated by dividing the diluted adjusted book value by the diluted number of shares outstanding at year-end.
−Removed: Adjusted book value, diluted adjusted book value, basic adjusted book value per share, fully diluted adjusted book value per share, and underwriting income (loss) are non-GAAP measures.
−Removed: For a reconciliation of the non-GAAP measures to the most comparable GAAP measures, refer to “Item 7.
−Removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations — Results of Operations”.
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.