Greenlight Capital Re : Termination of Material Agreement - Form 8-K
April 18, 2024 at 07:10 am EDT
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Item 1.02. Termination of a Material Definitive Agreement.
On April 12, 2024, Greenlight Capital Re, Ltd. (the "Registrant") received written notice (the "Notice") from Citibank Europe plc ("Citi") of its decision to terminate its commitment under the $275,000,000 letter of credit facility agreement, between the Registrant's subsidiary Greenlight Reinsurance, Ltd. ("Greenlight Reinsurance") and Citi, dated August 20, 2010, as amended (the "Facility"). Citi's decision to terminate its commitment under the Facility was made according to either party's right to terminate the Facility without cause if either party delivers a written notice of cancellation to the other party at least 120 days prior to the then effective termination date. Pursuant to the terms of the Facility and the Notice, Citi's commitment under the Facility will terminate on August 20, 2024 (the "Termination Date").
The Registrant does not intend to replace the Facility immediately since: (i) Citi has informed the Registrant that it intends to provide a $275 million facility on an uncommitted basis for the foreseeable future following the Termination Date, and (ii) Greenlight Reinsurance entered into a $200 million committed letter of credit facility with CIBC Bank USA in December 2023, as disclosed in the Registrant's Form 8-K filed on December 27, 2023.
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Greenlight Capital Re, Ltd. provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd's platform, Greenlight Innovation Syndicate 3456. Its property business covers personal lines, commercial lines exposures and automobile physical damage. The property business includes both catastrophe and non-catastrophe coverage. Its casualty business covers general liability, motor liability, professional liability, and workers compensation exposures. The Company's multi-line business includes the Funds at Lloyd's business. Its other business covers accident and health, financial (including transactional liability, mortgage insurance, surety, and trade credit), marine, energy, as well as other specialty business, such as aviation, crop, cyber, political, and terrorism exposures. Its subsidiaries include Greenlight Reinsurance, Ltd., Greenlight Re Marketing (UK) Limited, and others.