The letter of credit facility enhances operational flexibility for reinsurance operations but requires cash collateral, potentially limiting capital availability for other uses. The retention of key legal leadership provides stability.
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Executive Summary
Greenlight Capital Re established a $300 million letter of credit facility with CIBC Bank USA through its subsidiaries, while General Counsel David Sigmon rescinded his resignation. The credit facility is secured by cash collateral and matures in December 2027.
Key Financial Metrics
Key Facts
- Greenlight Reinsurance Ireland (GRIL) and Greenlight Reinsurance, Ltd. entered into letter of credit agreements with CIBC Bank USA totaling $300 million
- The facility is allocated as $50 million for GRIL and $250 million for Greenlight Re
- The letter of credit facilities mature on December 22, 2027, with automatic annual extensions
- Obligations are secured by cash collateral accounts with minimum balances equal to outstanding letters of credit
- General Counsel David Sigmon rescinded his previously announced resignation
Financial Impact
$300 million in committed letter of credit capacity secured by cash collateral
Risk Factors
- Cash collateral requirements tie up liquid assets that could otherwise be invested
- Dependence on credit facilities creates refinancing risk if market conditions deteriorate
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001385613-26-000044 |
| Document: 0001385613-26-000044-index-headers.html | 0001385613-26-000044 |
| Document: 0001385613-26-000044-index.html | 0001385613-26-000044 |
| Document: 0001385613-26-000044.txt | 0001385613-26-000044 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 18, 2026 5w ago | Insider Cluster | $15.03 | awaiting T+60 | — | $15.02 (−0.07%) |
Jul 1, 2026 16w ago | Insider Cluster | $16.36 $14.93 | ▼ −8.74% | ▼ −11.70% | $15.02 (−8.19%) |
Jun 1, 2026 21w ago | 8-K | $14.94 $15.40 | ▲ +3.08% | ▲ +1.96% | $15.02 (+0.54%) |
May 20, 2026 22w ago | Insider Cluster | $17.71 $15.76 | ▼ −11.01% | ▼ −16.01% | $15.02 (−15.19%) |
May 15, 2026 23w ago | Insider Cluster | $17.52 $15.42 | ▼ −11.99% | ▼ −16.50% | $15.02 (−14.27%) |
May 5, 2026 24w ago | 8-K | $17.84 $16.65 | ▼ −6.67% | ▼ −8.73% | $15.02 (−15.81%) |
Apr 27, 2026 26w ago | Press Release | $18.81 $16.35 | ▼ −13.08% | ▼ −17.07% | $15.02 (−20.15%) |
Apr 6, 2026 29w ago | 8-K | $18.08 $16.37 | ▼ −9.46% | ▼ −22.73% | $15.02 (−16.92%) |
Mar 9, 2026 33w ago | Press Release | $14.96 $14.69 | ▼ −1.80% | ▼ −13.49% | $15.02 (+0.40%) |
US Market Status
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