This is a tax-driven structuring arrangement, not a signal of fundamental change. Monitor the company's 10b5-1 plan initiation on June 3, 2026, and subsequent buyback activity to gauge the eventual share count reduction and Einhorn's stabilized ownership level. The transaction is neutral for earnings and operations.
Price Chart
Executive Summary
Greenlight Capital Re entered into a share repurchase agreement with the David M. Einhorn 2021-07 Family Trust, an affiliate of Chairman David Einhorn, to buy back shares equal to 33% of the company's open-market repurchases under a planned 10b5-1 plan. The transaction is structured to prevent Einhorn's ownership from increasing further due to adverse tax consequences from the company's ongoing buyback program. The deal is contingent on the company first executing the 10b5-1 plan and is expected to close on August 3, 2026.
Key Facts
- Greenlight Capital Re entered into an Ordinary Share Repurchase Agreement with the David M. Einhorn 2021-07 Family Trust, an affiliate of Chairman David Einhorn.
- The company will repurchase shares equal to 33% of the aggregate shares bought under a planned 10b5-1 plan.
- The purchase price per share equals the weighted average price paid by the company under the 10b5-1 plan.
- The Einhorn trust currently beneficially owns 1,390,488 ordinary shares.
- The transaction is designed to keep David Einhorn's ownership percentage approximately constant and avoid adverse tax consequences.
- Closing is expected on or about August 3, 2026, subject to the company entering into and executing the 10b5-1 plan.
- The agreement can be terminated if the company does not enter into the 10b5-1 plan by June 3, 2026, or has not repurchased any shares under it by August 3, 2026.
Financial Impact
The number and dollar value of repurchased shares are contingent on the company's open-market buyback activity under the 10b5-1 plan, which has not yet been entered into. The Einhorn trust will sell 33% of whatever the company repurchases in the open market.
Risk Factors
- The company may not enter into the 10b5-1 plan or may not repurchase any shares, causing the agreement to terminate with no effect.
- The repurchase reduces the company's cash reserves, though the amount is contingent on open-market activity.
- The arrangement may raise governance questions about insider transactions, though it is structured to comply with Rule 10b5-1 and Rule 16b-3.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001385613-26-000078 |
| Document: glre-20260601.htm | 0001385613-26-000078 |
| Document: 0001385613-26-000078-index-headers.html | 0001385613-26-000078 |
| Document: 0001385613-26-000078-index.html | 0001385613-26-000078 |
| Document: 0001385613-26-000078.txt | 0001385613-26-000078 |
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Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 18, 2026 5w ago | Insider Cluster | $15.03 | awaiting T+60 | — | $15.10 (+0.47%) |
Jul 1, 2026 16w ago | Insider Cluster | $16.36 $14.93 | ▼ −8.74% | ▼ −11.70% | $15.10 (−7.70%) |
Jun 1, 2026 21w ago | 8-K | $14.94 $15.40 | ▲ +3.08% | ▲ +1.96% | $15.10 (+1.07%) |
May 20, 2026 22w ago | Insider Cluster | $17.71 $15.76 | ▼ −11.01% | ▼ −16.01% | $15.10 (−14.74%) |
May 15, 2026 23w ago | Insider Cluster | $17.52 $15.42 | ▼ −11.99% | ▼ −16.50% | $15.10 (−13.81%) |
May 5, 2026 24w ago | 8-K | $17.84 $16.65 | ▼ −6.67% | ▼ −8.73% | $15.10 (−15.36%) |
Apr 27, 2026 26w ago | Press Release | $18.81 $16.35 | ▼ −13.08% | ▼ −17.07% | $15.10 (−19.72%) |
Apr 6, 2026 29w ago | 8-K | $18.08 $16.37 | ▼ −9.46% | ▼ −22.73% | $15.10 (−16.48%) |
Mar 9, 2026 33w ago | Press Release | $14.96 $14.69 | ▼ −1.80% | ▼ −13.49% | $15.10 (+0.94%) |
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