On December 27, 2019, Greenlight Capital Re, Ltd.’s wholly-owned subsidiaries, Greenlight Reinsurance, Ltd. and Greenlight Reinsurance Ireland, Designated Activity Company (collectively, the “Companies”), entered into an amended and restated letter agreement (the “A&R Letter Agreement”) with Solasglas Investments, LP, in connection with that certain amended and restated partnership agreement between the parties dated August 30, 2018, as amended from time to time (the “Partnership Agreement”). to the A&R Letter Agreement, the parties have agreed that during the period from June 1, 2019 until June 30, 2020 (a) not less than 50% of the Investment Portfolio (as defined in the Partnership Agreement) of each of the Companies shall be held in cash and cash equivalents, and (b) the portion of the Investment Portfolio of each of the Companies that is held in cash or cash equivalents will not be subject to any Management Fee (as defined in the Partnership Agreement) or Performance Allocation (as defined in the Partnership Agreement). The A&R Letter Agreement amends and restates that certain letter agreement between the parties dated June 18, 2019.

The foregoing summary is qualified in its entirety by reference to the A&R Letter Agreement, a copy of which is attached hereto as Exhibit 10.1.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

GREENLIGHT CAPITAL RE, LTD. Exhibit
EX-10.1 2 letteragreementsolasglasgl.htm EXHIBIT 10.1 LETTER AGREEMENT Exhibit Solasglas Investments,…
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About GREENLIGHT CAPITAL RE, LTD. (NASDAQ:GLRE)

Greenlight Capital Re, Ltd. is a property and casualty reinsurance holding company. The Company operates through property and casualty reinsurance segment. Its underwriting operations are classified into two categories: frequency business, which is characterized as contracts containing a number of small losses emanating from multiple events, and severity business, which is characterized as contracts with the potential for losses emanating from one event or multiple events. The Company’s property line of insurance provides protection for aviation, commercial, energy, motor physical damage and personal. It offers casualty insurance products for general, marine, motor and professional liabilities. The Company’s specialty insurance products are offered for financial, health and worker’s compensation. Its subsidiaries include Greenlight Reinsurance, Ltd, (Greenlight Re), Greenlight Reinsurance Ireland, Ltd. (GRIL) and Verdant Holding Company, Ltd. (Verdant).