GREENLIGHT CAPITAL RE, LTD. (NASDAQ:GLRE) Files An 8-K Regulation FD Disclosure
Item 7.01Regulation FD Disclosure.
DME Advisors, LP (“DME Advisors”) is the investment advisor to Solasglas Investments, LP (“Solasglas”) in which each of Greenlight Reinsurance, Ltd. (“Greenlight Re”) and Greenlight Reinsurance Ireland, DAC, subsidiaries of Greenlight Capital Re, Ltd. ((“GLRE” or the “Company”), is a limited partner. DME Advisors is controlled by David Einhorn, President of Greenlight Capital, Inc. (“Greenlight Capital”) and Chairman of the Company’s board of directors. On January 22, 2019, Mr. Einhorn in his capacity as President of Greenlight Capital, spoke at a private investor conference for his hedge fund clients and provided certain information relating to accounts that Greenlight Capital and its affiliates manage, including DME Advisors. To comply with regulation FD, the following information is hereby provided:
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i) |
For the period from January 1, 2019 through January 22, 2019, DME Advisors reported an estimated investment return of 7.3% net of fees and expenses for Solasglas (see Note 1). |
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ii) |
As of December 31, 2018, the Investment Portfolio (See Note 1) managed by DME Advisors (including the general partner’s assets in Solasglas) had assets of $579 million. |
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iii) |
As of December 31, 2018, the accounts managed by Greenlight Capital hold the following positions, described by Mr. Einhorn as “positions 5% and larger in the portfolio”: AerCap Holdings NV, Assured Guaranty Ltd. (short), Brighthouse Financial Inc., CONSOL Coal Resources LP, Deutsche Pfandbriefbank AG, General Motors Company, gold, Green Brick Partners Inc., Tesla Motors Inc (short). These are the largest positions held in the Greenlight Capital hedge funds, but not all of these positions are necessarily the largest positions for Solasglas. The Company previously disclosed its largest five long positions as of December 31, 2018 as AerCap Holdings, Brighthouse Financial, General Motors, gold and Green Brick Partners. |
Note 1: For further information on the calculation of the investment return refer to Note 3 on the Investment Returns section of our website www.greenlightre.com.
In accordance with general instruction B.2 to Form 8-K, the information set forth in this Item 7.01 shall be deemed “furnished” and not “filed” with the Securities and Exchange Commission for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
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).
