What Greenlight Capital Re, Ltd. told the SEC could break it.

Greenlight Re has significant intermediary/customer concentration in both segments: in its Open Market segment its four largest brokers each accounted for more than 10% of gross written premiums and together ~70.5% of the segment's 2025 gross premiums, and in its Innovations segment six customers accounted for 53.6% of the segment's gross premiums (with one customer ranging up to ~30% in prior years); loss of a key broker or program customer would materially reduce premium volume.

“For the Open Market segment, our four largest brokers each accounted for more than 10% of our gross written premiums, and in the aggregate, they accounted for approximately 70.5% of the segment's gross premiums written in 2025. For the Innovations segment, we had six customers that accounted for 53.6% of the segment's gross premiums written in 2025.”

Greenlight Re is contractually obligated under the Solasglas limited partnership agreement to invest substantially all of its assets in Solasglas (a value-oriented long/short fund tied to David Einhorn's Greenlight Capital), which may be concentrated in a few large positions; a 10% decline in the underlying listed equity securities and equity-based derivatives would produce a $18.5 million unrealized loss (2024: $13.9M), so investment volatility, illiquidity or concentrated adverse valuation moves in Solasglas could materially hurt its financial condition.

“Under the Solasglas limited partnership agreement (“Solasglas LPA”), we are contractually obligated to invest substantially all our assets in Solasglas, with certain exceptions.”

Greenlight Re's results are exposed to commodity prices through Solasglas: at December 31, 2025 the portfolio incorporated unhedged exposure to gold, uranium and crude oil, and a 10% adverse movement in commodity prices would reduce the fair value of Solasglas' portfolio by approximately $11.4 million (gold $9.1M, copper $1.8M, uranium $0.6M), independent of indirect effects on equity holdings — adding commodity-price volatility to its investment risk.

“At December 31, 2025, Solasglas' investments incorporate unhedged exposure to changes in gold, uranium, and crude oil prices.”

Greenlight Re relies on an Investment Company Act exemption as a foreign insurer engaged predominantly in reinsurance — given its large investment portfolio, failure to maintain that status could subject it to burdensome U.S. fund regulation; it is also regulated under Cayman Islands (CIMA, which can impose penalties up to CI$1 million for serious breaches), Irish and Lloyd's (Syndicate 3456) insurance regimes, and faces uncertainty from shifting U.S. tariff/trade policy.

“We rely on an exemption under the Investment Company Act for an entity organized and regulated as a foreign insurance company which is engaged primarily and predominantly in the reinsurance of risks on insurance agreements.”