Loan & DebtApr 6, 2026, 04:16 PM
Greenlight Capital Re Subsidiary Enters $300 Million Letter of Credit Agreement with CIBC
AI Summary
Greenlight Capital Re, Ltd. announced that its subsidiaries, Greenlight Reinsurance Ireland and Greenlight Reinsurance, Ltd., entered into Master Letter of Credit Agreements with CIBC Bank USA, providing for a combined $300 million committed letter of credit facility. This agreement provides financial flexibility and security for the company's reinsurance operations, potentially impacting its ability to underwrite and manage risk.
Key Highlights
- Greenlight Reinsurance Ireland entered into a Master Letter of Credit Agreement with CIBC for a $50 million facility.
- Greenlight Reinsurance, Ltd. amended and restated its existing agreement with CIBC for a $250 million facility.
- The aggregate commitment under the LC Facilities is $300 million, maturing on December 22, 2027, with automatic annual extensions unless notice is given.