Greenlight Re (NASDAQ: GLRE) boosts Q1 2026 profit and book value
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Greenlight Capital Re reported stronger first quarter 2026 results, with a combined ratio of 96.0% and net income of $35.8 million, or $1.05 per diluted share, compared with $29.6 million, or $0.86, a year earlier. Gross premiums written fell 8% to $227.9 million and net premiums earned declined 8% to $154.1 million, but underwriting improved from a $7.8 million loss to $6.2 million of income as the loss ratio dropped to 59.1% from 72.9%.
Total investment income was stable at $40.4 million versus $40.5 million in 2025, including $33.7 million from the Solasglas portfolio, which gained 6.8% year to date. Fully diluted book value per share rose 4.7% in the quarter to $21.40 from $20.43, and shareholders’ equity reached $741.2 million.
The company also emphasized capital returns, repurchasing $5 million of shares in the quarter at an average price of $16.70 and another $9.5 million in April 2026 at $18.38, totaling about 2.4% of shares. Management highlighted disciplined underwriting in the Open Market and Innovations segments alongside continued value-oriented investment performance.
Positive
- Underwriting performance sharply improved, with net underwriting moving from a $7.8 million loss to $6.2 million income and the combined ratio improving from 104.6% to 96.0%.
- Book value and earnings strengthened, as net income increased to $35.8 million ($1.05 diluted EPS) and fully diluted book value per share rose 4.7% in the quarter to $21.40.
- Shareholder returns increased through $14.5 million of buybacks in Q1 and April 2026, retiring approximately 2.4% of outstanding shares.
Negative
- None.
Insights
Underwriting turnaround and steady investments drove solid Q1 book value growth.
Greenlight Capital Re delivered a notable shift to underwriting profitability in Q1 2026. Net underwriting swung from a $7.8M loss to $6.2M income as the loss ratio improved to 59.1% from 72.9%, bringing the combined ratio down to 96.0%.
Total investment income was essentially flat at $40.4M, with $33.7M from the Solasglas portfolio and a disclosed 6.8% return through March 2026. This balance of underwriting and investment contributions lifted net income to $35.8M and supported a 4.7% rise in fully diluted book value per share to $21.40.
Capital management also stands out, with $14.5M of share repurchases in Q1 and April 2026, equal to about 2.4% of shares. Future filings detailing sustained combined ratios near or below 100% and continued investment performance will be important for assessing the durability of recent book value growth.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net income Q1 2026: $35.8 million
Diluted EPS Q1 2026: $1.05 per share
Combined ratio Q1 2026: 96.0%
+5 more
8 metrics
Net income Q1 2026
$35.8 million
Three months ended March 31, 2026
Diluted EPS Q1 2026
$1.05 per share
Three months ended March 31, 2026
Combined ratio Q1 2026
96.0%
Compared with 104.6% in Q1 2025
Gross premiums written
$227.9 million
Three months ended March 31, 2026; down 8% year over year
Total investment income
$40.4 million
Three months ended March 31, 2026
Fully diluted BVPS
$21.40
March 31, 2026; up 4.7% from $20.43 at Dec. 31, 2025
Share repurchases 2026 to April
$14.5 million
Q1 2026 plus April 2026, about 2.4% of shares
Return on equity
4.9%
Q1 2026 as presented in investor materials
Key Terms
combined ratio, fully diluted book value per share, loss and loss adjustment expense reserves, non-GAAP financial measures, +2 more
6 terms
combined ratio financial
"Improves Q1 Combined Ratio to 96.0%, Earns $1.05 per diluted share"
The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.
loss and loss adjustment expense reserves financial
"Loss and loss adjustment expense reserves | 966,339 | | | 967,960"
non-GAAP financial measures financial
"Management has included fully diluted book value per share as a financial measure that is not calculated under GAAP"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
return on equity financial
"Return on Equity 4.3% 4.9% Fully Diluted Book Value Per Share $18.87 $21.40"
Return on equity shows how effectively a company uses its shareholders' money to generate profit. It is calculated by dividing the company's net profit by its shareholders' equity, indicating how much profit is earned for each dollar invested by owners. Higher return on equity suggests the company is good at turning investments into earnings, which can be an important factor for investors assessing its profitability and efficiency.
Solasglas Investments, LP financial
"The Solasglas investment portfolio gained a solid 6.8% in the first quarter"
Earnings Snapshot
Gross premiums written: $227.9 million
Q1 2026
Gross premiums written
$227.9 million
-8% vs Q1 2025
Net premiums earned
$154.1 million
-8% vs Q1 2025
Net underwriting income
$6.2 million
from -$7.8 million in Q1 2025
Combined ratio
96.0%
from 104.6% in Q1 2025
Net income
$35.8 million
from $29.6 million in Q1 2025
Diluted EPS
$1.05
from $0.86 in Q1 2025
Fully diluted BVPS
$21.40
up 4.7% from $20.43 at Dec. 31, 2025
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported)
(Exact name of registrant as specified in charter)
| N/A | ||||||||
(State or other jurisdiction of incorporation) | (Commission file number) | (IRS employer identification no.) | ||||||
| P.O. Box 31110 | ||||||||
| Grand Cayman | ||||||||
| (Address of principal executive offices) | (Zip code) | |||||||
(205 ) 291-3440
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On May 5, 2026, Greenlight Capital Re, Ltd. (the "Registrant" or "Company") issued a press release announcing its financial results for the first quarter March 31, 2026. A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and incorporated herein by reference. In addition, a copy of the Company's investor presentation is furnished as Exhibit 99.2.
In accordance with general instruction B.2 to Form 8-K, the information set forth in this Item 2.02 (including Exhibits 99.1 and 99.2) 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.
Item 9.01 Financial Statements and Exhibits
(d) The following exhibits are being filed herewith:
| Exhibit No. | Description of Exhibit | |||||||
| 99.1 | Earnings press release, "GREENLIGHT RE ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER MARCH 31, 2026", dated May 5, 2026, issued by the Registrant. | |||||||
| 99.2 | Investor Presentation - First Quarter 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GREENLIGHT CAPITAL RE, LTD. | ||||||||
| (Registrant) | ||||||||
| By: | /s/ Steven Archambault | |||||||
| Name: | Steven Archambault | |||||||
| Title: | Chief Accounting Officer | |||||||
| Date: | May 5, 2026 | |||||||
GREENLIGHT RE ANNOUNCES FINANCIAL RESULTS FOR FIRST QUARTER MARCH 31, 2026
Improves Q1 Combined Ratio to 96.0%,
Earns $1.05 per diluted share;
Repurchases $5 million of ordinary shares
GRAND CAYMAN, Cayman Islands – May 5, 2026 – Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the first quarter March 31, 2026.
First quarter 2026 Highlights (all comparisons are to first quarter 2025 unless noted otherwise):
•Gross premiums written decreased 8% to $227.9 million;
•Net premiums earned decreased 8% to $154.1 million;
•Net underwriting income of $6.2 million, compared to an underwriting loss of $7.8 million;
•Combined ratio of 96.0%, compared to 104.6%;
•Total investment income of $40.4 million, compared to $40.5 million;
•Net income of $35.8 million, or $1.05 per diluted ordinary share, compared to net income of $29.6 million, or $0.86 per diluted ordinary share;
•Repurchased $5 million of ordinary shares at an average cost of $16.70 per share; and
•Fully diluted book value per share increased 4.7% to $21.40, from $20.43 at December 31, 2025.
During April 2026, the Company repurchased an additional $9.5 million of ordinary shares at an average price of $18.38 per share.
Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “We have had a good start to the year with both sides of our balance sheet contributing to growth in book value per share. Our underwriting book continues to demonstrate disciplined profitability with a combined ratio of 96.0%.”
David Einhorn, Chairman of the Board of Directors, said, “The Solasglas investment portfolio gained a solid 6.8% in the first quarter during a choppy period for the market. The Company continues its capital allocation discipline and repurchased, through April, approximately 2.4% of its shares to capture the discount being offered in the market.”
Greenlight Capital Re, Ltd. First Quarter 2026 Earnings Call
Greenlight Re will host a live conference call to discuss its financial results on Wednesday, May 6, 2026, at 9:00 a.m. Eastern Time. Dial-in details:
U.S. toll free 1-877-407-9753
International 1-201-493-6739
The conference call can also be accessed via webcast at:
https://event.webcasts.com/starthere.jsp?ei=1731021&tp_key=f4c1d589f0
A telephone replay will be available following the call through May 12, 2026. The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13755435. An audio file of the call will also be available on the Company’s website, www.greenlightre.com.
###
Non-GAAP Financial Measures
In presenting the Company’s results, management has included fully diluted book value per share as a financial measure that is not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). This measure is referred to as a non-GAAP measure. The non-GAAP measure may be defined or calculated differently by other companies. Management believes the measure allows for a more thorough understanding of the Company’s performance. The non-GAAP measure may not be comparable to similarly titled measures reported by other companies and should be used to monitor our results and should be considered in addition to, and not viewed as a substitute for those measures determined in accordance with GAAP. Reconciliation of the measure to the most comparable GAAP figures is included in the attached financial information in accordance with Regulation G.
Forward-Looking Statements
This news release contains forward-looking statements concerning Greenlight Capital Re, Ltd. and/or its subsidiaries (the “Company”) within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on the Company’s behalf. These risks and uncertainties include any suspension or revocation of any of our licenses; losses from catastrophes; the loss of significant brokers; the performance of Solasglas Investments, LP; a downgrade or withdrawal of our A.M. Best ratings; the carry values of our investments made under our Greenlight Re Innovations segment may differ significantly from those that would be used if we carried these investments at fair value; and other factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as to the date of this release, whether as a result of new information, future events, or otherwise, except as provided by law.
About Greenlight Capital Re, Ltd.
Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.
Investor Relations Contact
Jeremy Hellman
Vice President, The Equity Group Inc.
(212) 836-9626
IR@greenlightre.ky
GREENLIGHT CAPITAL RE, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(expressed in thousands of U.S. dollars, except per share and share amounts)
| March 31, 2026 | December 31, 2025 | ||||||||||
| (Unaudited) | |||||||||||
| Assets | |||||||||||
| Investments | |||||||||||
| Investment in related party investment fund, at fair value | $ | 515,244 | $ | 504,555 | |||||||
| Other investments | 66,441 | 62,911 | |||||||||
| Fixed maturity investments, at fair value | 150,902 | 65,609 | |||||||||
| Total investments | 732,587 | 633,075 | |||||||||
| Cash and cash equivalents | 75,088 | 111,756 | |||||||||
| Restricted cash and cash equivalents | 535,151 | 531,976 | |||||||||
| Reinsurance balances receivable | 672,463 | 664,381 | |||||||||
| Reinsurance recoverable on unpaid loss and loss adjustment expenses | 86,237 | 81,392 | |||||||||
| Deferred acquisition costs | 100,691 | 99,954 | |||||||||
| Unearned premiums ceded | 58,528 | 39,223 | |||||||||
| Other assets | 8,527 | 8,026 | |||||||||
| Total assets | $ | 2,269,272 | $ | 2,169,783 | |||||||
| Liabilities and equity | |||||||||||
| Liabilities | |||||||||||
| Loss and loss adjustment expense reserves | 966,339 | 967,960 | |||||||||
| Unearned premium reserves | 414,315 | 361,704 | |||||||||
| Reinsurance balances payable | 109,404 | 95,853 | |||||||||
| Funds withheld | 22,359 | 16,105 | |||||||||
| Other liabilities | 10,944 | 15,460 | |||||||||
| Debt | 4,739 | 4,724 | |||||||||
| Total liabilities | 1,528,100 | 1,461,806 | |||||||||
Commitments and Contingencies (Note 16) | |||||||||||
| Shareholders' equity | |||||||||||
Preferred share capital (par value $0.10; none issued) | — | — | |||||||||
Ordinary share capital (par value $0.10; issued and outstanding, 33,684,902) (2025: par value $0.10; issued and outstanding, 33,897,709) | 3,368 | 3,390 | |||||||||
| Additional paid-in capital | 476,377 | 478,910 | |||||||||
| Retained earnings | 261,427 | 225,677 | |||||||||
| Total shareholders' equity | 741,172 | 707,977 | |||||||||
| Total liabilities and equity | $ | 2,269,272 | $ | 2,169,783 | |||||||
GREENLIGHT CAPITAL RE, LTD.
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS
(expressed in thousands of U.S. dollars, except percentages and per share amounts)
| Three months ended March 31 | ||||||||||||||
| 2026 | 2025 | |||||||||||||
(Unaudited) | ||||||||||||||
| Underwriting results: | ||||||||||||||
| Gross premiums written | $ | 227,938 | $ | 247,945 | ||||||||||
| Gross premiums ceded | (44,464) | (28,548) | ||||||||||||
| Net premiums written | $ | 183,474 | $ | 219,397 | ||||||||||
| Change in net unearned premium reserves | (29,329) | (50,934) | ||||||||||||
| Net premiums earned | $ | 154,145 | $ | 168,463 | ||||||||||
| Net loss and LAE incurred: | ||||||||||||||
| Current year | (93,644) | (118,666) | ||||||||||||
| Prior year | 2,489 | (4,218) | ||||||||||||
| Net loss and LAE incurred | (91,155) | (122,884) | ||||||||||||
| Acquisition costs | (48,962) | (46,866) | ||||||||||||
| Underwriting expenses | (7,805) | (6,358) | ||||||||||||
| Deposit interest expense | (32) | (149) | ||||||||||||
| Net underwriting income (loss) | 6,191 | (7,794) | ||||||||||||
| Investment results: | ||||||||||||||
| Income from investment in Solasglas | 33,689 | 32,197 | ||||||||||||
| Net investment income | 6,731 | 8,287 | ||||||||||||
| Total investment income | 40,420 | 40,484 | ||||||||||||
| Corporate and other expenses | (5,742) | (4,672) | ||||||||||||
| Foreign exchange gains (losses) | (4,905) | 4,355 | ||||||||||||
| Interest expense | (99) | (1,464) | ||||||||||||
| Income tax expense | (115) | (1,282) | ||||||||||||
| Net income | $ | 35,750 | $ | 29,627 | ||||||||||
| Earnings per share | ||||||||||||||
| Basic | $ | 1.06 | $ | 0.87 | ||||||||||
| Diluted | $ | 1.05 | $ | 0.86 | ||||||||||
| Underwriting ratios: | ||||||||||||||
| Current year loss ratio | 60.8 | % | 70.4 | % | ||||||||||
| Prior year reserve development ratio | (1.6) | % | 2.5 | % | ||||||||||
| Loss ratio | 59.1 | % | 72.9 | % | ||||||||||
| Acquisition cost ratio | 31.8 | % | 27.8 | % | ||||||||||
| Composite ratio | 90.9 | % | 100.7 | % | ||||||||||
| Underwriting expense ratio | 5.1 | % | 3.9 | % | ||||||||||
| Combined ratio | 96.0 | % | 104.6 | % | ||||||||||
The following tables present the Company’s results by segment and on a consolidated basis:
GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS (unaudited)
(expressed in thousands of U.S. dollars)
Three months ended March 31, 2026
| Open Market | Innovations | Corporate | Total Consolidated | ||||||||||||||||||||
| Gross premiums written | $ | 180,347 | $ | 47,593 | $ | (2) | $ | 227,938 | |||||||||||||||
| Net premiums written | $ | 151,295 | $ | 32,181 | $ | (2) | $ | 183,474 | |||||||||||||||
| Net premiums earned | $ | 128,981 | $ | 25,166 | $ | (2) | $ | 154,145 | |||||||||||||||
| Net loss and LAE incurred | (75,230) | (15,926) | 1 | (91,155) | |||||||||||||||||||
| Acquisition costs | (41,212) | (7,750) | — | (48,962) | |||||||||||||||||||
| Other underwriting expenses | (5,743) | (2,062) | — | (7,805) | |||||||||||||||||||
| Deposit interest expense, net | (32) | — | — | (32) | |||||||||||||||||||
| Underwriting income (loss) | 6,764 | (572) | (1) | 6,191 | |||||||||||||||||||
| Net investment income (loss) | 5,135 | 1,094 | 502 | 6,731 | |||||||||||||||||||
| Corporate and other expenses | — | (722) | (5,020) | (5,742) | |||||||||||||||||||
| Income (loss) from investment in Solasglas | 33,689 | 33,689 | |||||||||||||||||||||
| Foreign exchange gains (losses) | (4,905) | (4,905) | |||||||||||||||||||||
| Interest expense | (99) | (99) | |||||||||||||||||||||
| Income (loss) before income taxes | $ | 11,899 | $ | (200) | $ | 24,166 | $ | 35,865 | |||||||||||||||
| Underwriting ratios: | |||||||||||||||||||||||
| Loss ratio | 58.3 | % | 63.3 | % | NM* | 59.1 | % | ||||||||||||||||
| Acquisition cost ratio | 32.0 | % | 30.8 | % | NM* | 31.8 | % | ||||||||||||||||
| Composite ratio | 90.3 | % | 94.1 | % | NM* | 90.9 | % | ||||||||||||||||
| Underwriting expenses ratio | 4.5 | % | 8.2 | % | NM* | 5.1 | % | ||||||||||||||||
| Combined ratio | 94.8 | % | 102.3 | % | NM* | 96.0 | % | ||||||||||||||||
*Not Meaningful
GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS (unaudited)
(expressed in thousands of U.S. dollars)
Three months ended March 31, 2025
| Open Market | Innovations | Corporate | Total Consolidated | ||||||||||||||||||||
| Gross premiums written | $ | 220,709 | $ | 27,466 | $ | (230) | $ | 247,945 | |||||||||||||||
| Net premiums written | $ | 195,609 | $ | 23,971 | $ | (183) | $ | 219,397 | |||||||||||||||
| Net premiums earned | $ | 149,641 | $ | 19,005 | $ | (183) | $ | 168,463 | |||||||||||||||
| Net loss and LAE incurred | (112,763) | (10,346) | 225 | (122,884) | |||||||||||||||||||
| Acquisition costs | (40,881) | (6,033) | 48 | (46,866) | |||||||||||||||||||
| Other underwriting expenses | (4,797) | (1,561) | — | (6,358) | |||||||||||||||||||
| Deposit interest expense, net | (149) | — | — | (149) | |||||||||||||||||||
| Underwriting income (loss) | (8,949) | 1,065 | 90 | (7,794) | |||||||||||||||||||
| Net investment income | 5,771 | 448 | 2,068 | 8,287 | |||||||||||||||||||
| Corporate and other expenses | — | (572) | (4,100) | (4,672) | |||||||||||||||||||
| Income from investment in Solasglas | 32,197 | 32,197 | |||||||||||||||||||||
| Foreign exchange gains (losses) | 4,355 | 4,355 | |||||||||||||||||||||
| Other income | — | — | |||||||||||||||||||||
| Interest expense | (1,464) | (1,464) | |||||||||||||||||||||
| Income (loss) before income taxes | $ | (3,178) | $ | 941 | $ | 33,146 | $ | 30,909 | |||||||||||||||
| Underwriting ratios: | |||||||||||||||||||||||
| Loss ratio | 75.4 | % | 54.4 | % | NM* | 72.9 | % | ||||||||||||||||
| Acquisition cost ratio | 27.3 | % | 31.7 | % | NM* | 27.8 | % | ||||||||||||||||
| Composite ratio | 102.7 | % | 86.1 | % | NM* | 100.7 | % | ||||||||||||||||
| Underwriting expenses ratio | 3.3 | % | 8.2 | % | NM* | 3.9 | % | ||||||||||||||||
| Combined ratio | 106.0 | % | 94.3 | % | NM* | 104.6 | % | ||||||||||||||||
*Not Meaningful
GREENLIGHT CAPITAL RE, LTD.
KEY FINANCIAL MEASURES AND NON-GAAP MEASURES
Management uses certain key financial measures, some of which are not prescribed under U.S. GAAP rules and standards (“non-GAAP financial measures”), to evaluate our financial performance, financial position, and the change in shareholder value. Generally, a non-GAAP financial measure, as defined in SEC Regulation G, is a numerical measure of a company’s historical or future financial performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented under U.S. GAAP. We believe that these measures, which may be calculated or defined differently by other companies, provide consistent and comparable metrics of our business performance to help shareholders understand performance trends and facilitate a more thorough understanding of the Company’s business. Non-GAAP financial measures should not be viewed as substitutes for those determined under U.S. GAAP.
We use the following non-GAAP financial measure in this news release.
Fully Diluted Book Value Per Share
Our primary financial goal is to increase fully diluted book value per share over the long term. We use fully diluted book value as a financial measure in our incentive compensation plan.
We believe that long-term growth in fully diluted book value per share is the most relevant measure of our financial performance because it provides management and investors a yardstick to monitor the shareholder value generated. Fully diluted book value per share may also help our investors, shareholders, and other interested parties form a basis of comparison with other companies within the property and casualty reinsurance industry. Fully diluted book value per share should not be viewed as a substitute for the most comparable U.S. GAAP measure, which in our view is the basic book value per share.
We calculate basic book value per share as (a) ending shareholders' equity, divided by (b) the total ordinary shares issued and outstanding, as reported in the consolidated financial statements.
Fully diluted book value per share represents basic book value per share combined with any dilutive impact of in-the-money stock options and all outstanding restricted stock units, or “RSUs”. We believe these adjustments better reflect the ultimate dilution to our shareholders.
The following table presents a reconciliation of the fully diluted book value per share to basic book value per share (the most directly comparable U.S. GAAP financial measure):
| March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | |||||||||||||||||||||||||
| Numerator for basic and fully diluted book value per share: | |||||||||||||||||||||||||||||
| Total equity as reported under U.S. GAAP | $ | 741,172 | $ | 707,977 | $ | 658,889 | $ | 663,318 | $ | 666,804 | |||||||||||||||||||
Denominator for basic and fully diluted book value per share: | |||||||||||||||||||||||||||||
| Ordinary shares issued and outstanding as reported and denominator for basic book value per share | 33,684,902 | 33,897,709 | 34,099,226 | 34,198,153 | 34,557,449 | ||||||||||||||||||||||||
Add: In-the-money stock options (1) and all outstanding RSUs | 950,199 | 755,997 | 757,505 | 775,124 | 773,938 | ||||||||||||||||||||||||
| Denominator for fully diluted book value per share | 34,635,101 | 34,653,706 | 34,856,731 | 34,973,277 | 35,331,387 | ||||||||||||||||||||||||
| Basic book value per share | $ | 22.00 | $ | 20.89 | $ | 19.32 | $ | 19.40 | $ | 19.30 | |||||||||||||||||||
| Increase in basic book value per share | $ | 1.11 | $ | 1.57 | $ | (0.08) | $ | 0.10 | $ | 1.04 | |||||||||||||||||||
| Increase in basic book value per share | 5.3 | % | 8.1 | % | (0.4) | % | 0.5 | % | 5.7 | % | |||||||||||||||||||
| Fully diluted book value per share | $ | 21.40 | $ | 20.43 | $ | 18.90 | $ | 18.97 | $ | 18.87 | |||||||||||||||||||
| Increase in fully diluted book value per share | $ | 0.97 | $ | 1.53 | $ | (0.07) | $ | 0.10 | $ | 0.92 | |||||||||||||||||||
| Increase in fully diluted book value per share | 4.7 | % | 8.1 | % | (0.4) | % | 0.5 | % | 5.1 | % | |||||||||||||||||||
(1) Assuming net exercise by the grantee.
Q1 2026 Investor Presentation NASDAQ: GLRE
Cautionary Note Regarding Forward-Looking Statements and Non-GAAP Measures and Investment Disclosures This Investor Presentation (this “Presentation”) is intended solely for the informational purposes of the persons to whom it is presented in connection with the quarterly earnings results of Greenlight Capital Re, Ltd. (the “Company”). This Presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and we intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward looking statements are typically identified by words such as “expect”, “believe”, “anticipate”, “outlook”, “estimate”, “goal” and “strategy” or conditional verbs such as “will” and “may” or the negative of these terms, although not all forward-looking statements contain these words, and include statements relating to market opportunity, our strategic priorities, strategic growth and return on equity projections. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on the Company’s behalf. These risks and uncertainties include a downgrade or withdrawal of our A.M. Best ratings; any suspension or revocation of any of our licenses; losses from catastrophes; the loss of significant brokers; the performance of Solasglas Investments, LP; the carry values of our investments made under our Greenlight Re Innovations pillar may differ significantly from those that would be used if we carried these investments at fair value; and other factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as to the date of this Presentation, whether as a result of new information, future events, or otherwise, except as provided by law. In presenting the Company’s results, management has included the following financial measure that is not calculated under standards or rules that comprise generally accepted accounting principles in the United States (“GAAP”): fully diluted book value per share. This non-GAAP measure may be defined or calculated differently by other companies. Management believes this measure allows for a more thorough understanding of the underlying business. Non-GAAP measures may not be comparable to similarly titled measures reported by other companies and should be used to monitor our results and should be considered in addition to, and not viewed as a substitute for those measures determined in accordance with GAAP. Reconciliations to the most comparable GAAP figures can be found at the back of this Presentation. This Presentation also contains certain figures and metrics that are unaudited, including, for example, growth in gross premiums written and other mid-year financial information. All information provided for Solasglas Investments, LP is for informational purposes only and should not be deemed as investment advice or a recommendation to purchase or sell any specific security. Performance returns reflect the total returns, net of fees and expenses. Returns are net of either the modified high water mark performance allocation of 10% or the standard 20% performance allocation. All figures are unaudited. Greenlight Re and DME Advisors, LP (“DME”) do not undertake to update any information contained herein as a result of audit adjustments or other corrections. Past performance is not indicative of future results. Actual returns may differ from the returns presented. greenlightre.com 2
Greenlight Re: Introduction greenlightre.com 3
Designed to achieve higher rates of return over the long term than more traditional fixed income investment strategies Low correlation to underwriting Liquid portfolio Use investment to gain optionality in (re)insurance opportunities Capture capital appreciation from early-stage investments Target ability to influence strategic direction and future participation rights in each deal Open Market Reinsurance Underwriting Innovations Underwriting & Investments Value Oriented Investments (Solasglas Investments, LP) greenlightre.com 4 Three Strategic Pillars to Drive Book Value Growth Our three pillars create a diversified earnings profile—enabling us to pursue consistent, long-term returns for shareholders Provide reinsurance globally, on both proportional and non-proportional bases Maintain a highly diversified book with the flexibility to adjust line concentration based on market conditions Business is primarily sourced through global reinsurance brokers Long-short strategy reduces market exposure
greenlightre.com 5 Greenlight Re Overview and Highlights Our strategic focus is driving underwriting excellence with respect to each and every decision we make 1. Multiline includes our Funds at Lloyd's business. 2. Gross premiums written is for the trailing 12 months. Business mix chart represents gross premiums written by line of business for trailing twelve months. 3. Refers to fully diluted BVPS growth. Fully diluted BVPS is a non-GAAP measure. See Appendix for non-GAAP measure rationale and reconciliation to the most comparable GAAP measure. Period measured: December 31, 2021 through March 31, 2026. 4. During the first quarter of 2026, we repurchased 298,701 ordinary shares at an aggregate cost of $5.0 million at an average price of $16.70 per share. In April 2026, we repurchased a further 518,454 ordinary shares at an aggregate cost of $9.5 million at an average cost of $18.38. 5. Debt leverage (calculated as total debt divided by shareholders’ equity) has significantly decreased in recent years from 12 percent at year-end 2023 to 1% as of Q1 2026 close. 3 Offices in Strategic International Locations $753M Gross Premiums Written2 $2.3B Q1 2026 Total assets $14.5M Value of shares repurchased in 20264 “A” (Excellent) AM Best Financial Strength Rating (Stable Outlook) $741M Q1 2026 Shareholders’ Equity 53.0% 2022-2026 Cumulative Book Value Growth3 20+ Years Operating History 1% Total Debt Leverage5 Diverse Business Mix1 Specialty 24% Casualty 11% Financial 13% Health 1% Multiline 41% Property 10%
A+ (Superior) (stable outlook) A.M. Best Financial Strength Rating United Kingdom Syndicate 3456 (Lloyd’s) A (Excellent) (positive outlook) A.M. Best Financial Strength Rating Cayman Islands Greenlight Reinsurance, Ltd. greenlightre.com 6 Group Structure Our lean, flexible platform provides global market access via three strategically located jurisdictions: A (Excellent) (positive outlook) A.M. Best Financial Strength Rating • Irish regulated subsidiary enables efficient access to EU and London markets • Solvency II jurisdiction • Access to strong local (re)insurance talent pool • Underwriters in this office focus on global specialty business • Access to Lloyd’s network, brand and ratings • Global licenses to write both insurance and reinsurance • Greenlight Corporate Member enables us to provide “Funds at Lloyd’s” (FAL) capacity to the Lloyd’s market • Home office since founding in 2004 • Cayman Islands Monetary Authority (CIMA): a prudent and risk-based regulator • CIMA and the Cayman Islands Government explicitly support the reinsurance industry, with strong focus and expertise in this area and a stated commitment toward achieving NAIC “qualified jurisdiction” status Greenlight Capital Re, Ltd. NASDAQ: “GLRE” Ireland Greenlight Reinsurance Ireland, DAC
Gross Premiums Written ($ in millions) Combined Ratio greenlightre.com 7 Improving Underwriting Margin Continued progress toward sustained underwriting profitability • Combined ratio averaged 98.7% from 2021 through 2025 • 8.6-point improvement in 2026 YTD versus the prior year period • Positive underwriting income in 11 of last 13 quarters $565 $563 $637 $698 $773 $248 $228 2021 2022 2023 2024 2025 Q1 2025 Q1 2026 CAGR: 10.0% 100.9% 102.3% 94.5% 101.4% 94.6% 104.6% 96.0% 69.5% 67.4% 61.7% 69.0% 62.3% 72.9% 59.1% 26.9% 30.5% 29.0% 28.5% 28.0% 27.8% 31.8% 4.5% 4.4% 3.8% 3.9% 4.3% 3.9% 5.1% 2021 2022 2023 2024 2025 Q1 2025 Q1 2026 Underwriting Expense Ratio Acquisition Cost Ratio Loss Ratio
greenlightre.com 8 Building Financial Momentum Net income gains since 2021 have driven consistent book value growth $18 $25 $87 $43 $75 $36 2021 2022 2023 2024 2025 Q1 2026 $13.99 $14.33 $16.74 $17.95 $20.43 $21.40 2021 2022 2023 2024 2025 Q1 2026 Net Income ($ in millions) Fully Diluted Book Value Per Share1 CAGR: 8.8% 1. CAGR in the chart is calculated from December 31, 2020 ($13.42) through year-end 2025.
First quarter Highlights greenlightre.com 9
greenlightre.com 10 First Quarter Highlights Q1 2025 Q1 2026 Gross Premiums Written $247.9 $227.9 Net Underwriting Income (loss) $(7.8) $6.2 Combined Ratio 104.6% 96.0% Net Income $29.6 $35.8 Return on Equity 4.3% 4.9% Fully Diluted Book Value Per Share $18.87 $21.40 Total Shareholders’ Equity $666.8 $741.2 (expressed in millions U.S. dollars, except percentages and per share amounts) "We have had a good start to the year with both sides of our balance sheet contributing to growth in book value per share. Our underwriting book continues to demonstrate disciplined profitability with a combined ratio of 96.0%." - Greg Richardson, Chief Executive Officer
Segment Results greenlightre.com 11
106.0% 94.8% 75.4% 58.3% 27.3% 32.0% 3.3% 4.5% Q1 2025 Q1 2026 Key Highlights greenlightre.com 12 Open Market Segment Gross Premiums Written ($ in millions) Q1 2026 Business Mix Results for this segment continued to drive strong underwriting profit for the company following record underwriting income in 2025 Combined Ratio Non-renewed majority of casualty business in 2025 and 2026 due to unattractive pricing relative to escalating loss costs Gross premiums written decreased due to downward premium adjustments and targeted portfolio actions Underwriting income of $7 million in Q1 2026, compared to loss of $9 million in Q1 2025 (Q1 2025 results were impacted by historic California wildfire losses) $221 $180 Q1 2025 Q1 2026 Casualty 6% Financial 14% Multiline 35%Property 14% Specialty 31% Underwriting Expense Ratio Acquisition Cost Ratio Loss Ratio
Key Highlights greenlightre.com 13 Innovations Segment Innovations segment continues to be a strategic differentiator, reflecting a high-quality team applying prudence to growth opportunities Continuing to retrocede a portion of the segment's underwriting portfolio, obtaining rated third-party support and validation Investment portfolio is currently comprised of a diverse set of companies (deployed capital: $39.2M; carried value: $64.9M) Gross premiums written increased 73% to $48 million in Q1 2026 compared to $27 million in Q1 2025 $27 $48 Q1 2025 Q1 2026 94.4% 102.3% 54.4% 63.3% 31.7% 30.8%8.2% 8.2% Q1 2025 Q1 2026 ($ in millions) Casualty 21% Financial 22% Multiline 42% Specialty 15% Gross Premiums Written Q1 2026 Business Mix Combined Ratio Underwriting Expense Ratio Acquisition Cost Ratio Loss Ratio
Solasglas Investments Update greenlightre.com 14
Annual Average Returns Since 2021: 11.7% Greenlight Capital, Inc., an affiliate of DME Advisors, Solasglas’ investment advisor, was founded in 1996 by our Chairman David Einhorn and is recognized for its disciplined, research-driven investment strategy DME Advisors conducts deep fundamental analysis of financials, strategy, and prospects to identify both undervalued and overvalued securities Greenlight Re has employed this value-oriented approach since its inception Objective is to maximize total risk-adjusted returns supporting long-term book value growth Investment Approach Solasglas Investments, LP is the dedicated investment fund managed by DME Advisors, for the benefit of Greenlight Re and its affiliates, into which Greenlight Re allocates its investment assets DME Advisors serves as general partner and owns approximately 20% of Solasglas Investment Portfolio is currently 70% of Greenlight Re’s adjusted surplus Investment Portfolio Solasglas Investments, LP: A Key Driver of Greenlight Re’s Strong Book Value Growth 15 Annual Investment Returns greenlightre.com *Investment returns stated herein reflect the total returns, net of fees and expenses, and are based on the total assets in investment account for the joint venture and the Investment Portfolio for SILP. Investment returns are calculated monthly and compounded to calculate the quarterly and annual returns. Actual investment income may vary depending on cash flows into and out of the investment account. Past performance is not necessarily indicative of future results. Annual average returns since 2021 is calculated from January 2021 through March 2026 and annual average return from inception is calculated from August 2004 through March 2026. 7.5% 25.3% 9.4% 9.8% 7.5% 2021 2022 2023 2024 2025 Annual Average Returns Since Inception: 5.8% 2026 YTD Returns (through March): 6.8%
Investing in Greenlight Re 16greenlightre.com
greenlightre.com 17 Why Invest in Greenlight Re? Seasoned and Refreshed Executive Leadership Focused on underwriting culture and results-driven decision-making Well-Positioned and Diversified Specialty property and casualty reinsurance portfolio with a diversified risk profile Innovations Business is Maturing Now a distinct segment with strong momentum and disciplined growth Differentiated Long/Short Investment Strategy Designed to continue to generate strong returns in volatile markets Strong Balance Sheet Supported by a recent upgrade from A.M. Best and low debt leverage ratio Returning Value to Shareholders Repurchased 2.4% of outstanding shares for $14.5 million in 2026 (as of April 30)
greenlightre.com 18 Executive and Underwriting Leadership Average Industry Experience: 20+ Years Executive Team Comprised of Significant Greenlight Re Tenure and Fresh Perspectives Greg Richardson Chief Executive Officer Joined 2024 (formerly Trans Re) Patrick O’Brien CEO Ireland & COO Joined 2016 (formerly Liberty) Faramarz Romer Chief Financial Officer Joined 2007 (formerly KPMG) Tom Curnock Group CUO Joined 2009 (formerly Aon) David Sigmon General Counsel Joined 2023 (formerly Everest) Brian O’Reilly Head of Innovations Joined 2014 (formerly ICW Group) Richard Strommer Chief Actuary Joined 2017 (formerly E&Y) Regan Cairns CUO, Cayman Islands Joined 2018 (formerly KPMG) Finbar Griffin CUO, Ireland Joined 2018 (formerly Travelers) Kagabo Ngiruwonsanga CUO, Innovations Joined 2011 (formerly Liberty) Martin Vezina Head of Underwriting Analytics Joined 2025 (formerly Allianz) Our Executive Team Is Focused on Executing Five Core Values Nimble • Innovative • Excellence • Accountable • Collaborative
Appendix 19greenlightre.com
December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 March 31, 2026 Numerator for basic and fully-diluted book value per share: Total equity as reported under U.S. GAAP $ 475,663 $ 503,120 $ 596,095 $ 635,879 $ 707,977 $ 741,172 Denominator for basic and fully diluted book value per share: Ordinary shares issued and outstanding as reported and denominator for basic book value per share 33,844,446 34,824,061 35,336,732 34,831,324 33,897,709 34,635,101 Add: In-the-money stock options and all outstanding RSUs 154,134 277,960 264,870 590,001 755,997 950,199 Denominator for fully diluted book value per share 33,998,580 35,102,021 35,601,602 35,421,325 34,653,706 34,635,101 Basic book value per share $ 14.05 $ 14.45 $ 16.87 $ 18.26 $ 20.89 $ 22.00 Fully diluted book value per share $ 13.99 $ 14.33 $ 16.74 $ 17.95 $ 20.43 $ 21.40 greenlightre.com 20 Fully Diluted Book Value Per Share The key non-GAAP financial measure used in this Presentation is fully diluted book value per share. Our primary financial goal is to increase fully diluted book value per share over the long term. We use fully diluted book value as a financial measure in our long-term incentive compensation plan. We believe that long-term growth in fully diluted book value per share is the most relevant measure of our financial performance because it provides management and investors a yardstick to monitor the shareholder value generated. Fully diluted book value per share may also help our investors, shareholders, and other interested parties form a basis of comparison with other companies within the property and casualty reinsurance industry. Fully diluted book value per share should not be viewed as a substitute for the most comparable U.S. GAAP measure, which in our view is the basic book value per share. We calculate basic book value per share as (a) ending shareholders' equity, divided by (b) the total ordinary shares issued and outstanding, as reported in the consolidated financial statements. Fully diluted book value per share represents basic book value per share combined with any dilutive impact of in-the-money stock options (assuming net exercise) and all outstanding restricted stock units “RSUs”. We believe these adjustments better reflect the ultimate dilution to our shareholders. The following tables presents a reconciliation of the fully diluted book value per share to basic book value per share (the most directly comparable U.S. GAAP financial measure): (expressed in thousands U.S. dollars, except per share amounts)
greenlightre.com 21 Fully Diluted Book Value Per Share (Quarterly) The following tables presents a reconciliation of the fully diluted book value per share to basic book value per share (the most directly comparable U.S. GAAP financial measure): Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Numerator for basic and fully-diluted book value per share: Total equity as reported under U.S. GAAP $ 635,879 $ 666,804 $ 663,318 $ 658,889 $ 707,977 $ 741,172 Denominator for basic and fully diluted book value per share: Ordinary shares issued and outstanding as reported and denominator for basic book value per share 34,831,324 34,557,449 34,198,153 34,099,226 33,897,709 33,684,902 Add: In-the-money stock options and all outstanding RSUs 590,001 773,938 775,124 757,505 755,997 950,199 Denominator for fully diluted book value per share 35,421,325 35,331,387 34,973,277 34,856,731 34,653,706 34,635,101 Basic book value per share $ 18.26 $ 19.30 $ 19.40 $ 19.32 $ 20.89 $ 22.00 Fully diluted book value per share $ 17.95 $ 18.87 $ 18.97 $ 18.90 $ 20.43 $ 21.40 (expressed in thousands U.S. dollars, except per share amounts)
Segment Descriptions Open Market Segment We provide treaty reinsurance to insurance companies on a global basis, written on a proportional or non-proportional (also known as excess of loss) basis. The Open Market segment has the following lines of business: • Financial: includes primarily mortgage, trade credit, surety, transactional liability, and financial multiline coverage. • Health: includes primarily accident and critical illness coverage. • Multiline: includes predominantly our FAL business across diverse lines, coupled with multiline commercial and personal auto liability, business owners’ policy (“BOP”), and multiline commercial coverage. • Property: includes mainly commercial property and property catastrophe coverage. • Specialty: includes primarily agriculture, cyber, marine and energy, aviation and space, specialty multiline, and war, political violence and terrorism coverage. • Casualty: includes primarily general liability, umbrella, multiline casualty, and workers’ compensation coverage. Innovations Segment Innovation-related Investments We make strategic investments in promising startup companies and managing general agents, subject to investment guidelines as approved by our Board of Directors, in addition to providing reinsurance capacity on a case-by-case basis. These private investments consist primarily of unlisted equities (mostly preferred shares) and convertible debt instruments. Innovation-related Underwriting We provide underwriting capacity to our program partners through insurance and reinsurance structures on a global basis, written on a proportional or non-proportional basis. The Innovations segment has the following lines of business: • Financial: includes predominantly miscellaneous financial coverage. • Health: includes primarily travel and other miscellaneous health coverage. • Multiline: includes mostly BOP and multiline commercial coverage, in addition to business written from our Syndicate 3456 (multiple lines of business). • Specialty: includes primarily contingency liability and travel-related (e.g., trip cancellation / interruption, baggage and personal effects, and medical insurance) coverage. • Casualty: includes primarily general liability and multiline casualty coverage. greenlightre.com 22
FAQ
How did Greenlight Capital Re (GLRE) perform financially in Q1 2026?
Greenlight Capital Re reported Q1 2026 net income of $35.8 million, or $1.05 per diluted share. This compares to $29.6 million, or $0.86 per diluted share, in Q1 2025, reflecting stronger underwriting results alongside stable total investment income of about $40.4 million.
How did Greenlight Capital Re’s investments perform in the first quarter of 2026?
Total investment income in Q1 2026 was $40.4 million, roughly flat versus $40.5 million a year earlier. Income from the Solasglas investment fund contributed $33.7 million, and the company disclosed a 6.8% investment return for 2026 year to date through March.
How much stock did Greenlight Capital Re repurchase in 2026 so far?
During Q1 2026, Greenlight Capital Re repurchased $5 million of ordinary shares at an average cost of $16.70. In April 2026, it repurchased an additional $9.5 million of shares at $18.38, totaling about $14.5 million and approximately 2.4% of its shares.
What were the key underwriting drivers by segment for GLRE in Q1 2026?
In Q1 2026, the Open Market segment produced $7 million of underwriting income, helped by a 58.3% loss ratio, while the Innovations segment recorded a modest underwriting loss. Innovations gross premiums written grew strongly to $48 million, reflecting expansion in that portfolio.
What return on equity did Greenlight Capital Re achieve in Q1 2026?
For Q1 2026, Greenlight Capital Re reported a return on equity of 4.9%. This reflects the combined effect of improved underwriting profit, steady investment income of $40.4 million, and active capital management through share repurchases during and shortly after the quarter.