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Greenlight Re (NASDAQ: GLRE) reports Q2 loss and boosts buybacks

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(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Greenlight Capital Re entered an Ordinary Share Repurchase Agreement with the David M. Einhorn 2021-07 Family Trust to keep Chairman David Einhorn’s ownership percentage roughly stable amid ongoing buybacks and to mitigate adverse tax consequences. Between August 7 and October 26, 2026, the company will repurchase from the trust a number of ordinary shares equal to 33% of the ordinary shares it repurchases in the market under its April 28, 2026 authorization, at the same weighted average price paid in those repurchases, excluding commissions. Closing is expected on or about October 30, 2026, with customary termination rights if no repurchases occur or closing is delayed.

For the second quarter of 2026, Greenlight Re recorded a net loss of $29.6 million, or $(0.89) per diluted share, versus net income of $0.3 million a year earlier, as a $23.8 million total investment loss and higher catastrophe and Middle East-related losses turned underwriting from an $8.1 million profit to a near break-even $(0.2) million. The combined ratio rose to 100.1% from 95.0%, while gross premiums written grew 2% to $183.1 million. Despite a weaker quarter, the first half of 2026 remained profitable, with net income of $6.2 million versus $30.0 million in 2025 and an improved combined ratio of 98.1% versus 99.9%. Capital management remained active: the company repurchased $14.2 million of shares in the quarter and $19.2 million in the first half, plus $3.9 million more through August 3, 2026, totaling 4.0% of outstanding shares in 2026 and leaving fully diluted book value per share at $20.61 on June 30, 2026.

Positive

  • None.

Negative

  • Q2 net loss of $29.6 million versus $0.3 million profit.
  • Six-month net income of $6.2 million, down from $30.0 million.
  • Total investment income of $16.6 million versus $32.7 million.

Insights

Analyzing...

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
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.
Q2 2026 gross premiums written $183.1 million Three months ended June 30, 2026; increased 2% versus Q2 2025
Q2 2026 combined ratio 100.1 % Three months ended June 30, 2026; compared to 95.0% in Q2 2025
Q2 2026 net income (loss) $(29.6) million Net loss for the quarter; $(0.89) per diluted ordinary share
Six months 2026 net income $6.2 million Six months ended June 30, 2026; $0.18 per diluted ordinary share
Q2 2026 total investment income (loss) $(23.8) million Total investment loss in the second quarter of 2026
Share repurchases in Q2 2026 $14.2 million Ordinary shares repurchased at an average cost of $17.69 per share
Share repurchases in 2026 to August 3 $23.1 million Repurchased 4.0% of outstanding ordinary shares during 2026 as of August 3
Fully diluted book value per share $20.61 As of June 30, 2026; decreased 3.7% from March 31, 2026
combined ratio financial
"Combined ratio of 100.1%, compared to 95.0%, driven by CAT losses;"
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.
fully diluted book value per share financial
"Fully diluted book value per share decreased 3.7% to $20.61, from $21.40 at March 31, 2026."
A measure of a company’s net assets per share after assuming every claim that could become stock — such as options, warrants and convertible debt — has been converted into shares. Think of it as the company’s book value (assets minus liabilities) sliced as if the pie were cut into all possible pieces; it gives investors a conservative view of the asset value backing each share and helps compare market price to underlying net worth.
Rule 10b5-1 trading plan regulatory
"through privately negotiated transactions and/or pursuant to a Rule 10b5-1 trading plan, in each case, in accordance with the Company’s share repurchase plan,"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
Funds at Lloyd's regulatory
"Greenlight Corporate Member enables us to provide Funds at Lloyd's capacity to the Lloyd's market."
quota share financial
"Placed whole account quota share on the segment’s underwriting portfolio in 2024, providing rated third-party capacity and validation."
A quota share is a proportional reinsurance arrangement in which an insurer cedes a fixed percentage of its policies, premiums and claims to another insurer so both parties take the same slice of revenue and losses. For investors, quota share deals change how much risk and income remain on a company’s balance sheet, which can smooth earnings, free up capital for growth, and alter profit margins—like handing someone a steady slice of every pie you bake.
Q2 2026 gross premiums written $183.1 million Increased 2% compared to second quarter 2025.
Q2 2026 combined ratio 100.1% Compared to 95.0% in second quarter 2025, driven by catastrophe losses.
Q2 2026 net income (loss) $(29.6) million Compared to net income of $0.3 million in second quarter 2025.
Six months 2026 combined ratio 98.1% Improved from 99.9% for the same period in 2025.
Six months 2026 net income $6.2 million Compared to $30.0 million for the six months ended June 30, 2025.
Fully diluted book value per share $20.61 Decreased 3.7% from $21.40 at March 31, 2026 and increased 0.9% from $20.43 at December 31, 2025.

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FAQ

What were Greenlight Capital Re (GLRE)'s Q2 2026 earnings?
Greenlight Capital Re reported a Q2 2026 net loss of $29.6 million, or $(0.89) per diluted share, compared with net income of $0.3 million, or $0.01 per diluted share, in Q2 2025, mainly due to investment losses and higher catastrophe-related claims.

How did GLRE's underwriting performance change in Q2 and first half 2026?
In Q2 2026, GLRE’s combined ratio deteriorated to 100.1% from 95.0%, producing a small underwriting loss of $0.2 million. For the six months ended June 30, 2026, the combined ratio improved to 98.1% from 99.9%, with underwriting income of $6.0 million.

What share repurchases has Greenlight Capital Re (GLRE) completed in 2026?
During Q2 2026, GLRE repurchased $14.2 million of ordinary shares at an average price of $17.69. For the first half, buybacks totaled $19.2 million, and from July 1 to August 3, 2026, the company repurchased another $3.9 million, totaling 4.0% of outstanding shares in 2026.

What is GLRE's fully diluted book value per share as of June 30, 2026?
As of June 30, 2026, GLRE’s fully diluted book value per share was $20.61, down 3.7% from $21.40 at March 31, 2026, but up 0.9% from $20.43 at December 31, 2025, reflecting both earnings and share repurchases.

What is the new share repurchase agreement between GLRE and David Einhorn’s family trust?
On August 4, 2026, GLRE agreed to buy from the David M. Einhorn 2021-07 Family Trust 33% of the ordinary shares the company repurchases in the market between August 7 and October 26, 2026, at the same weighted average price, to keep Mr. Einhorn’s ownership percentage approximately constant.

How did Solasglas Investments impact GLRE's Q2 2026 results?
Income (loss) from the Solasglas investment fund was a $(27.9) million loss in Q2 2026, versus a $(18.3) million loss in Q2 2025, contributing to total Q2 investment loss of $(23.8) million and the overall quarterly net loss.
0001385613false00013856132026-08-042026-08-04


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

August 04, 2026
Date of report (Date of earliest event reported) 

GREENLIGHT CAPITAL RE, LTD.
(Exact name of registrant as specified in charter) 
Cayman Islands001-33493N/A

(State or other jurisdiction of incorporation)

(Commission file number)

(IRS employer identification no.)
65 Market Street
Suite 1207, Jasmine Court
P.O. Box 31110
Camana Bay
Grand Cayman
Cayman IslandsKY1-1205
(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 classTrading Symbol(s)Name of each exchange on which registered
Ordinary SharesGLRENasdaq Global Select Market

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 1.01. Entry into a Material Definitive Agreement

As a result of ongoing and expected share repurchase activity of Greenlight Capital Re, Ltd. (the “Company”), shareholder ownership percentages are increasing, including that of Chairman David Einhorn. The Company has determined that it is not in the Company’s interest for Mr. Einhorn’s ownership percentage to increase further due to the likelihood of adverse tax consequences. Accordingly, the Company has entered into an agreement with an affiliate of Mr. Einhorn to repurchase Ordinary Shares (as defined below) so that his ownership percentage remains approximately constant.

On August 4, 2026, the Company entered into an Ordinary Share Repurchase Agreement (the “Agreement”) with the David M. Einhorn 2021-07 Family Trust (the “Seller”), an affiliate of Mr. Einhorn.

Pursuant to the Agreement, subject to certain terms and conditions, including customary representations, warranties and covenants, set forth therein:

•the Company shall repurchase from the Seller, and the Seller shall sell to the Company, that number of ordinary shares, par value $0.10 per share, of the Company (the “Ordinary Shares”), equal to 33% of the aggregate number of Ordinary Shares repurchased by the Company in the open market, through privately negotiated transactions and/or pursuant to a Rule 10b5-1 trading plan, in each case, in accordance with the Company’s previously disclosed share repurchase plan approved by the Company’s board of directors on April 28, 2026, as described in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2026 (the “Share Repurchase Authorization”), during the period beginning on August 7, 2026 and ending on October 26, 2026 (the “Period”), rounded down to the nearest whole Ordinary Share; and

•the purchase price per Ordinary Share payable by the Company to the Seller shall equal the weighted average price per Ordinary Share, excluding any commissions, paid by the Company in connection with any repurchases made during the Period pursuant to and in accordance with the Share Repurchase Authorization.

The transactions contemplated by the Agreement are expected to be consummated on or about October 30, 2026.

The Agreement may be terminated: (a) by written agreement of all parties; (b) by either the Company or the Seller if the closing has not occurred on or prior to October 30, 2026, provided that such failure to close is not caused by a breach by the terminating party; or (c) by either the Company or the Seller if the Company has not repurchased any Ordinary Shares pursuant to the Share Repurchase Authorization by October 26, 2026.

The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
Item 2.02 Results of Operations and Financial Condition
 
On August 4, 2026, Greenlight Capital Re, Ltd. (the "Registrant" or "Company") issued a press release announcing its financial results for the second quarter and six months ended June 30, 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
10.1
Ordinary Share Repurchase Agreement, dated as of August 4, 2026, by and between Greenlight Capital Re, Ltd. and the David M. Einhorn 2021-07 Family Trust
99.1
Earnings press release, "GREENLIGHT RE ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2026", dated August 4, 2026, issued by the Registrant.
99.2
Investor Presentation - Second Quarter 2026
104Cover 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:August 4, 2026


glrelogoimagea07a.gif
GREENLIGHT RE ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2026

Repurchases $14.2 million of ordinary shares


GRAND CAYMAN, Cayman Islands – August 4, 2026 – Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the second quarter and six months ended June 30, 2026.

Second quarter 2026 Highlights (all comparisons are to second quarter 2025 unless noted otherwise):

•Gross premiums written increased 2% to $183.1 million;
•Net premiums earned increased $0.2 million to $161.8 million;
•Net underwriting loss of $0.2 million, compared to underwriting income of $8.1 million;
•Combined ratio of 100.1%, compared to 95.0%, driven by CAT losses;
•Total investment loss of $23.8 million, compared to loss of $7.8 million;
•Net loss of $29.6 million, or $0.89 per diluted ordinary share, compared to net income of $0.3 million, or $0.01 per diluted ordinary share;
•Repurchased $14.2 million of ordinary shares at an average cost of $17.69 per share; and
•Fully diluted book value per share decreased 3.7% to $20.61, from $21.40 at March 31, 2026.


Six months ended June 30, 2026 Highlights (all comparisons are to the same period in 2025):

•Gross premiums written decreased 4% to $411.1 million;
•Net premiums earned decreased 4% to $316.0 million;
•Net underwriting income of $6.0 million compared to underwriting income of $0.3 million;
•Combined ratio of 98.1%, compared to 99.9%;
•Total investment income of $16.6 million, compared to $32.7 million;
•Net income of $6.2 million, or $0.18 per diluted ordinary share, compared to $30.0 million, or $0.87 per diluted ordinary share;
•Repurchased $19.2 million of shares at an average cost of $17.42 per share; and
•Fully diluted book value per share increased 0.9% to $20.61, from $20.43 at December 31, 2025.













From July 1, 2026, to August 3, 2026, the Company has repurchased an additional $3.9 million of ordinary shares at an average price of $16.42 per share.

Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “Volatility is inherent in our business, and this quarter is a good reminder of the important role we play in helping our clients when they need us most. We have taken a prudent approach to our Middle East exposure and have set up appropriate reserves this quarter. I am pleased with our portfolio as we continue to demonstrate discipline and manage capital in a softening market.”

David Einhorn, Chairman of the Board of Directors, said, “The second quarter was a challenging investment period. Gains from our long portfolio offset losses in our short portfolio, and we had drag from macro, which detracted about 5%. Solasglas remains conservatively positioned during this uncertain environment, while the overall equity market remains very expensive.”


Greenlight Capital Re, Ltd. Second Quarter 2026 Earnings Call

Greenlight Re will host a live conference call to discuss its financial results on Wednesday, August 5, 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=1731033&tp_key=3e1d0e751f

A telephone replay will be available following the call through August 11, 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 13755437. 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)
June 30, 2026December 31, 2025
(Unaudited)
Assets
Investments
Investment in related party investment fund, at fair value$493,409 $504,555 
Other investments64,925 62,911 
Fixed maturity investments, at fair value172,865 65,609 
Total investments731,199 633,075 
Cash and cash equivalents76,322 111,756 
Restricted cash and cash equivalents526,793 531,976 
Reinsurance balances receivable640,870 664,381 
Reinsurance recoverable on unpaid loss and loss adjustment expenses94,790 81,392 
Deferred acquisition costs 96,703 99,954 
Unearned premiums ceded63,107 39,223 
Other assets8,800 8,026 
Total assets$2,238,584 $2,169,783 
Liabilities and equity
Liabilities
Loss and loss adjustment expense reserves983,774 967,960 
Unearned premium reserves406,490 361,704 
Reinsurance balances payable98,437 95,853 
Funds withheld33,100 16,105 
Other liabilities10,348 15,460 
Debt 8,753 4,724 
Total liabilities1,540,902 1,461,806 
Shareholders' equity
Preferred share capital (par value $0.10; none issued)
— — 
Ordinary share capital (par value $0.10; issued and outstanding, 32,881,538) (2025: par value $0.10; issued and outstanding, 33,897,709)
3,288 3,390 
Additional paid-in capital462,563 478,910 
Retained earnings231,831 225,677 
Total shareholders' equity697,682 707,977 
Total liabilities and equity$2,238,584 $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 June 30Six months ended June 30
2026202520262025
(Unaudited)
(Unaudited)
Underwriting results:
Gross premiums written$183,118 $179,628 $411,056 $427,573 
Gross premiums ceded(36,309)(15,101)(80,773)(43,649)
Net premiums written$146,809 $164,527 $330,283 $383,924 
Change in net unearned premium reserves15,004 (2,886)(14,325)(53,820)
Net premiums earned$161,813 $161,641 $315,958 $330,104 
Net loss and LAE incurred:
  Current year(111,367)(97,032)(205,011)(215,698)
  Prior year(716)(3,047)1,773 (7,265)
Net loss and LAE incurred(112,083)(100,079)(203,238)(222,963)
Acquisition costs(44,034)(46,848)(92,996)(93,714)
Underwriting expenses(5,886)(6,481)(13,691)(12,839)
Deposit interest expense(46)(124)(78)(273)
Net underwriting income (loss)(236)8,109 5,955 315 
Investment results:
Income (loss) from investment in Solasglas
(27,857)(18,276)5,832 13,921 
Net investment income4,076 10,470 10,807 18,757 
Total investment income (loss)(23,781)(7,806)16,639 32,678 
Corporate and other expenses(4,717)(4,755)(10,459)(9,427)
Foreign exchange gains (losses)(576)6,271 (5,481)10,626 
Interest expense(128)(1,144)(227)(2,608)
Income tax expense(158)(346)(273)(1,628)
Net income$(29,596)$329 $6,154 $29,956 
Earnings per share
  Basic$(0.89)$0.01 $0.18 $0.88 
  Diluted$(0.89)$0.01 $0.18 $0.87 
Underwriting ratios:
Current year loss ratio68.8 %60.0 %64.9 %65.3 %
Prior year reserve development ratio0.4 %1.9 %(0.6)%2.2 %
Loss ratio69.3 %61.9 %64.3 %67.5 %
Acquisition cost ratio27.2 %29.0 %29.4 %28.4 %
Composite ratio96.5 %90.9 %93.8 %95.9 %
Underwriting expense ratio3.7 %4.1 %4.4 %4.0 %
Combined ratio100.1 %95.0 %98.1 %99.9 %





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 June 30, 2026

Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$152,202 $30,916 $— $183,118 
Net premiums written$128,249 $18,560 $— $146,809 
Net premiums earned$136,945 $24,868 $— $161,813 
Net loss and LAE incurred(94,945)(15,375)(1,763)(112,083)
Acquisition costs(38,399)(5,635)— (44,034)
Other underwriting expenses(4,602)(1,284)— (5,886)
Deposit interest expense, net(46)— — (46)
Underwriting income (loss)(1,047)2,574 (1,763)(236)
Net investment income (loss)4,409 (479)146 4,076 
Corporate and other expenses— (579)(4,138)(4,717)
Income (loss) from investment in Solasglas(27,857)(27,857)
Foreign exchange gains (losses)(576)(576)
Interest expense(128)(128)
Income (loss) before income taxes$3,362 $1,516 $(34,316)$(29,438)
Underwriting ratios:
Loss ratio69.3 %61.8 %NM*69.3 %
Acquisition cost ratio28.0 %22.7 %NM*27.2 %
Composite ratio97.3 %84.5 %NM*96.5 %
Underwriting expenses ratio3.4 %5.2 %NM*3.7 %
Combined ratio100.7 %89.7 %NM*100.1 %
*Not Meaningful







GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS (unaudited)
(expressed in thousands of U.S. dollars)
Three months ended June 30, 2025

Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$152,333 $27,596 $(301)$179,628 
Net premiums written$142,111 $22,716 $(300)$164,527 
Net premiums earned$140,554 $21,386 $(299)$161,641 
Net loss and LAE incurred(83,475)(15,244)(1,360)(100,079)
Acquisition costs(40,900)(6,012)64 (46,848)
Other underwriting expenses(4,861)(1,620)— (6,481)
Deposit interest expense, net(124)— — (124)
Underwriting income (loss)11,194 (1,490)(1,595)8,109 
Net investment income5,629 431 4,410 10,470 
Corporate and other expenses— (602)(4,153)(4,755)
Income from investment in Solasglas(18,276)(18,276)
Foreign exchange gains (losses)6,271 6,271 
Other income— — 
Interest expense(1,144)(1,144)
Income (loss) before income taxes$16,823 $(1,661)$(14,487)$675 
Underwriting ratios:
Loss ratio59.4 %71.3 %NM*61.9 %
Acquisition cost ratio29.1 %28.1 %NM*29.0 %
Composite ratio88.5 %99.4 %NM*90.9 %
Underwriting expenses ratio3.5 %7.6 %NM*4.1 %
Combined ratio92.0 %107.0 %NM*95.0 %
*Not Meaningful










GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS
(expressed in thousands of U.S. dollars)
Six months ended June 30, 2026


Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$332,549 $78,509 $(2)$411,056 
Net premiums written$279,544 $50,741 $(2)$330,283 
Net premiums earned$265,926 $50,034 $(2)$315,958 
Net loss and LAE incurred(170,175)(31,301)(1,762)(203,238)
Acquisition costs(79,611)(13,385)— (92,996)
Other underwriting expenses(10,345)(3,346)— (13,691)
Deposit interest expense, net(78)— — (78)
Underwriting income (loss)5,717 2,002 (1,764)5,955 
Net investment income (loss)9,544 615 648 10,807 
Corporate and other expenses— (1,301)(9,158)(10,459)
Income (loss) from investment in Solasglas5,832 5,832 
Foreign exchange gains (losses)(5,481)(5,481)
Interest expense(227)(227)
Income (loss) before income taxes$15,261 $1,316 $(10,150)$6,427 
Underwriting ratios:
Loss ratio64.0 %62.6 %NM*64.3 %
Acquisition cost ratio29.9 %26.8 %NM*29.4 %
Composite ratio93.9 %89.4 %NM*93.8 %
Underwriting expenses ratio3.9 %6.7 %NM*4.4 %
Combined ratio97.8 %96.1 %NM*98.1 %
*Not Meaningful




GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS
(expressed in thousands of U.S. dollars)
Six months ended June 30, 2025


Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$373,042 $55,062 $(531)$427,573 
Net premiums written$337,720 $46,687 $(483)$383,924 
Net premiums earned$290,195 $40,391 $(482)$330,104 
Net loss and LAE incurred(196,238)(25,590)(1,135)(222,963)
Acquisition costs(81,781)(12,045)112 (93,714)
Other underwriting expenses(9,658)(3,181)— (12,839)
Deposit interest expense, net(273)— — (273)
Underwriting income (loss)2,245 (425)(1,505)315 
Net investment income11,400 879 6,478 18,757 
Corporate and other expenses— (1,174)(8,253)(9,427)
Income from investment in Solasglas13,921 13,921 
Foreign exchange gains (losses)10,626 10,626 
Other income— — 
Interest expense(2,608)(2,608)
Income (loss) before income taxes$13,645 $(720)$18,659 $31,584 
Underwriting ratios:
Loss ratio67.6 %63.4 %NM*67.5 %
Acquisition cost ratio28.2 %29.8 %NM*28.4 %
Composite ratio95.8 %93.2 %NM*95.9 %
Underwriting expenses ratio3.4 %7.9 %NM*4.0 %
Combined ratio99.2 %101.1 %NM*99.9 %
*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):

June 30, 2026March 31, 2026December 31, 2025September 30, 2025June 30, 2025
Numerator for basic and fully diluted book value per share:
Total equity as reported under U.S. GAAP$697,682$741,172$707,977$658,889$663,318
Denominator for basic and fully diluted book value per share:
Ordinary shares issued and outstanding as reported and denominator for basic book value per share32,881,53833,684,90233,897,70934,099,22634,198,153
Add: In-the-money stock options (1) and all outstanding RSUs
972,651950,199755,997757,505775,124
Denominator for fully diluted book value per share 33,854,18934,635,10134,653,70634,856,73134,973,277
Basic book value per share$21.22 $22.00 $20.89 $19.32 $19.40 
Increase (decrease) in basic book value per share
$(0.78)$1.11 $1.57 $(0.08)$0.10 
Increase (decrease) in basic book value per share
(3.5)%5.3 %8.1 %(0.4)%0.5 %
Fully diluted book value per share$20.61 $21.40 $20.43 $18.90 $18.97 
Increase (decrease) in fully diluted book value per share
$(0.79)$0.97 $1.53 $(0.07)$0.10 
Increase (decrease) in fully diluted book value per share
(3.7)%4.7 %8.1 %(0.4)%0.5 %
(1) Assuming net exercise by the grantee.

Q2 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; 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 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 June 30, 2026. 4. During the second quarter of 2026, we repurchased 803,364 ordinary shares at an aggregate cost of $14.2 million at an average price of $17.69 per share. Also, through August 3, 2026, we repurchased a further 240,194 ordinary shares at an aggregate cost of $3.9 million at an average cost of $16.42. 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 Q2 2026 close. 3 Offices in Strategic International Locations $757M Gross Premiums Written2 $2.2B Q2 2026 Total assets $23.1M Value of shares repurchased in 20264 “A” (Excellent) AM Best Financial Strength Rating (Stable Outlook) $698M Q2 2026 Shareholders’ Equity 47.3% 2022-2026 Cumulative Book Value Growth3 20+ Years Operating History 1% Total Debt Leverage5 Diverse Business Mix1 Specialty 23% Casualty 9% Financial 14% Health 1% Multiline 43% Property 10%

 

A+ (Superior) (stable outlook) A.M. Best Financial Strength Rating United Kingdom Syndicate 3456 (Lloyd’s) A (Excellent) (stable 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) (stable 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 • 1.8%-point improvement in 2026 YTD versus the prior year period $565 $563 $637 $698 $773 $428 $411 2021 2022 2023 2024 2025 1H 2025 1H 2026 CAGR: 10.0% 100.9% 102.3% 94.5% 101.4% 94.6% 99.9% 98.1% 69.5% 67.4% 61.7% 69.0% 62.3% 67.5% 64.3% 26.9% 30.5% 29.0% 28.5% 28.0% 28.4% 29.4% 4.5% 4.4% 3.8% 3.9% 4.3% 4.0% 4.4% 2021 2022 2023 2024 2025 1H 2025 1H 2026 Underwriting Expense Ratio Acquisition Cost Ratio Loss Ratio

 

greenlightre.com 8 Building Financial Momentum Positive net income since 2021 has driven consistent book value growth $18 $25 $87 $43 $75 $6 2021 2022 2023 2024 2025 1H 2026 $13.99 $14.33 $16.74 $17.95 $20.43 $20.61 2021 2022 2023 2024 2025 1H 2026 Net Income ($ 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.

 

Second quarter Highlights greenlightre.com 9

 

greenlightre.com 10 Second Quarter Highlights Q2 2025 Q2 2026 1H 2025 1H 2026 Gross Premiums Written $179.6 $183.1 $427.6 $411.1 Net Underwriting Income (Loss) $8.1 $(0.2) $0.3 $6.0 Combined Ratio 95.0% 100.1% 99.9% 98.1% Net Income (Loss) $0.3 $(29.6) $30.0 $6.2 Return (Loss) on Equity 7.2% (4.1)% 10.6% 0.9% Fully Diluted Book Value Per Share $18.87 $20.61 $18.87 $20.61 Total Shareholders’ Equity $708.0 $697.7 $708.0 $697.7 (expressed in millions U.S. dollars, except percentages and per share amounts) "Volatility is inherent in our business, and this quarter is a good reminder of the important role we play in helping our clients when they need us most. We have taken a prudent approach to our Middle East exposure and have set up appropriate reserves this quarter. I am pleased with our portfolio as we continue to demonstrate discipline and manage capital in a softening market." - Greg Richardson, Chief Executive Officer

 

Segment Results greenlightre.com 11

 

$152 $152 $373 $333 Q2 2025 Q2 2026 1H 2025 1H 2026 92.0% 100.7% 99.2% 97.8% 59.4% 69.3% 67.6% 64.0% 29.1% 28.0% 28.2% 29.9% 3.5% 3.4% 3.4% 3.9% Q2 2025 Q2 2026 1H 2025 1H 2026 Key Highlights greenlightre.com 12 Open Market Segment Gross Premiums Written ($ in millions) Business Mix Combined Ratio 1.4 combined ratio point improvement in 1H 2026 versus prior period, with Q2 2026 results being impacted by Middle East activity and other events Continue to see benefits in portfolio underwriting opportunities as a result of recent AM Best upgrade to "A" (Excellent) financial strength rating in 2025 Gross premiums written remained stable at $152 million in Q2 2026 compared to $152 million in Q2 2025 * Business Mix chart represents gross premiums written by line of business for trailing twelve months. Underwriting Expense Ratio Acquisition Cost Ratio Loss Ratio Casualty 6% Financial 14% Multiline 43% Property 12% Specialty 25%

 

Key Highlights greenlightre.com 13 Innovations Segment This segment continues to be a strategic differentiator, reflecting a high-quality team and prudent overall growth trajectory Placed whole account quota share on the segment’s underwriting portfolio in 2024, providing rated third-party capacity and validation Since 2018, our Innovations business has supported innovative, technology-driven companies, both in the form of seed capital and (re)insurance capacity Gross premiums written increased 12.0% to $31 million in Q2 2026 compared to $28 million in Q2 2025, with strong Q2 2026 combined ratio of 89.7% * Business Mix chart represents gross premiums written by line of business for trailing twelve months. $28 $31 $55 $79 Q2 2025 Q2 2026 1H 2025 1H 2026 107.0% 89.7% 101.1% 96.1% 71.3% 61.8% 63.4% 62.6% 28.1% 22.7% 29.8% 26.8% 7.6% 5.2% 7.9% 6.7% Q2 2025 Q2 2026 1H 2025 1H 2026 ($ in millions) Casualty 23% Financial 16% Health 3%Multiline 44% Specialty 14% Gross Premiums Written 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 18% 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. Investment returns are calculated monthly and compounded to calculate the quarterly and annual returns. The monthly investment return is calculated by dividing the investment income/loss (net of fees and expenses) by the Investment Portfolio. 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 June 2026 and annual average return from inception is calculated from August 2004 through June 2026. Monthly investment returns are posted on the Investor section of our corporate website. 7.5% 25.3% 9.4% 9.8% 7.5% 2021 2022 2023 2024 2025 Annual Average Returns Since Inception: 5.5% 2026 YTD Returns (through June): 1.1%

 

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 4.0% of outstanding shares for $23.1 million in 2026 (as of August 3)

 

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 June 30, 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 $ 697,682 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 32,881,538 Add: In-the-money stock options and all outstanding RSUs 154,134 277,960 264,870 590,001 755,997 972,651 Denominator for fully diluted book value per share 33,998,580 35,102,021 35,601,602 35,421,325 34,653,706 33,854,189 Basic book value per share $ 14.05 $ 14.45 $ 16.87 $ 18.26 $ 20.89 $ 21.22 Fully diluted book value per share $ 13.99 $ 14.33 $ 16.74 $ 17.95 $ 20.43 $ 20.61 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): Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Numerator for basic and fully-diluted book value per share: Total equity as reported under U.S. GAAP $ 666,804 $ 663,318 $ 658,889 $ 707,977 $ 741,172 $ 697,682 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 34,557,449 34,198,153 34,099,226 33,897,709 33,684,902 32,881,538 Add: In-the-money stock options and all outstanding RSUs 773,938 775,124 757,505 755,997 950,199 972,651 Denominator for fully diluted book value per share 35,331,387 34,973,277 34,856,731 34,653,706 34,635,101 33,854,189 Basic book value per share $ 19.30 $ 19.40 $ 19.32 $ 20.89 $ 22.00 $ 21.22 Fully diluted book value per share $ 18.87 $ 18.97 $ 18.90 $ 20.43 $ 21.40 $ 20.61 (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

 

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