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  4. [8-K] GREENLIGHT CAPITAL RE, LTD. Reports Material Event

Greenlight Capital Re swings to $3.2M Q3 profit

The agreement ties shares purchased from the chairman’s affiliated trust to 33% of company repurchases through March 1, 2027.

Available on EDGAR Accepted by SEC EDGAR
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Filing Sentiment

Sentiment and the balance of points

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Form Type
8-K

Rhea-AI Filing Summary

Greenlight Capital Re, Ltd. (GLRE) reported third-quarter net income of $3.2 million versus a $4.4 million loss; its combined ratio was 90.5% versus 86.6%. Gross premiums written decreased 1% to $181.9 million, net premiums earned decreased 7% to $153.4 million, and net underwriting income was $14.6 million versus $22.3 million. The investment loss was $4.6 million versus $17.4 million.

For the first nine months, net income was $9.4 million versus $25.6 million; net premiums earned decreased 5% to $469.4 million, and the combined ratio was 95.6% versus 95.4%. Q3 repurchases totaled $8.0 million at an average $15.77 per share; a further $3.3 million was repurchased through October 30 at $14.95 per share.

An agreement with the David M. Einhorn 2021-07 Family Trust, an affiliate of Chairman David Einhorn, provides for repurchases from the trust equal to 33% of the ordinary shares Greenlight repurchases under its authorization from November 5, 2026 through March 1, 2027, subject to the agreement’s terms and conditions. The price is the weighted average price paid for authorized repurchases, excluding commissions; closing is expected on or about March 5, 2027. The company cited rising ownership percentages and likely adverse tax consequences. Joseph Platt intends to retire as a director of both Greenlight and Greenlight Reinsurance, Ltd. effective December 31, 2026.

2 points · 0 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 3 points

How the balance works

Positive

  • Moderate pointQ3 net income reached $3.2 million, versus a $4.4 million loss.
  • Minor pointQ3 investment loss narrowed to $4.6 million from $17.4 million.

Negative

  • Moderate pointNine-month net income fell to $9.4 million from $25.6 million.
  • Moderate pointQ3 net premiums earned decreased 7% to $153.4 million.
  • Moderate pointQ3 underwriting income declined to $14.6 million from $22.3 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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Gross premiums written $181.9 million Third quarter 2026; decreased 1% from third quarter 2025
Net premiums earned $153.4 million Third quarter 2026; decreased 7% from third quarter 2025
Net underwriting income $14.6 million Third quarter 2026; compared with $22.3 million in third quarter 2025
Combined ratio 90.5% Third quarter 2026; compared with 86.6% in third quarter 2025
Net income (loss) $3.2 million Third quarter 2026; compared with a $4.4 million net loss in third quarter 2025
Total investment income (loss) Loss of $4.6 million Third quarter 2026; compared with a loss of $17.4 million in third quarter 2025
Nine-month net income $9.4 million Nine months ended September 30, 2026; compared with $25.6 million in 2025
Ordinary shares repurchased $8.0 million Third quarter 2026; average cost $15.77 per share
Combined ratio financial
"Combined ratio of 90.5%, compared to 86.6%"
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.
Net premiums earned financial
"Net premiums earned decreased 7% to $153.4 million"
The portion of insurance premiums that a company recognizes as revenue for a specific accounting period after subtracting any amounts paid to other insurers for reinsurance; it represents the cost of insurance coverage actually provided during that time. Think of a year‑long subscription where only the months used are counted as income. Investors watch net premiums earned to gauge an insurer’s revenue growth and underwriting performance, separate from one‑time sales or changes in policy counts.
Fully diluted book value per share financial
"increased 0.8% to $20.78"
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.
quota share technical
"whole account quota share on the segment’s underwriting portfolio"
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.
Gross premiums written $181.9 million Decreased 1% from third quarter 2025
Net premiums earned $153.4 million Decreased 7% from third quarter 2025
Combined ratio 90.5% Compared with 86.6% in third quarter 2025
Net income (loss) $3.2 million Compared with a $4.4 million net loss in third quarter 2025
Nine-month net income $9.4 million Compared with $25.6 million for the same period in 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did GLRE perform in the third quarter of 2026?
GLRE reported net income of $3.2 million, or $0.10 per diluted ordinary share, compared with a $4.4 million net loss, or $(0.13) per diluted ordinary share, in Q3 2025. Gross premiums written were $181.9 million, and the combined ratio was 90.5%.

What are the terms of GLRE’s agreement with the Einhorn family trust?
The David M. Einhorn 2021-07 Family Trust will sell GLRE ordinary shares equal to 33% of the shares GLRE repurchases under its authorization from November 5, 2026 through March 1, 2027. The price is based on the weighted average price paid for authorized repurchases, excluding commissions. Closing is expected on or about March 5, 2027, subject to the agreement’s terms and conditions.

How many GLRE shares did the company repurchase in Q3 2026?
Greenlight repurchased 504,829 ordinary shares in Q3 2026 at an aggregate cost of $8.0 million and an average price of $15.77 per share.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0001385613false00013856132026-10-272026-10-27


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

October 27, 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 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, on October 30, 2026, the Company executed an additional 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 and/or Rule 10b-18 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 September 30, 2026 (the “Share Repurchase Authorization”), during the period beginning on November 5, 2026 and ending on March 1, 2027 (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 March 5, 2027.

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 March 5, 2027, 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 March 5, 2027.

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 November 2, 2026, Greenlight Capital Re, Ltd. (the "Registrant" or "Company") issued a press release announcing its financial results for the third quarter and nine months ended September 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 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 27, 2026, Joseph Platt notified the boards of directors of Greenlight Capital Re, Ltd. (the “Registrant”) and Greenlight Reinsurance, Ltd. (“Greenlight Re” and together with the Registrant, the “Companies”) of his intent to retire as a director of each of the Companies, effective as of December 31, 2026. Mr. Platt’s decision to retire as a director of each of the Companies was not as a result of a disagreement with the Companies on any matter relating to the Companies’ operations, policies or practices. A copy of the press release is attached as Exhibit 99.3 to this Form 8-K and incorporated herein by reference.



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 October 30, 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 THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2026", dated November 2, 2026, issued by the Registrant.
99.2
Investor Presentation - Third Quarter 2026
99.3
Press release, "GREENLIGHT CAPITAL RE, LTD. ANNOUNCES RETIREMENT OF JOSEPH PLATT FROM BOARD OF DIRECTORS" dated November 2, 2026, issued by the Registrant
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:November 2, 2026


glrelogoimagea07.gif
GREENLIGHT RE ANNOUNCES FINANCIAL RESULTS FOR THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2026

Delivers Strong Underwriting Result with 90.5% Combined Ratio; Repurchases $8.0 million of ordinary shares during the quarter


GRAND CAYMAN, Cayman Islands – November 2, 2026 – Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the third quarter and nine months ended September 30, 2026.

Third quarter 2026 Highlights (all comparisons are to third quarter 2025 unless noted otherwise):

•Gross premiums written decreased 1% to $181.9 million;
•Net premiums earned decreased 7% to $153.4 million;
•Net underwriting income of $14.6 million, compared to $22.3 million;
•Combined ratio of 90.5%, compared to 86.6%;
•Total investment loss of $4.6 million, compared to loss of $17.4 million;
•Net income of $3.2 million, or $0.10 per diluted ordinary share, compared to net loss of $4.4 million, or $(0.13) per diluted ordinary share;
•Repurchased $8.0 million of ordinary shares at an average cost of $15.77 per share; and
•Fully diluted book value per share increased 0.8% to $20.78, from $20.61 at June 30, 2026.


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

•Gross premiums written decreased 3% to $592.9 million;
•Net premiums earned decreased 5% to $469.4 million;
•Net underwriting income of $20.6 million compared to $22.6 million;
•Combined ratio of 95.6%, compared to 95.4%;
•Total investment income of $12.0 million, compared to $15.3 million;
•Net income of $9.4 million, or $0.28 per diluted ordinary share, compared to $25.6 million, or $0.74 per diluted ordinary share;
•Repurchased $27.2 million of ordinary shares at an average cost of $16.90 per share; and
•Fully diluted book value per share increased 1.7% to $20.78, from $20.43 at December 31, 2025.



From October 1, 2026, to October 30, 2026, the Company has repurchased an additional $3.3 million of ordinary shares at an average price of $14.95 per share.

Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “We are pleased to report strong underwriting income in the third quarter, aided by a relatively benign catastrophe and large loss environment. The conservative reserving approach we took on Middle East–related exposures last quarter has developed favorably, and our year-to-date underwriting result is now trending in line with our expectations.”

David Einhorn, Chairman of the Board of Directors, said, “The third quarter continued to be challenging for our investment portfolio and Solasglas returned -3.3%. However, our good underwriting result, coupled by gains on our Innovations portfolio and buybacks, contributed to an increase in fully diluted book value per share.”


Greenlight Capital Re, Ltd. Third Quarter 2026 Earnings Call

Greenlight Re will host a live conference call to discuss its financial results on Tuesday, November 3, 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=1731027&tp_key=691022d3df

A telephone replay will be available following the call through November 8, 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 13755439. 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)
September 30, 2026December 31, 2025
(Unaudited)
Assets
Investments
Investment in related party investment fund, at fair value$487,385 $504,555 
Other investments65,452 62,911 
Fixed maturity investments, at fair value178,905 65,609 
Total investments731,742 633,075 
Cash and cash equivalents70,982 111,756 
Restricted cash and cash equivalents511,983 531,976 
Reinsurance balances receivable683,363 664,381 
Reinsurance recoverable on unpaid loss and loss adjustment expenses118,361 81,392 
Deferred acquisition costs 98,506 99,954 
Unearned premiums ceded66,849 39,223 
Other assets8,788 8,026 
Total assets$2,290,574 $2,169,783 
Liabilities and equity
Liabilities
Loss and loss adjustment expense reserves1,024,891 967,960 
Unearned premium reserves401,152 361,704 
Reinsurance balances payable109,704 95,853 
Funds withheld43,734 16,105 
Other liabilities11,778 15,460 
Debt 4,768 4,724 
Total liabilities1,596,027 1,461,806 
Shareholders' equity
Preferred share capital (par value $0.10; none issued)
— — 
Ordinary share capital (par value $0.10; issued and outstanding, 32,460,395) (2025: par value $0.10; issued and outstanding, 33,897,709)
3,246 3,390 
Additional paid-in capital456,236 478,910 
Retained earnings235,065 225,677 
Total shareholders' equity694,547 707,977 
Total liabilities and equity$2,290,574 $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 September 30Nine months ended September 30
2026202520262025
(Unaudited)
(Unaudited)
Underwriting results:
Gross premiums written$181,875 $184,377 $592,931 $611,950 
Gross premiums ceded(39,173)(21,695)(119,946)(65,344)
Net premiums written$142,702 $162,682 $472,985 $546,606 
Change in net unearned premium reserves10,727 2,737 (3,598)(51,083)
Net premiums earned$153,429 $165,419 $469,387 $495,523 
Net loss and LAE incurred:
  Current year(81,875)(87,776)(286,886)(303,474)
  Prior year(2,490)(817)(717)(8,082)
Net loss and LAE incurred(84,365)(88,593)(287,603)(311,556)
Acquisition costs (1)
(45,518)(46,445)(136,789)(138,646)
Underwriting expenses (1)
(8,913)(7,989)(24,329)(22,341)
Deposit interest expense(31)(94)(109)(367)
Net underwriting income (loss)14,602 22,298 20,557 22,613 
Investment results:
Loss from investment in Solasglas(15,133)(14,404)(9,301)(483)
Net investment income (loss)10,493 (2,950)21,300 15,807 
Total investment income (loss)(4,640)(17,354)11,999 15,324 
Corporate and other expenses(5,717)(5,399)(16,176)(14,826)
Foreign exchange gains (losses)(495)(1,994)(5,976)8,632 
Interest expense(127)(1,430)(354)(4,038)
Income tax expense(389)(526)(662)(2,154)
Net income (loss)$3,234 $(4,405)$9,388 $25,551 
Earnings per share
  Basic$0.10 $(0.13)$0.28 $0.75 
  Diluted$0.10 $(0.13)$0.28 $0.74 
Underwriting ratios:
Current year loss ratio53.4 %53.1 %61.1 %61.2 %
Prior year reserve development ratio1.6 %0.5 %0.2 %1.6 %
Loss ratio55.0 %53.6 %61.3 %62.8 %
Acquisition cost ratio (1)
29.7 %28.1 %29.1 %28.0 %
Composite ratio84.7 %81.7 %90.4 %90.8 %
Underwriting expense ratio (1)
5.8 %4.9 %5.2 %4.6 %
Combined ratio90.5 %86.6 %95.6 %95.4 %

(1) The Company reclassified $0.5 million and $2.0 million from acquisition costs to underwriting expenses for the three and nine months ended September 30, 2025, respectively, to conform with the current year’s presentation. The related acquisition cost, composite, and underwriting expense ratios for the same periods were adjusted accordingly.



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 September 30, 2026

Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$138,843 $43,034 $(2)$181,875 
Net premiums written$114,168 $28,537 $(3)$142,702 
Net premiums earned$125,311 $28,121 $(3)$153,429 
Net loss and LAE incurred(64,215)(19,067)(1,083)(84,365)
Acquisition costs(39,797)(5,722)1 (45,518)
Underwriting expenses
(6,075)(2,838)— (8,913)
Deposit interest expense, net(31)— — (31)
Underwriting income (loss)15,193 494 (1,085)14,602 
Net investment income (loss)4,329 5,974 190 10,493 
Corporate and other expenses— (632)(5,085)(5,717)
Income (loss) from investment in Solasglas(15,133)(15,133)
Foreign exchange gains (losses)(495)(495)
Interest expense(127)(127)
Income (loss) before income taxes$19,522 $5,836 $(21,735)$3,623 
Underwriting ratios:
Loss ratio51.2 %67.8 %NM*55.0 %
Acquisition cost ratio31.8 %20.3 %NM*29.7 %
Composite ratio83.0 %88.1 %NM*84.7 %
Underwriting expense ratio
4.9 %10.1 %NM*5.8 %
Combined ratio87.9 %98.2 %NM*90.5 %

*Not Meaningful






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

Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$154,994 $29,393 $(10)$184,377 
Net premiums written$140,372 $22,318 $(8)$162,682 
Net premiums earned$144,427 $21,000 $(8)$165,419 
Net loss and LAE incurred(76,590)(11,412)(591)(88,593)
Acquisition costs (1)
(40,069)(6,377)1 (46,445)
Underwriting expenses (1)
(5,446)(2,543)— (7,989)
Deposit interest expense, net(94)— — (94)
Underwriting income (loss)22,228 668 (598)22,298 
Net investment income5,623 (11,270)2,697 (2,950)
Corporate and other expenses— (724)(4,675)(5,399)
Income from investment in Solasglas(14,404)(14,404)
Foreign exchange gains (losses)(1,994)(1,994)
Other income— — 
Interest expense(1,430)(1,430)
Income (loss) before income taxes$27,851 $(11,326)$(20,404)$(3,879)
Underwriting ratios:
Loss ratio53.0 %54.3 %NM*53.6 %
Acquisition cost ratio27.7 %30.4 %NM*28.1 %
Composite ratio80.7 %84.7 %NM*81.7 %
Underwriting expense ratio
3.8 %12.1 %NM*4.9 %
Combined ratio84.5 %96.8 %NM*86.6 %

(1) The Company has reclassified $0.5 million from acquisition costs to underwriting expenses for the three months ended September 30, 2025, to conform with the current year’s presentation for the Innovations segment and total consolidated. The related acquisition cost, composite, and underwriting expenses ratios for the same periods were adjusted accordingly.

*Not Meaningful










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


Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$471,392 $121,543 $(4)$592,931 
Net premiums written$393,712 $79,278 $(5)$472,985 
Net premiums earned$391,237 $78,155 $(5)$469,387 
Net loss and LAE incurred(234,390)(50,368)(2,845)(287,603)
Acquisition costs(119,408)(17,382)1 (136,789)
Underwriting expenses
(16,420)(7,909)— (24,329)
Deposit interest expense, net(109)— — (109)
Underwriting income (loss)20,910 2,496 (2,849)20,557 
Net investment income (loss)13,873 6,589 838 21,300 
Corporate and other expenses— (1,933)(14,243)(16,176)
Income (loss) from investment in Solasglas(9,301)(9,301)
Foreign exchange gains (losses)(5,976)(5,976)
Interest expense(354)(354)
Income (loss) before income taxes$34,783 $7,152 $(31,885)$10,050 
Underwriting ratios:
Loss ratio59.9 %64.4 %NM*61.3 %
Acquisition cost ratio30.5 %22.2 %NM*29.1 %
Composite ratio90.4 %86.6 %NM*90.4 %
Underwriting expense ratio4.2 %10.1 %NM*5.2 %
Combined ratio94.6 %96.7 %NM*95.6 %

*Not Meaningful



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


Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$528,036 $84,455 $(541)$611,950 
Net premiums written$478,092 $69,005 $(491)$546,606 
Net premiums earned$434,622 $61,391 $(490)$495,523 
Net loss and LAE incurred(272,828)(37,002)(1,726)(311,556)
Acquisition costs (1)
(121,850)(16,909)113 (138,646)
Underwriting expenses (1)
(15,104)(7,237)— (22,341)
Deposit interest expense, net(367)— — (367)
Underwriting income (loss)24,473 243 (2,103)22,613 
Net investment income17,023 (10,391)9,175 15,807 
Corporate and other expenses— (1,898)(12,928)(14,826)
Income from investment in Solasglas(483)(483)
Foreign exchange gains (losses)8,632 8,632 
Other income— — 
Interest expense(4,038)(4,038)
Income (loss) before income taxes$41,496 $(12,046)$(1,745)$27,705 
Underwriting ratios:
Loss ratio62.8 %60.3 %NM*62.8 %
Acquisition cost ratio28.0 %27.5 %NM*28.0 %
Composite ratio90.8 %87.8 %NM*90.8 %
Underwriting expense ratio3.6 %11.8 %NM*4.6 %
Combined ratio94.4 %99.6 %NM*95.4 %

(1) The Company has reclassified $2.0 million from acquisition costs to underwriting expenses for the nine months ended September 30, 2025, to conform with the current year’s presentation for the Innovations segment and total consolidated. The related acquisition cost, composite, and underwriting expenses ratios for the same periods were adjusted accordingly.

*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):

September 30, 2026June 30, 2026March 31, 2026December 31, 2025September 30, 2025
Numerator for basic and fully diluted book value per share:
Total equity as reported under U.S. GAAP$694,547$697,682$741,172$707,977$658,889
Denominator for basic and fully diluted book value per share:
Ordinary shares issued and outstanding as reported and denominator for basic book value per share32,460,39532,881,53833,684,90233,897,70934,099,226
Add: In-the-money stock options (1) and all outstanding RSUs
971,100972,651950,199755,997757,505
Denominator for fully diluted book value per share 33,431,49533,854,18934,635,10134,653,70634,856,731
Basic book value per share$21.40 $21.22 $22.00 $20.89 $19.32 
Increase (decrease) in basic book value per share
$0.18 $(0.78)$1.11 $1.57 $(0.08)
Increase (decrease) in basic book value per share
0.8 %(3.5)%5.3 %8.1 %(0.4)%
Fully diluted book value per share$20.78 $20.61 $21.40 $20.43 $18.90 
Increase (decrease) in fully diluted book value per share
$0.17 $(0.79)$0.97 $1.53 $(0.07)
Increase (decrease) in fully diluted book value per share
0.8 %(3.7)%4.7 %8.1 %(0.4)%
(1) Assuming net exercise by the grantee.

Q3 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 interim 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 both insurance and reinsurance 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 and Syndicate 3456 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 September 30, 2026. 4. During the third quarter of 2026, we repurchased 504,829 ordinary shares at an aggregate cost of $8.0 million at an average price of $15.77 per share. Also, during October 2026, we repurchased a further 220,352 ordinary shares at an aggregate cost of $3.3 million at an average cost of $14.95. 5. Debt leverage (calculated as total debt divided by shareholders’ equity) has significantly decreased in recent years from 12% at year-end 2023 to 1% as of Q3 2026 close. 3 Offices in Strategic International Locations $754M Gross Premiums Written2 $2.3B Q3 2026 Total assets $30.5M Value of shares repurchased in 20264 “A” (Excellent) AM Best Financial Strength Rating (Stable Outlook) $695M Q3 2026 Shareholders’ Equity 48.5% 2022-2026 Cumulative Book Value Growth3 20+ Years Operating History 1% Total Debt Leverage5 Diverse Business Mix1 Specialty 23% Casualty 9% Financial 15% Health 1% Multiline 42% 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 Underwriting Platforms 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 • Transitioning to Full Syndicate effective January 1, 2027 following approval by Lloyd's Council in late 2026 • Full Syndicate status broadens business plan (former business plan limited to Innovations only), with GWP capacity in 2027 expanding • 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 Disciplined, Profitable Growth 10% premium CAGR 2021–25; combined ratio below 100% in two of last three years and YTD $565 $563 $637 $698 $773 $612 $593 2021 2022 2023 2024 2025 9M 2025 9M 2026 CAGR: 10.0% 1 100.9% 102.3% 94.5% 101.4% 94.6% 95.4% 95.6% 69.5% 67.4% 61.7% 69.0% 62.3% 62.8% 61.3% 26.9% 30.5% 29.0% 28.5% 28.0% 28.0% 29.1% 4.5% 4.4% 3.8% 3.9% 4.3% 4.6% 5.2% 2021 2022 2023 2024 2025 9M 2025 9M 2026 Underwriting Expense Ratio Acquisition Cost Ratio Loss Ratio 1. CAGR in the chart is calculated from full-year 2020 gross premiums written ($479.8M) through full-year 2025.

 

greenlightre.com 8 Consistent Book Value Growth Positive net income every year since 2021 $18 $25 $87 $43 $75 $9 2021 2022 2023 2024 2025 9M 2026 $13.99 $14.33 $16.74 $17.95 $20.43 $20.78 2021 2022 2023 2024 2025 9M 2026 Net Income ($ in millions) Fully Diluted Book Value Per Share CAGR: 8.8%1 1. CAGR in the chart is calculated from December 31, 2020 ($13.42) through year-end 2025.

 

greenlightre.com 9 Balance Sheet Strength $476 $503 $596 $636 $708 $695 2021 2022 2023 2024 2025 Q3 2026 17% 16% 12% 9% 1% 1% 2021 2022 2023 2024 2025 Q3 2026 Shareholders' Equity ($ in millions) Debt Leverage Financial Strength Rating Upgrade: In November 2025, AM Best upgraded the financial strength rating of Greenlight Reinsurance, Ltd. and Greenlight Reinsurance (Ireland), dac to "A" (Excellent) with a Stable outlook — reflecting strengthened capitalization, improved operating performance, and a more diversified earnings profile. Shareholders' equity up nearly 50% 2021–25; debt leverage cut from 17% to 1%

 

Third Quarter Highlights greenlightre.com 10

 

greenlightre.com 11 Third Quarter Highlights Q3 2025 Q3 2026 9M 2025 9M 2026 Gross Premiums Written $184.4 $181.9 $612.0 $592.9 Net Underwriting Income $22.3 $14.6 $22.6 $20.6 Combined Ratio 86.6% 90.5% 95.4% 95.6% Net Income (Loss) $(4.4) $3.2 $25.6 $9.4 Return on Equity (0.7)% 0.5% 3.7% 1.3% Fully Diluted Book Value Per Share $18.90 $20.78 $18.90 $20.78 Total Shareholders’ Equity $658.9 $694.5 $658.9 $694.5 (expressed in millions U.S. dollars, except percentages and per share amounts) "We are pleased to report strong underwriting income in the third quarter, aided by a relatively benign catastrophe and large loss environment. The conservative reserving approach we took on Middle East–related exposures last quarter has developed favorably, and our year-to-date underwriting result is now trending in line with our expectations." - Greg Richardson, Chief Executive Officer

 

Segment Results greenlightre.com 12

 

$155 $139 $528 $471 Q3 2025 Q3 2026 9M 2025 9M 2026 84.5% 87.9% 94.4% 94.6% 53.0% 51.2% 62.8% 59.9% 27.7% 31.8% 28.0% 30.5% 3.8% 4.9% 3.6% 4.2% Q3 2025 Q3 2026 9M 2025 9M 2026 Key Highlights greenlightre.com 13 Open Market Segment Gross Premiums Written ($ in millions) Business Mix Combined Ratio Strong underwriting income and combined ratio for this segment in Q3 2026 Continue to see benefits in portfolio underwriting opportunities for this segment as a result of AM Best upgrade to "A" (Excellent) financial strength rating in 2025 * Business Mix chart represents gross premiums written by line of business for trailing twelve months. Gross premiums written declined to $139 million in Q3 2026 compared to $155 million in Q3 2025 as a result of targeted portfolio actions and non-renewal of certain casualty business in 2025 and 2026 Underwriting Expense Ratio Acquisition Cost Ratio Loss Ratio Casualty 6% Financial 14% Multiline 43% Property 12% Specialty 25%

 

greenlightre.com 14 Innovations Segment 2.9 point combined ratio improvement in YTD 2026 versus prior year period Maintain a whole account quota share on the segment’s underwriting portfolio, providing rated third-party capacity and validation Gross premiums written increased 46.4% to $43 million in Q3 2026 compared to $29 million in Q3 2025 * Business Mix chart represents gross premiums written by line of business for trailing twelve months. $29 $43 $84 $122 Q3 2025 Q3 2026 9M 2025 9M 2026 96.8% 98.2% 99.6% 96.7% 54.3% 67.8% 60.3% 64.4% 30.4% 20.3% 27.5% 22.2% 12.1% 10.1% 11.8% 10.1% Q3 2025 Q3 2026 9M 2025 9M 2026 ($ in millions) Casualty 23% Financial 17% Health 3%Multiline 43% Specialty 14% Gross Premiums Written Business Mix Combined Ratio Underwriting Expense Ratio Acquisition Cost Ratio Loss Ratio Key Highlights

 

Our Selectivity Generally early-stage only — $250K–$2M checks Every deal must stand on its own underwriting merits — we do not subsidize unprofitable business to maintain relationships Every investment assessed on value proposition, people, technology, and market access Low concentration risk, with diverse portfolio (by geography, platform and class of business) across active programs Increasing use of third-party capital to manage growth Innovations — Our Approach to Partnering We invest early in innovative insurance and MGA start-ups, gaining preferential access to underwriting business as partners scale greenlightre.com 15 Investment-led access to underwriting opportunities Our Advantages Three highly rated (re)insurance platforms: Syndicate 3456 ("A+" FSR), Greenlight Reinsurance, Ltd. (Cayman) ("A" FSR), and Greenlight Reinsurance (Ireland), dac ("A" FSR) Often act as lead market, setting terms that align MGA incentives; commercial (re)insurance agreements in most deals Provides fee generating opportunities for the Group Innovations maximum limit exposure is low (net limits < $2m for 95%+ of segment GWP) through a combination of line size, third-party capital and reinsurance Our Results Currently over 45 active portfolio companies GWP CAGR of 18% (2023–2025) Investment portfolio carried value of ~$65M Composite ratios (loss + acquisition) of 94% (2023), 92% (2024) and 91% (2025) First investment in 2018 Recently announced strategic partnership with Hippo (NYSE: HIPO) for additional US admitted aligned capacity and co-investments

 

Solasglas Investments Update greenlightre.com 16

 

Annual Average Returns Since 2021: 10.2% 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 Differentiated Investment Strategy 17 Annual Investment Returns greenlightre.com *Investment returns stated in this presentation 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 October 2026 and annual average returns since inception is calculated from August 2004 through October 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: 5.8% 2026 YTD Returns (through Oct.): 0.0%

 

Investing in Greenlight Re 18greenlightre.com

 

greenlightre.com 19 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 reporting 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 very low debt leverage ratio Returning Value to Shareholders Repurchased 5.4% of outstanding shares for $30.5 million in 2026 (as of October 30)

 

greenlightre.com 20 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 TransRe) 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 2013 (formerly ICW Group) Richard Strommer Chief Actuary Joined 2017 (formerly EY) 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 Ian McGuire Active Underwriter, Syndicate 3456 Joined 2026 (formerly Argenta) • Nimble • Innovative • Excellence • Accountable • Collaborative

 

Appendix 21greenlightre.com

 

December 31, 2020 December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 September 30, 2026 Numerator for basic and fully-diluted book value per share: Total equity as reported under U.S. GAAP $ 464,857 $ 475,663 $ 503,120 $ 596,095 $ 635,879 $ 707,977 $ 694,547 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 34,514,790 33,844,446 34,824,061 35,336,732 34,831,324 33,897,709 32,460,395 Add: In-the-money stock options and all outstanding RSUs 116,722 154,134 277,960 264,870 590,001 755,997 971,100 Denominator for fully diluted book value per share 34,631,512 33,998,580 35,102,021 35,601,602 35,421,325 34,653,706 33,431,495 Basic book value per share $ 13.47 $ 14.05 $ 14.45 $ 16.87 $ 18.26 $ 20.89 $ 21.40 Fully diluted book value per share $ 13.42 $ 13.99 $ 14.33 $ 16.74 $ 17.95 $ 20.43 $ 20.78 greenlightre.com 22 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 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): (expressed in thousands U.S. dollars, except per share amounts)

 

greenlightre.com 23 Fully Diluted Book Value Per Share (Quarterly) 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): Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Numerator for basic and fully-diluted book value per share: Total equity as reported under U.S. GAAP $ 663,318 $ 658,889 $ 707,977 $ 741,172 $ 697,682 $ 694,547 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 34,198,153 34,099,226 33,897,709 33,684,902 32,881,538 32,460,395 Add: In-the-money stock options and all outstanding RSUs 775,124 757,505 755,997 950,199 972,651 971,100 Denominator for fully diluted book value per share 34,973,277 34,856,731 34,653,706 34,635,101 33,854,189 33,431,495 Basic book value per share $ 19.40 $ 19.32 $ 20.89 $ 22.00 $ 21.22 $ 21.40 Fully diluted book value per share $ 18.97 $ 18.90 $ 20.43 $ 21.40 $ 20.61 $ 20.78 (expressed in thousands U.S. dollars, except per share amounts)

 

Segment Descriptions greenlightre.com 24 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 (re)insurance capacity on a case-by-case basis. These private investments consist primarily of preferred equity securities. 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.

 

INVESTOR & MEDIA CONTACT David E. Sigmon, General Counsel dsigmon@greenlightre.com GREENLIGHT CAPITAL RE, LTD. 65 Market Street, Suite 1207 Jasmine Court, Camana Bay P.O. Box 31110 Grand Cayman, KY1-1205 Cayman Islands

 


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GREENLIGHT CAPITAL RE, LTD.
ANNOUNCES RETIREMENT OF JOSEPH PLATT FROM BOARD OF DIRECTORS
GRAND CAYMAN, Cayman Islands, November 2, 2026 – Greenlight Capital Re, Ltd. (Nasdaq: GLRE) (“Greenlight Re” or the “Company”) announced today that, effective as of December 31, 2026, Joseph Platt will retire from the board of directors of the Company (the “Board”). Mr. Platt first joined the Board in 2004, at the time of the Company’s formation, and has served the Company for more than 22 years.
“On behalf of the entire Board, I want to thank Joe for more than 22 years of dedicated service to Greenlight Re,” said David Einhorn, Chair of the Board. “Joe first joined our Board at the Company’s founding, and his independent judgment, steady counsel and commitment to strong governance have been invaluable to our Board and our shareholders. We are deeply grateful for his many contributions and wish him all the best in his retirement.”
“It has been a privilege to serve on the Board since the Company’s formation,” said Mr. Platt. “I am proud of what the Company has built and am confident in the Board and management team as they continue to execute on the Company’s strategy.”
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


Source: View Original Filing on SEC EDGAR

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