GREENLIGHT CAPITAL RE LTD

We are a global specialty property and casualty reinsurer headquartered in the Cayman Islands, with an underwriting and investment strategy that we believe differentiates us from most of our competitors. Our goal is to build long-term shareholder value by providing risk management solutions to the insurance, reinsurance, and other risk marketplaces. Refer to “Part 1, Item 1. Business” for additional information.

We earned a net income of $86.8 million for the year ended December 31, 2023, an increase of $61.5 million, or 243% over the prior year, as a result of favorable reinsurance pricing conditions with lower losses from catastrophe and weather-related events (collectively referred as “CAT losses”), coupled with favorable rising interest rate environment for our cash and fixed maturity investments (relating to the Lloyd’s syndicates) as well as favorable foreign exchange movement in 2023.

The following is a summary of our financial performance for the year ended December 31, 2023, compared to the prior year:

•Gross premiums written was $636.8 million, an increase of 13.1%;

•Net premiums earned was $583.1 million, an increase of 24.2%;

•Net underwriting income(1) was $32.0 million, compared to an underwriting loss of $10.7 million;

•Total investment income was $66.1 million, a decrease of 4.2% (include 9.4% net return from our investment in SILP, compared to 25.3%);

•Diluted EPS was $2.50, an increase of 242%; and

•Fully diluted book per share(1) was $16.74, an increase of 16.8%.

(1)See “Key Financial Measures and Non-GAAP Measures” section of this MD&A.