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.

We earned net income of $27.0 million for the three months ended March 31, 2024, an increase of $21.1 million, or 359% over the same period in the prior year, principally due to stronger performance from our investment in SILP and to a lesser extent improved underwriting performance despite higher CAT losses.

The following is a summary of our financial performance for the three months ended March 31, 2024, compared to the same period in 2023:

•Gross premiums written was $217.3 million, an increase of 16.5%;

•Net premiums earned was $161.5 million, an increase of 13.2%;

•Net underwriting income(1) was $3.4 million, compared to $0.4 million;

•Total investment income was $26.4 million, an increase of 403.6% (including 5.2% net return from our investment in SILP, compared to a loss of 1.1%);

•Diluted EPS was $0.78, compared to $0.17; and

•Fully diluted book value per share(1) was $17.39, an increase of 3.9%.

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