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.

For the second quarter of 2024 (“Q2 2024”) we earned a net income of $8.0 million, a decrease of $41.9 million over the same period in the prior year, principally due to the lower return from our investment in Solasglas and to a lesser extent lower underwriting profits driven by higher CAT losses.

The following is a summary of our financial performance for Q2 2024, compared to the same quarter in 2023 (“Q2 2023”):

•Gross premiums written was $169.0 million, an increase of 9.1%;

•Net premiums earned was $158.4 million, an increase of 13.2%;

•Net underwriting income(1) was $0.3 million, compared to $5.4 million;

•Total CAT losses, net of reinsurance, were $17.9 million, compared to $9.3 million;

•Total investment income was $12.6 million, a decrease of 70.2% (including 1.2% net return from our investment in Solasglas, compared to net return of 10.9%); and

•Diluted EPS was $0.23, compared to $1.32.

Fully diluted book value per share(1) was $17.65 at June 30, 2024, an increase of 5.4% since December 31, 2023.

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