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 third quarter of 2024 (“Q3 2024”) we earned a net income of $35.2 million, an increase of $21.8 million over the same period in the prior year, principally due to strong performance from our investment in Solasglas. Our underwriting results were lower by $8.3 million in Q3 2024 compared to the same quarter in 2023 (“Q3 2023”).

The following is a summary of our financial performance for Q3 2024, compared to Q3 2023:

•Gross premiums written was $168.3 million, a decrease of 8.0%;

•Net premiums earned was $151.9 million, a decrease of 6.9%;

•Net underwriting income(1) was $6.1 million, compared to $14.4 million;

•Current year CAT losses, net of reinsurance, were $14.1 million, including $7.5 million from Hurricane Helene, compared to $13.2 million;

•Favorable prior year loss development was $5.7 million, compared to $3.3 million;

•Total investment income was $28.1 million, an increase of $23.0 million (including 5.2% net return from our investment in Solasglas), compared to net return of (0.6)%; and

•Diluted EPS was $1.01, compared to $0.39.

Fully diluted book value per share(1) was $18.72 at September 30, 2024, an increase of 11.8% since December 31, 2023.

On October 18, 2024, A.M. Best affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) for our principal operating subsidiaries and revised the outlooks to positive from stable. The positive outlook reflects A.M. Best’s view of our operating performance, which has steadily improved in recent years.

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