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 $42.8 million for the year ended December 31, 2024, a decrease of $44.0 million, or 51% compared to the prior year, predominantly due to higher losses from catastrophe and weather-related events (collectively referred as “CAT losses”), coupled with unfavorable foreign exchange movement in 2024.

The following is a summary of our financial performance for the year ended December 31, 2024, compared to the prior year:

•Gross premiums written was $698.3 million, an increase of 9.7%;

•Net premiums earned was $620.0 million, an increase of 6.3%;

•Net underwriting loss was $8.2 million, compared to net underwriting income of $32.0 million;

•Total investment income was $79.6 million, an increase of 10.3% (including 9.8% net return from our investment in Solasglas, compared to 9.4%);

•Foreign exchange losses were $5.6 million, compared to foreign exchange gains of $11.6 million;

•Diluted EPS was $1.24, compared to $2.50, a decrease of 50%; and

•Fully diluted book value per share was $17.95, an increase of $1.21, or 7.2%.