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 Q1 2025, we earned a net income of $29.6 million, an increase of $2.6 million over Q1 2024, principally due to strong performance from our investment in Solasglas, despite negative and volatile market conditions. Favorable foreign exchange movement also contributed to the higher net income in Q1 2025, which was offset partially by underwriting loss and lower investment-related income from Lloyd’s syndicates compared to Q1 2024.

The following is a summary of our financial performance for Q1 2025, compared to Q1 2024:

•Gross premiums written was $247.9 million, an increase of 14.1%;

•Net premiums earned was $168.5 million, an increase of 4.3%;

•Net underwriting loss was $7.8 million, compared to a net underwriting income of $3.4 million;

•Current year CAT losses, net of reinsurance, were $27.0 million, compared to $12.4 million; the related reinstatement premiums were $3.4 million, compared to $2.8 million.

•Adverse prior year loss development was $4.2 million, compared to $5.4 million;

•Total investment income was $40.5 million, an increase of $9.1 million (including 7.2% net return from our investment in Solasglas, compared to net return of 5.2%); and

•Diluted EPS was $0.86, compared to $0.78.

Fully diluted book value per share was $18.87 at March 31, 2025, an increase of 5.1% since December 31, 2024. See “Key Financial Measures and Non-GAAP Measures” section of this MD&A.