GREENLIGHT CAPITAL RE, LTD.

Results for the Open Market segment were as follows:

Gross Premiums Written

Gross premiums written by line of business were as follows:

Gross premiums written within our Open Market segment in Q1 2025 increased by $33.6 million or 18.0%, compared to Q1 2024. The increase was predominantly attributable to the following lines of business:

•Casualty: the 56.9% increase was mainly due to the growth in general liability quota share reinsurance contracts incepting in 2024, with premiums continued to be written in Q1 2025.

•Multiline: the 18.6% increase was predominantly driven by new FAL business; partially offset by non-renewed business in our commercial auto class.

•Specialty: the 10.0% increase was mainly driven by growth from 2024 quota share reinsurance treaties in our aviation class, in addition to new business and increased lines in our whole account marine and energy (M&E) class. This was partially offset by non-renewed business in our space and war, political violence, and terrorism (WPVT) classes.

Net Premiums Written

Ceded premiums written in Q1 2025 was $25.1 million, resulting in net premiums written of $195.6 million, compared to $19.3 million and $167.7 million, respectively, in Q1 2024. The increase in ceded premiums written of 29.7% was primarily within our specialty line driven mainly by additional excess of loss retrocessional coverage to manage our overall exposure to aviation and M&E business, coupled with an increase in quota share retrocession due to growth from inward aviation and M&E business. This was partially offset by a decrease in quota share retrocession within our property line due to a decrease from inward property business.

Net Premiums Earned

Net premiums earned by line of business were as follows:

Net premiums earned within our Open Market segment in Q1 2025 increased by $18.0 million or 13.7%, compared to Q1 2024. The change is influenced by the amount and timing of net premiums written during the current year and prior years, coupled with the business mix written in the form of excess of loss versus proportional contracts. Additionally, within the financial line and certain specialty line classes, the gross premiums written are earned over multiple years, corresponding with the anticipated risk coverage period.

Loss ratio

The components of the loss ratio for our Open Market segment were as follows:

Current Year Loss Ratio

The Q1 2025 current year loss ratio increased by 7.3%, compared to Q1 2024 mainly due to the increase in CAT losses, offset partially by a 1.3% reduction in attritional loss ratio. In Q1 2025, we incurred $27.0 million of CAT losses relating to the California wildfires, compared to $12.4 million of CAT losses in Q1 2024 predominantly due to the Baltimore bridge loss.

The reduction in attritional loss ratio was driven by the change in business mix, particularly a decrease in earned premiums from our multiline business at higher attritional loss ratio and an increase in property and specialty lines at lower attritional loss ratio. This was partially offset by an increase in attritional loss ratio on our casualty line in response to current economic and social inflation trends.

Prior Year Reserve Development Ratio

Prior year reserve development ratio increased by 2.2% in Q1 2025 compared to Q1 2024. Refer to Note 7 Loss and LAE Reserves to the condensed consolidated financial statements for further details on the lines of business and prior year development.

Acquisition cost ratio

The acquisition cost ratio increased by 1.8 points in Q1 2025 compared to Q1 2024, primarily due to an increase in acquisition costs from the FAL business included in our multiline business, driven by higher fixed acquisition costs from new syndicate-in-a-box programs. This was partially offset by the lower acquisition costs ratio resulting from the change in business mix.

Underwriting expense ratio

The underwriting expense ratio decreased by 1.5 points to 3.3% in Q1 2025 compared to Q1 2024, mainly due to an increase in net premiums earned, coupled with lower stock compensation expense attributable to the Open Market segment. Additionally, interest expense from deposit contracts was 0.4% point lower in Q1 2025 compared to Q1 2024.

Income (loss) before income taxes

Loss before income taxes for the Open Market segment was $3.2 million for Q1 2025, compared to income before income taxes of $17.6 million for Q1 2024. This change was driven predominantly by higher CAT losses related to the California wildfires, coupled with lower investment income on funds withheld by third party Lloyd’s syndicates and lower interest income earned from restricted cash and cash equivalents mainly as a result of the interest rate cuts by central banks during 2024.