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 three months ended June 30, 2025 (“Q2 2025”), we earned a net income of $0.3 million, a decrease of $7.6 million over the three months ended June 30, 2024 (“Q2 2024”), principally due to an investment loss from Solasglas in Q2 2025 compared to an investment gain in Q2 2024. This was partially offset by stronger underwriting performance and favorable foreign exchange movement.

The following is a summary of our financial performance for Q2 2025, compared to Q2 2024:

•Gross premiums written was $179.6 million, an increase of 6.3%;

•Net premiums earned was $161.6 million, an increase of 2.0%;

•Net underwriting income was $8.1 million, compared to a net underwriting income of $0.3 million;

•Current period CAT losses were nil, compared to $7.7 million;

•Prior year adverse loss development was $3.0 million, compared to prior year favorable loss development of $0.7 million;

•Total investment loss was $7.8 million, compared to total investment income of $15.3 million (including 4.0% net loss from our investment in Solasglas, compared to net return of 1.2%); and

•Diluted EPS was $0.01, compared to $0.23.

Fully diluted book value per share was $18.97 at June 30, 2025, an increase of 5.7% since December 31, 2024. See “Key Financial Measures and Non-GAAP Measures” section of this MD&A.