GREENLIGHT CAPITAL RE, LTD.

Results for the Innovations segment were as follows:

Gross Premiums Written

Gross premiums written by line of business were as follows:

Gross premiums written within our Innovations segment in Q2 2025 increased by $2.3 million or 9.0%, compared to Q2 2024. The increase was predominantly attributable to the following lines of business:

•Multiline: The 36.8% increase was driven mostly by premium growth from our Syndicate 3456.

•Health: The 181.7% increase was mainly due to revised ultimate estimated premium written on certain legacy treaties, coupled with growth from 2024 quota share treaties and new business.

•Specialty: The 58.6% increase was predominantly from new quota share treaties bound in 2024.

Offset partially by:

•Casualty: The 37.5% decrease was mainly due to the non-renewal of a reinsurance program and a decrease in the line size of another quota share reinsurance treaty.

Gross premiums written within our Innovations segment in YTD 2025 decreased by $0.3 million or 0.6%, compared to YTD 2024. The decrease was predominantly attributable to the following lines of business:

•Multiline: The 13.7% decrease was driven mostly by lower premiums from our Syndicate 3456 and non-renewal of certain multiline quota share treaties with general liability exposure.

•Casualty: The 10.5% decrease was due to the same explanation as for Q2 2025.

The decrease was offset partially by:

•Health: The 181.7% increase was due to the same explanation as for Q2 2025.

•Financial: The 61.4% increase is predominantly from growth of existing programs.

Net Premiums Written

Ceded premiums written in Q2 2025 was $4.9 million, resulting in net premiums written of $22.7 million, compared to $3.1 million and $22.2 million, respectively, in Q2 2024. The increase in ceded premiums written was predominantly driven by the new whole-account retrocession program in which we have ceded 28% of Innovations-related programs incepting Q4 2024 onwards.

Ceded premiums written in YTD 2025 was $8.4 million, resulting in net premiums written of $46.7 million, compared to $6.9 million and $48.5 million, respectively, in YTD 2024. The increase in ceded premiums written was driven mainly by the whole-account retrocession program noted for Q2 2025, coupled with an increase in quota share retrocessions due to growth from inward health and specialty business.

Net Premiums Earned

Net premiums earned by line of business were as follows:

Net premiums earned in Q2 2025 decreased by $4.0 million or 15.6%, compared to Q2 2024. Net premiums earned in YTD 2025 decreased by $5.2 million or 11.3%, compared to YTD 2024. The change relates to the amount and timing of net premiums written during the current year and prior years.

For the multiline business, the non-renewal of certain treaties also contributed to the decline in net premiums earned in Q2 2025 and YTD 2025.

For the specialty line, revisions to our ultimate premiums written for certain treaties, which were previously earned, also contributed to the decrease in net premiums earned in Q2 2025 and YTD 2025.

Loss ratio

The components of the loss ratio were as follows:

Current Year Loss Ratio

The current year loss ratio in Q2 2025 decreased by 0.8 points, compared to Q2 2024 driven mainly by lower attritional loss ratio for the multiline business due to business mix and new accounts, partially offset mainly by an increase in attritional loss ratio on a financial line quota share program in response to signs of poor performance.

The current year loss ratio in YTD 2025 decreased by 3.9 points, compared to YTD 2024 driven mainly by improved loss performance in our Syndicate 3456 results in the multiline business, partially offset mainly by the increase in attritional loss ratio in the financial line as noted for Q2 2025.

The Innovations segment was not impacted by any CAT or large events for the periods presented in the above table.

Prior Year Reserve Development Ratio

Prior year reserve development ratio increased by 18.3 points in Q2 2025 compared to Q2 2024 and by 8.5 points in YTD 2025 compared to YTD 2024. This was driven by reserve strengthening predominantly on our financial line (2022-2023 underwriting years) due to higher volume of claims than expected. Refer to Note 7 Loss and LAE Reserves to the condensed consolidated financial statements for further details.

Acquisition cost ratio

The acquisition cost ratio decreased by 5.1 points to 28.1% in Q2 2025 compared to Q2 2024. The decrease was predominantly driven by non-renewal of certain specialty business that had higher acquisition costs, coupled with the Q2 2024 acquisition cost being impacted by an unfavorable increase on a quota share treaty in the financial line.

The acquisition cost ratio decreased by 1.9 points to 29.8% in YTD 2025 compared to YTD 2024. The decrease was predominantly driven by the same explanation as Q2 2025 and by the health line due to new business with a lower acquisition cost ratio. This was partially offset by an increase in acquisition cost ratio for casualty line due to revised ultimate acquisition cost ratio for a significant quota share treaty, coupled with an increase in acquisition cost ratio in the multiline business predominantly driven by Syndicate 3456 due to higher acquisition costs relating to new 2025 programs.

Underwriting expense ratio

The underwriting expense ratio increased by 3.7 points and 3.8 points in Q2 2025 and YTD 2025, respectively compared to the same periods in 2024, primarily due to additional headcount relating to the Innovations segment.

Income (loss) before income taxes

The loss before income taxes for the Innovations segment was $1.7 million and $0.7 million in Q2 2025 and YTD 2025, respectively, compared to income before income taxes of $1.9 million and $1.3 million in Q2 2024 and YTD 2024, respectively. This was driven by weaker underwriting performance in 2025 driven mostly by the increase in underwriting expenses and higher loss ratio, partially offset by improved net investment income including realized and unrealized gains from our Innovations portfolio.