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 September 30, 2025 (“Q3 2025”), we had a net loss of $4.4 million, compared to net income of $35.2 million over the three months ended September 30, 2024 (“Q3 2024”). The decline was mainly attributable to the investment loss from Solasglas, valuation impairments in our Innovations portfolio, and foreign exchange losses during Q3 2025; while in Q3 2024 we had strong investment income, coupled with foreign exchange gains. This was substantially offset by stronger underwriting performance during Q3 2025.

The following is a summary of our financial performance for Q3 2025, compared to Q3 2024:

•Gross premiums written was $184.4 million, an increase of 9.5%;

•Net premiums earned was $165.4 million, an increase of 8.9%;

•Net underwriting income was $22.3 million, compared to $6.1 million;

•Current period CAT losses were nil, compared to $12.1 million;

•Prior year adverse loss development was $0.8 million, compared to prior year favorable loss development of $5.7 million;

•Total investment loss was $17.4 million, compared to total investment income of $30.3 million (including 3.2% net loss from our investment in Solasglas, compared to net return of 5.2%); and

•Diluted EPS was $(0.13), compared to $1.01.

Fully diluted book value per share was $18.90 at September 30, 2025, an increase of 5.3% since December 31, 2024. See “Key Financial Measures and Non-GAAP Measures” section of this MD&A.