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 Q3 2025 increased by $10.7 million or 57.4%, compared to Q3 2024. The increase was predominantly attributable to the following lines of business:

•Multiline: The $7.1 million, or 75.1%, increase was driven mostly by premium growth from our Syndicate 3456.

•Financial: The $2.7 million increase was driven predominantly from growth on existing programs. The Q3 2024 gross premiums written was impacted by a downward premium adjustment based on new information.

•Casualty: The $1.1 million, or 19.6%, decrease was mainly due to change in our premium estimates on prior treaty years.

Gross premiums written within our Innovations segment in YTD 2025 increased by $10.4 million or 14.0%, compared to YTD 2024. The increase was predominantly attributable to the following lines of business:

•Financial: The $4.5 million, or 252.4%, increase was driven mostly from growth on existing programs.

•Health: The $4.1 million, or 137.8%, increase was driven mainly by new quota share reinsurance business.

•Casualty: The 13.1% decrease was predominantly due to the change in our premium estimates for a quota share reinsurance and the non-renewal of a reinsurance program.

Net Premiums Written

Ceded premiums written in Q3 2025 was $7.1 million, resulting in net premiums written of $22.3 million, compared to $4.5 million and $14.2 million, respectively, in Q3 2024.

Ceded premiums written in YTD 2025 was $15.5 million, resulting in net premiums written of $69.0 million, compared to $11.4 million and $62.6 million, respectively, in YTD 2024.

The increase in ceded premiums written for both periods was predominantly driven by the new whole-account retrocession program in which we have ceded 28% of Innovations-related programs incepting Q4 2024 onwards. Additionally, we had 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 Q3 2025 decreased by $0.8 million or 3.6%, compared to Q3 2024. Net premiums earned in YTD 2025 decreased by $5.9 million or 8.8%, compared to YTD 2024. The change relates to the amount and timing of net premiums written during the current year and prior years. The earning of the new whole-account retrocession program is included in the multiline business, which contributed to the decline in the net premiums earned for both periods.

Loss ratio

The components of the loss ratio were as follows:

Current Year Loss Ratio

The current year loss ratio in Q3 2025 increased by 1.8 loss ratio points, compared to Q3 2024 driven mainly by an increase in the multiline portfolio due to higher attritional loss ratios for certain treaties renewed in 2025. This was partially offset by the change in business mix for the segment as a whole, coupled with a decrease in the attritional loss ratios booked for the specialty line given the improving performance of contracts written in that line of business over time.

The current year loss ratio in YTD 2025 decreased by 2.1 loss ratio points, compared to YTD 2024 driven mainly by the change in business mix for the segment, partially offset mainly by the increase in attritional loss ratio for a quota share program in the financial line in response to signs of poor performance.

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 was favorable by 3.5 loss ratio points in Q3 2025 compared to Q3 2024 and deteriorated by 4.4 loss ratio points in YTD 2025 compared to YTD 2024. Refer to Note 7 Loss and LAE Reserves for the condensed consolidated financial statements for further details.

Acquisition cost ratio

The acquisition cost ratio increased by 0.8 percentage points to 32.8% in Q3 2025 compared to Q3 2024. The increase was predominantly driven by:

•an increase in acquisition cost ratio for our casualty line due to revised ultimate acquisition cost ratio for a significant quota share treaty; and

•an increase in acquisition cost ratio for our multiline business, predominantly driven by our Syndicate 3456 due to higher acquisition costs relating to new 2025 programs.

The above was partially offset by a decrease in acquisition cost ratio in our specialty line driven mainly by non-renewal of certain quota share reinsurance business that had higher acquisition costs.

The acquisition cost ratio decreased by 1.0 percentage points to 30.8% in YTD 2025 compared to YTD 2024. The decrease was predominantly driven by:

•a change in business mix;

•a decrease in acquisition cost ratio for our specialty line driven mainly by non-renewal of certain quota share reinsurance business that had higher acquisition costs; and

•a decrease in acquisition cost ratio for our financial line predominantly due to a quota share reinsurance program that experienced adverse loss development, resulting in lower commission costs for YTD 2025.

The above was partially offset by the same factors that contributed to the increase for Q3 2025.

Underwriting expense ratio

The underwriting expense ratio increased by 4.1 percentage points and 4.0 percentage points in Q3 2025 and YTD 2025, respectively compared to the same periods in 2024, primarily due to an increase in incentive compensation expense based on the Company’s stronger consolidated underwriting results, coupled with additional headcount relating to the Innovations segment. Additionally, the underwriting expense ratio for YTD 2025 was negatively impacted by the lower net premiums earned compared to YTD 2024.

Net investment income (loss)

For Q3 2025, the Innovations segment reported a net investment loss of $11.3 million, compared to net investment income of $0.3 million in Q3 2024. The decrease in investment performance was predominantly driven from our Innovations private equity portfolio, primarily due to:

•$16.4 million reversal of previously recognized unrealized gain (impairment charge) relating to one of our holdings based on a pending financing round at a reduced enterprise value.

For the above impairment charge, we calculated the fair value using valuation models incorporating significant unobservable inputs. These include discounted cash flow analyses and option pricing models. The key inputs and assumptions used in these models include, but are not limited to, projected cash flows provided by the investee’s management, discount rates, growth rates, volatility assumptions, and current market multiples.

Partially offsetting the above impairment charge, we had the following unrealized and realized gains:

•$3.9 million of unrealized gains from two holdings as a result of latest closed financing rounds by the respective investees, which the fair value was based on observable price changes in orderly transactions; and

•$0.7 million of realized gain on a partial sale relating to one of the above two holdings.

For YTD 2025, the Innovations segment reported a net investment loss $10.4 million, compared to net investment income of $0.4 million in YTD 2024. The decrease in investment performance was due to the same reasons noted above.

Our top five holdings accounted for 54% of the total carrying value of our Innovations portfolio at September 30, 2025 (70% at December 31, 2024).

Income (loss) before income taxes

The loss before income taxes for the Innovations segment was $11.3 million and $12.0 million in Q3 2025 and YTD 2025, respectively, compared to income before income taxes of $1.1 million and $2.3 million in Q3 2024 and YTD 2024, respectively. The performance in 2025 was predominantly due to the net investment loss from the Innovations private equity portfolio and, to a lesser extent, lower underwriting income.