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. Refer to “Part 1, Item 1. Business” for additional information.

We earned a net income of $74.8 million for the year ended December 31, 2025, an increase of $32.0 million, or 74.8% compared to the prior year, predominantly due to strong underwriting results and favorable foreign exchange movement in 2025, partially offset by lower net investment income from Innovations and lower yields on restricted cash and cash equivalents.

The following is a summary of our financial performance for the year ended December 31, 2025, compared to the prior year:

•Gross premiums written was $773.3 million, an increase of 10.7%;

•Net premiums earned was $661.1 million, an increase of 6.6%;

•Net underwriting income was $35.7 million, compared to net underwriting loss of $8.2 million;

•Total investment income was $60.2 million, a decrease of 24.4%;

•Foreign exchange gains were $8.5 million, compared to foreign exchange losses of $5.6 million;

•Diluted EPS was $2.17, compared to $1.24, an increase of 75.0%; and

•Fully diluted book value per share was $20.43, an increase of $2.48, or 13.8%.