GREENLIGHT CAPITAL RE, LTD.

Previous wording

The following discussion should be read in conjunction with the audited consolidated financial statements and accompanying notes, which appear in our 2024 Form 10-K.

Current wording

The following discussion should be read in conjunction with the condensed consolidated financial statements and accompanying noted included in Item 1 of this report and the audited consolidated financial statements and accompanying notes, which appear in our 2025 Form 10-K.

Previous wording

The following is management’s discussion and analysis (“MD&A”) of our results of operations for the three and nine months ended September 30, 2025 and 2024 and the Company’s financial condition at September 30, 2025 and December 31, 2024.

Current wording

The following is management’s discussion and analysis (“MD&A”) of our results of operations for the three months ended March 31, 2026 and 2025 and the Company’s financial condition at March 31, 2026 and December 31, 2025.

Previous wording

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.

Current wording

For the three months ended March 31, 2026 (“Q1 2026”), we had a net income of $35.8 million, compared to $29.6 million over the three months ended March 31, 2025 (“Q1 2025”). The increase was mainly attributable to stronger underwriting performance, partially offset by foreign exchange losses.

Previous wording

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

Current wording

•Net underwriting income was $6.2 million, compared to net underwriting loss of $7.8 million;

Previous wording

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.

Current wording

Fully diluted book value per share is a non-GAAP financial measure. See “Key Financial Measure and Non-GAAP Measures” section of this MD&A.

Previous wording

There are many factors contributing to an uncertain global economic outlook, and in particular, we believe that inflationary trends of recent years could persist. We continue to consider the potential impact of relevant economic factors on our underwriting portfolio. On the investment side, DME Advisors regularly monitors and re-positions Solasglas’ investment portfolio to manage the impact of inflation on its underlying investments and holds macro positions to benefit from a rising inflationary environment. DME Advisors remains conservatively positioned as it believes the equity markets are very expensive.

Current wording

On the investment side, DME Advisors regularly monitors and re-positions Solasglas’ investment portfolio to manage the impact of inflation on its underlying investments and holds macro positions to benefit from a rising inflationary environment. DME Advisors remains conservatively positioned as it believes the equity markets are very expensive.

Previous wording

1 The net financial impact associated with changes in the estimate of losses incurred in prior years, which incorporates earned reinstatement premiums assumed and ceded, adjustments to assumed and ceded acquisition costs, and deposit interest income and expense, was a loss of $0.6 million and gain of $4.6 million for the three months ended September 30, 2025 and 2024, respectively, and a loss of $6.7 million and $1.1 million for the nine months ended September 30, 2025 and 2024, respectively.

Current wording

1 The net financial impact associated with changes in the estimate of losses incurred in prior years, which incorporates earned reinstatement premiums assumed and ceded, adjustments to assumed and ceded acquisition costs, and deposit interest income and expense, was a gain of $1.6 million and a loss of $3.5 million for the three months ended March 31, 2026 and 2025, respectively.

Previous wording

Basic book value per share increased by $1.06 per share, or 5.8%, to $19.32 per share from $18.26 per share at December 31, 2024. Fully diluted book value per share increased by $0.95 per share, or 5.3%, to $18.90 per share from $17.95 per share at December 31, 2024.

Current wording

Basic book value per share increased by $1.11 per share, or 5.3%, to $22.00 per share from $20.89 per share at December 31, 2025. Fully diluted book value per share increased by $0.97 per share, or 4.7%, to $21.40 per share from $20.43 per share at December 31, 2025.

Previous wording

•Underwriting income: Increased by $16.2 million, driven by 9.3 percentage points improvement in combined ratio, which was predominantly driven by improved current year loss ratio mainly due to the lower attritional loss ratio and no CAT losses, coupled with a decrease in acquisition cost ratio. This was offset partially by an increase in prior year adverse loss development.

Current wording

•Underwriting income: Favorable change of $14.0 million, driven by 8.6 percentage points improvement in combined ratio, which was predominantly driven by 13.8 percentage points improvement in the loss ratio, offset partially by an increase in acquisition cost ratio and underwriting expense ratio. The lower loss ratio was due to the lower CAT and large event losses, coupled with an improved prior year reserve development ratio.

Previous wording

•Foreign exchange gains (losses): $2.0 million loss for Q3 2025, compared to $5.8 million foreign exchange gain in Q3 2024, driven mainly by the weakening of the pound sterling against the U.S. dollar during Q3 2025.

Current wording

•Foreign exchange gains (losses): Unfavorable change of $9.3 million, driven mainly by the weakening of the pound sterling against the U.S. dollar during Q1 2026, compared to the strengthening of the pound against the U.S. dollar during Q1 2025.

Previous wording

•Casualty: The $12.0 million, or 49.1%, decrease was mainly due to the non-renewal of certain reinsurance programs in our general liability class and multiline casualty class as part of our strategy to reduce our exposure to the casualty line of business.

Current wording

•Casualty: The $18.1 million, or 60.8%, decrease was mainly due to the non-renewal of certain reinsurance programs in our general liability class and multiline casualty class as part of our strategy to reduce our exposure to the Casualty line of business.

Previous wording

Ceded premiums written in YTD 2025 was $49.9 million, resulting in net premiums written of $478.1 million, compared to $53.2 million and $427.5 million, respectively, in YTD 2024. The decrease in ceded premiums written of 6.1% was driven by reduced quota share retrocessional activity within our specialty multiline and property business due to lower inward premiums. This was partially offset mainly by additional excess of loss retrocessional coverage to manage our overall exposure to aviation, marine and energy risks within our specialty line.

Current wording

Ceded premiums written in Q1 2026 was $29.1 million, resulting in net premiums written of $151.3 million, compared to $25.1 million and $195.6 million, respectively, in Q1 2025. The increase in ceded premiums written of 15.7% was driven primarily due to a new retrocession treaty for our Multiline business, coupled with additional excess of loss retrocessional coverage within our specialty business in 2026 to manage our overall exposure to aviation, marine and energy risks.

Previous wording

Ceded premiums written in Q3 2025 was $14.6 million, resulting in net premiums written of $140.4 million, compared to $22.1 million and $128.2 million, respectively, in Q3 2024. The decrease in ceded premiums written of 33.8% was driven by the reduced quota share retrocession activity within our specialty multiline business due to lower estimated inward premiums.

Current wording

This was partially offset by reduced quota share retrocession activity within our Property and Specialty lines of business due to lower estimated inward premiums.

Previous wording

Net premiums earned within our Open Market segment in Q3 2025 increased by $17.9 million or 14.1%, compared to Q3 2024 and by $50.6 million or 13.2% for YTD 2025, compared to YTD 2024. The change is influenced by the amount and timing of net premiums written during the current year and prior years, coupled with the business mix written in the form of excess of loss versus proportional contracts. Additionally, within the financial line and certain specialty line classes, the gross premiums written for some treaties are earned over multiple years, corresponding with the anticipated risk coverage period.

Current wording

Net premiums earned within our Open Market segment in Q1 2026 decreased by $20.7 million or 13.8%, compared to Q1 2025. The decrease in Casualty line was due to the non-renewal of certain reinsurance programs in our general liability class as part of our strategy to reduce our exposure to the Casualty line of business. The change is influenced by the amount and timing of net premiums written during the current year and prior years, coupled with the business mix written in the form of excess of loss versus proportional contracts. Additionally, within the Financial line and certain Specialty line classes, the gross premiums written for some treaties are earned over multiple years, corresponding with the anticipated risk coverage period. The negative premium estimate revision on older accident years also contributed to the decrease in Specialty’s net premiums earned.

Previous wording

The Q3 2025 current year loss ratio decreased by 11.8 percentage points to 52.5%, compared to Q3 2024, driven mainly by improved attritional loss ratio and no CAT event losses and partially offset by an increase in large event losses.

Current wording

The Q1 2026 current year loss ratio for Open Market decreased by 11.5 percentage points to 60.6%, compared to Q1 2025, driven mainly by lower CAT event losses, partially offset by an increase in large event losses.

Previous wording

During Q3 2025, we were notified of three large event losses for a total of $5.7 million in our specialty and property lines; whereas we incurred one large event loss of $2.1 million in our property line during Q3 2024.

Current wording

During Q1 2026, we were notified of two large event losses for a total of $3.6 million in our Specialty and Property lines; whereas we incurred no large event loss for Q1 2025.

Previous wording

The Open Market segment’s prior year adverse reserve development contributed 0.6 percentage points and 1.1 percentage points to the loss ratio for Q3 2025 and YTD 2025, respectively. For Q3 2024 and YTD 2024, the prior year favorable reserve development for the Open Market segment resulted in a decrease to the loss ratio by 4.2 percentage points and 1.0 percentage points, respectively. Refer to Note 7 Loss and LAE Reserves to the condensed consolidated financial statements for further details.

Current wording

The Open Market segment’s prior year favorable reserve development provided 2.2 percentage points improvement to the loss ratio for Q1 2026. By comparison, in Q1 2025 the prior year adverse reserve development for the Open Market segment increased the loss ratio by 3.3 percentage points. Refer to Note 8 Loss and LAE Reserves to the condensed consolidated financial statements for further details.

Previous wording

The underwriting expense ratio decreased by 0.3 points to 3.8% in Q3 2025 compared to Q3 2024, mainly due to an increase in net premiums earned in the Open Market segment, partially offset by an increase in incentive compensation expense based on the company’s stronger consolidated underwriting results.

Current wording

The underwriting expense ratio increased by 1.2 points to 4.5% in Q1 2026 compared to Q1 2025, mainly due to a decrease in net premiums earned in the Open Market segment, coupled with an increase in share-based compensation expense based on the Company’s performance as of Q1 2026 compared to Q1 2025.

Previous wording

For the Open Markets segment, net investment income declined by 39.9% to $5.6 million in Q3 2025, compared to Q3 2024, and by 46.4% to $17.0 million for YTD 2025, compared YTD 2024.

Current wording

For the Open Market segment, net investment income declined by 11.0% to $5.1 million in Q1 2026, compared to Q1 2025.

Previous wording

The decrease for both periods was predominantly due to lower investment income on funds withheld by third party Lloyd’s syndicates and lower interest income earned from restricted cash and cash equivalents mainly as a result of the interest rate cuts by central banks during the second half of 2024.

Current wording

The decrease was predominantly due to lower investment income on funds at Lloyd’s due to partially replacing it with a £45 million unsecured Citibank LC (see Note 10 of the condensed consolidated financial statements), coupled with lower interest income earned from restricted cash and cash equivalents mainly as a result of the 75 basis points interest rate cuts by central banks during 2025.

Previous wording

Income before income taxes for the Open Market segment was $27.9 million for Q3 2025, compared to $16.3 million for Q3 2024. The increase was driven predominantly by improved underwriting results and partially offset by lower net investment income.

Current wording

Income before income taxes for the Open Market segment was $11.9 million for Q1 2026, compared to loss before income taxes of $3.2 million for Q1 2025. The increase was driven predominantly by improved underwriting results, partially offset by lower net investment income.

Previous wording

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.

Current wording

Ceded premiums written in Q1 2026 was $15.4 million, resulting in net premiums written of $32.2 million, compared to $3.5 million and $24.0 million, respectively, in Q1 2025.

Previous wording

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.

Current wording

The increase in ceded premiums written was predominantly driven by the Innovations whole-account retrocession program in which we have ceded 28.5% of Innovations-related programs incepting Q4 2024 onwards and 33% from January 1, 2026.

Previous wording

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.

Current wording

Net premiums earned in Q1 2026 increased by $6.2 million, or 32.4%, compared to Q1 2025. The change relates to the amount and timing of net premiums written during the current year and prior years. The earning of the whole-account retrocession program is included in the Multiline business, which contributed to the decline in the net premiums earned in that line of business. For the 2026 accident year, we have increased this retrocession program from 28.5% to 33% of Innovations-related contracts.

Previous wording

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.

Current wording

Prior year adverse reserve development was 1.4% for Q1 2026 compared to prior year favorable reserve development of 3.0% in Q1 2025. Refer to Note 8 Loss and LAE Reserves for the condensed consolidated financial statements for further details.

Previous wording

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:

Current wording

The acquisition cost ratio decreased marginally by 0.9 percentage points to 30.8% in Q1 2026 compared to Q1 2025.

Previous wording

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:

Current wording

For Q1 2026, the Innovations segment reported a net investment income of $1.1 million, compared to net investment income of $0.4 million in Q1 2025. The was predominantly driven by additional investment income earned from a higher average outstanding restricted cash balance to secure LC and trust accounts relating to Innovations reinsurance treaties.

Previous wording

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.

Current wording

The loss before income taxes for the Innovations segment was $0.2 million in Q1 2026, compared to income before income taxes of $0.9 million in Q1 2025. The performance in 2026 was predominantly driven by weaker underwriting results.

Previous wording

The non-renewal of an Innovations-related property business contract resulted in a decrease of $3.5 million and $20.9 million to the consolidated net premiums earned for Q3 2025 and YTD 2025, respectively, compared to the same periods in 2024. The negative net premiums earned for this run-off business in 2025, as reported in the table under Corporate in Note 16 of the condensed consolidated financial statements, reflects an adjustment to our prior premium estimate based on updated reporting from the cedent.

Current wording

For Q1 2026, the Innovations-related property business in runoff generated a nominal underwriting loss, compared to underwriting income of $0.1 million in Q1 2025. The negative net premiums earned for this run-off business in Q1 2026 and Q1 2025, as reported in the table under Corporate in Note 17 of the condensed consolidated financial statements, reflects an adjustment to our prior premium estimate based on updated reporting from the cedent.

Previous wording

For Q3 2025 and YTD 2025, Solasglas reported a net loss of 3.2% and 0.4%, respectively, compared to a net gain of 5.2% and 11.9% for Q3 2024 and YTD 2024, respectively. The following table provides a breakdown of the gross and net investment return for Solasglas.

Current wording

For Q1 2026, Solasglas reported a net gain of 6.8%, compared to a net gain of 7.2% for Q1 2025. The following table provides a breakdown of the gross and net investment return for Solasglas.

Previous wording

The above exposure analysis does not include cash (U.S. dollar and foreign currencies), gold and other commodities, credit default swaps, sovereign debt, foreign currency derivatives, interest rate derivatives, inflation swaps and other macro positions. Under this methodology, a total return swap’s exposure is reported at its full notional amount and options are reported at their delta-adjusted basis. At September 30, 2025, Solasglas’ exposure to gold on a delta-adjusted basis was 13.6% (December 31, 2024: 10.1%).

Current wording

The above exposure analysis does not include cash (U.S. dollar and foreign currencies), gold and other commodities, credit default swaps, sovereign debt, foreign currency derivatives, interest rate derivatives, inflation swaps and other macro positions. Under this methodology, a total return swap’s exposure is reported at its full notional amount and options are reported at their delta-adjusted basis. At March 31, 2026, Solasglas’ exposure to gold on a delta-adjusted basis was 10.2% (December 31, 2025: 11.9%).

Previous wording

At September 30, 2025, 92.0% of Solasglas’ portfolio was valued based on quoted prices in actively traded markets (Level 1), 6.5% was composed of instruments valued based on observable inputs other than quoted prices (Level 2), and a nominal amount was composed of instruments valued based on non-observable inputs (Level 3). At September 30, 2025, 1.5% of Solasglas’ portfolio consisted of private equity funds valued using the funds’ net asset values as a practical expedient.

Current wording

At March 31, 2026, 96.4% of Solasglas’ portfolio was valued based on quoted prices in actively traded markets (Level 1), 2.4% was composed of instruments valued based on observable inputs other than quoted prices (Level 2), and a nominal amount was composed of instruments valued based on non-observable inputs (Level 3). At March 31, 2026, 1.2% of Solasglas’ portfolio consisted of private equity funds valued using the funds’ net asset values as a practical expedient.

Previous wording

The other investment holdings relate to private investments made by the Innovations segment. The decrease of $10.0 million to $63.2 million from December 31, 2024 was predominantly due to net investment loss of $11.7 million, partially offset by $2.7 million of new investments during YTD 2025.

Current wording

The other investment holdings relate to private investments made by the Innovations segment. The increase of $3.5 million to $66.4 million from December 31, 2025 was predominantly due to additional investments on two existing holdings and three new investments.

Previous wording

We use our restricted cash and cash equivalents primarily for funding trusts and letters of credit issued to our ceding insurers. Our restricted cash increased by $2.0 million, or 0.3%, from $584.4 million at December 31, 2024, to $586.4 million at September 30, 2025.

Current wording

We use our restricted cash and cash equivalents primarily for funding trusts and letters of credit issued to our ceding insurers. Our restricted cash increased by $3.2 million, or 0.6%, from $532.0 million at December 31, 2025, to $535.2 million at March 31, 2026. During Q1 2026, the increase in restricted cash and cash equivalents was primarily driven from business growth in our Innovations segment, partially offset by the transfer of restricted cash and cash equivalents to our fixed maturity portfolio to further enhance net investment return.

Previous wording

Our reinsurance balances receivable increased by $27.2 million, or 3.9%, to $731.7 million from $704.5 million at December 31, 2024. This was driven primarily by $57.5 million increase in premiums held by Lloyds’ syndicates; partially offset by $24.3 million net reduction in funds held by cedents and $10.9 million net release of Funds at Lloyds.

Current wording

Our reinsurance balances receivable increased by $8.1 million, or 1.2%, to $672.5 million from $664.4 million at December 31, 2025. This was driven primarily by $39.2 million increase in premiums receivable, net of collections, and $12.3 million in premiums held by Lloyds’ syndicates from new and renewed reinsurance treaties; partially offset by $44.2 million net release of Funds at Lloyds. The latter was invested in a liquidity fund (see fixed maturity portfolio).

Previous wording

Our total gross loss and LAE reserves increased by $77.3 million, or 9.0%, to $938.3 million from $861.0 million at December 31, 2024, driven by the growth in earned premium from the renewal of reinsurance treaties and new business, along with an increase in foreign currency translation. This was offset partially by paid losses and a decrease in the overall loss ratio for YTD 2025. See Note 7 “Loss and Loss Adjustment Expense Reserves” of the condensed consolidated financial statements for a summary of changes in outstanding loss and LAE reserves and a description of prior period reserve developments.

Current wording

Our total gross loss and LAE reserves decreased by $1.6 million, or 0.2%, to $966.3 million from $968.0 million at December 31, 2025. The decrease was predominantly due to the total incurred losses on earned premiums being offset by paid losses during the quarter. See Note 8 of the condensed consolidated financial statements for a summary of changes in outstanding loss and LAE reserves and a description of prior period reserve developments.

Previous wording

Our total loss and LAE recoverable decreased by $3.0 million, or 3.5%, to $82.8 million from $85.8 million at December 31, 2024. See Note 8 “Retrocession” of the condensed consolidated financial statements for a description of the credit risk associated with our retrocessionaires.

Current wording

Our total loss and LAE recoverable increased by $4.8 million, or 6.0%, to $86.2 million from $81.4 million at December 31, 2025. The increase is driven predominantly by an increase in whole-account quota share retrocession agreements based on assumed premiums. See Note 9 of the condensed consolidated financial statements for a description of the credit risk associated with our retrocessionaires.

Previous wording

At October 1, 2025, our estimated largest PML at a 1-in-250-year return period for a single event, and in aggregate, was $129.4 million and $142.2 million, respectively, both relating to the peril of North Atlantic Hurricane, compared to $132.5 million and $145.8 million, respectively, at July 1, 2025. The below table contains the expected modeled loss for each of our peak peril regions and sub-regions for both a single event loss and aggregate loss measures at the 1-in-250-year return period.

Current wording

At April 1, 2026, our estimated largest PML at a 1-in-250-year return period for a single event, and in aggregate, was $143.4 million and $157.5 million, respectively, both relating to the peril of North Atlantic Hurricane, compared to $138.8 million and $151.2 million, respectively, at January 1, 2026. The below table contains the expected modeled loss for each of our peak peril regions and sub-regions for both a single event loss and aggregate loss measures at the 1-in-250-year return period.

Previous wording

Total shareholders’ equity increased by $23.0 million to $658.9 million, compared to $635.9 million at December 31, 2024. The increase was primarily due to the net income of $25.6 million reported for the period, coupled with share-based compensation adjustment to additional paid-in capital. This was partially offset by $7.0 million of stock repurchases during YTD 2025.

Current wording

Total shareholders’ equity increased by $33.2 million to $741.2 million, compared to $708.0 million at December 31, 2025. The increase was primarily due to the net income of $35.8 million reported for the period, coupled with share-based compensation adjustment to additional paid-in capital. This was partially offset by $5.0 million of stock repurchases during the quarter.

Previous wording

The $28.0 million increase in cash provided by operating activities in YTD 2025 compared to YTD 2024 was driven mainly by the ebb and flow from our underwriting activities. Cash inflows from underwriting activities generally include premiums, net of acquisition costs, and reinsurance recoverables. Cash outflows principally include payments of losses and LAE, payments of retrocession premiums, and operating expenses. Cash provided by operating activities may vary significantly from period to period due to the timing of these inflows and outflows.

Current wording

The $26.9 million increase in cash provided by operating activities in Q1 2026 compared to Q1 2025 was driven mainly by the ebb and flow from our underwriting activities. Cash inflows from underwriting activities generally include premiums, net of acquisition costs, and reinsurance recoverables. Cash outflows principally include payments of losses and LAE, payments of retrocession premiums, and operating expenses. Cash provided by operating activities may vary significantly from period to period due to the timing of these inflows and outflows.