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 Q1 2026 increased by $20.1 million or 73.3%, compared to Q1 2025. The increase was across all lines of business, except for Health, driven by new business and exposure growth from existing treaties. The growth in the Multiline was predominantly driven by our Syndicate 3456. The increase in the Specialty was also due to a $2.4 million negative premium estimate revision for one quota share treaty in Q1 2025.

The negative premium in Health was driven mainly by a revised premium estimate for a prior year quota share reinsurance treaty and non-renewal of a treaty.

Net Premiums Written

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.

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.

Net Premiums Earned

Net premiums earned by line of business were as follows:

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.

Loss ratio

The components of the loss ratio were as follows:

Current Year Loss Ratio

The current year loss ratio in Q1 2026 for Innovations increased by 4.4 loss ratio points, compared to Q1 2025. This was predominantly due to an increase in attritional loss ratio for our Financial line, which was driven mainly by one treaty where the volume of claims we experienced was higher than expected. In addition, given the prior claims experience, we established a higher attritional loss ratio on the renewal of the contract during the latter half of 2025, which further increased the current year loss ratio compared to the comparable prior period.

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 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.

Acquisition cost ratio

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

Underwriting expense ratio

While underwriting expenses increased by $0.5 million in Q1 2026, compared to the same period in 2025, the underwriting expense ratio remained consistent due to growth in net premiums earned.

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.

Income (loss) before income taxes

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.