GREENLIGHT CAPITAL RE, LTD.

Results for the Open Market segment were as follows:

Gross Premiums Written

Gross premiums written by line of business were as follows:

Gross premiums written within our Open Market segment in Q1 2026 decreased by $40.4 million or 18.3%, compared to Q1 2025. The decrease was predominantly attributable to the following lines of business:

•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.

•Multiline: The $4.0 million, or 6.1%, decrease was driven mostly by the non-renewal of a commercial auto quota share treaty, coupled with some negative premium estimate revisions within the FAL business related to certain syndicates on the 2024 and 2025 underwriting years. This was partially offset by new FAL business written on the 2026 underwriting year.

•Property: The $4.5 million, or 15.1%, decrease was mainly due to negative premium estimate revision for a prior year quota-share reinsurance treaty. This treaty is mostly retroceded to a third party; accordingly, there was no significant impact on a net premium written basis.

•Specialty: The $15.2 million, or 21.6%, decrease was predominantly driven by negative premium estimate revisions for quota-share reinsurance treaties written in prior years, coupled with rate reductions for renewed business.

Net Premiums Written

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.

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

Net Premiums Earned

Net premiums earned by line of business were as follows:

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.

Loss ratio

The components of the loss ratio for our Open Market segment were as follows:

Current Year Loss Ratio

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.

While the Q1 2026 attritional loss ratio was relatively consistent with Q1 2025, there were offsetting underlying movements at the lines of business level.

•Financial: increased by 15.8% compared to last year driven by adverse claims experience within our Transactional Liability business stemming predominantly from the 2021 and 2023 underwriting years. In addition, this led us to increase our expected losses on more recent underwriting years for this class of business compared to Q1 last year.

•Multiline: increased by 3.1% driven by a combination of adverse claims experience within our Commercial Auto business on legacy contracts, and new business where we recognized newly bound and renewed contracts at higher loss ratios in response to softening market rates compared to last year.

•Specialty: decreased by 5.4% driven by favorable claims experience predominantly on aviation, energy and marine contracts, as well as a refinement to our reserving approach that recognizes favorable trends, particularly as they relate to large loss claims experience on non-proportional contracts, quicker than we previously estimated. These effects were partially offset by establishing higher loss ratios on new and renewal business in anticipation of softening rates within this line of business.

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.

We have estimated CAT losses of $5.0 million relating to the Middle East conflict in Q1 2026, compared to $27.0 million loss relating to the California wildfires in Q1 2025.

Prior Year Reserve Development Ratio

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.

Acquisition cost ratio

The acquisition cost ratio increased by 4.7 points in Q1 2026 compared to Q1 2025, primarily due to the change in business mix and lower net premium earned. Additionally, the syndicates reported higher acquisition costs for our FAL business, reported in our Multiline line of business.

Underwriting expense ratio

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.

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

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.

Income (loss) before income taxes

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.