GREENLIGHT CAPITAL RE, LTD.

Previous 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.

Current wording

The following discussion should be read in conjunction with the condensed consolidated financial statements (herein referred to as “financial statements”) and accompanying notes 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 months ended March 31, 2026 and 2025 and the Company’s financial condition at March 31, 2026 and December 31, 2025.

Current wording

The following is management’s discussion and analysis (“MD&A”) of our results of operations for the three and six months ended June 30, 2026 and 2025 and the Company’s financial condition at June 30, 2026 and December 31, 2025.

Previous wording

All amounts are reported in U.S. dollars, unless otherwise noted. Tabular dollars are presented in thousands, with the exception of per share amounts or as otherwise noted.

Current wording

All amounts are reported in U.S. dollars, unless otherwise noted. Tabular dollars are presented in thousands, with the exception of per share amounts or as otherwise noted. Due to rounding, numbers and percentages presented in the tables included in this MD&A may not add up precisely to the totals provided.

Previous wording

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

Current wording

•Net underwriting loss was $0.2 million, compared to net underwriting income of $8.1 million;

Previous wording

We continue to see increased competition from existing and new reinsurance markets, predominantly in our Open Market segment. This is putting pressure on headline rates across various classes; however, attachment points and other terms & conditions are largely holding firm. Our focus remains on maintaining a diversified portfolio that is resilient to market supply-demand pressures.

Current wording

We continue to see an increasingly competitive market, predominantly in our Open Market segment. This is putting pressure on headline rates across various classes with some modest but increasing pressure appearing on attachment points and other terms and conditions. Our focus remains on maintaining a diversified portfolio that is resilient to market supply-demand pressures.

Previous wording

There are many factors contributing to an uncertain global economic outlook, and in particular, the current Middle East conflict. With the recent increase in oil price driven by this conflict, 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.

Current wording

There are many factors contributing to an uncertain global economic outlook, and in particular, the current Middle East conflict. With the recent volatility in oil price driven by this conflict, 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.

Previous wording

During 2025, the U.S. Administration enacted trade policies that were more aggressive than the financial markets expected, causing additional uncertainty and volatility. These policies continue to complicate the near-term outlook for economic growth and inflation. We remain vigilant to economic data and additional policies that may impact our business.

Current wording

In addition to the geopolitical uncertainty, the U.S. Administration continues to adopt trade policies that have increased uncertainty and volatility in financial markets. These policies continue to complicate the near-term outlook for economic growth and inflation. We remain vigilant for economic data and additional policies that may impact our business.

Previous wording

Key Financial Measures and Non-GAAP Measures

Current wording

Key Financial Measures and Non-GAAP Measure

Previous wording

There have been no changes to our key financial measures, including non-GAAP financial measures, as described in the MD&A of our 2025 Form 10-K.

Current wording

There have been no changes to our key financial measures, including non-GAAP financial measure, as described in the MD&A of our 2025 Form 10-K.

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 gain of $1.6 million and a loss of $3.5 million for the three months ended March 31, 2026 and 2025, 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 $1.2 million and a loss of $2.6 million for three months ended June 30, 2026 and 2025, respectively, and a gain of $2.8 million and a loss of $6.1 million for the six months ended June 30, 2026 and 2025, respectively.

Previous 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.

Current wording

◦Lower net investment income from (i) interest earned on funds at Lloyds due to partially replacing it with the unsecured Citibank LC (see Note 10 of the financial statements), and (ii) with lower interest income earned from restricted cash and cash equivalents due to the interest rate cuts by central banks in 2025. Additionally, we recognized $0.4 million of unrealized losses on the fixed maturity investment portfolio and a $1.5 million impairment charge relating to the Innovations’ private equity portfolio for Q2 2026, which are included in net investment income in the financial statements.

Previous 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.

Current wording

•Underwriting loss: Unfavorable change of $8.3 million, driven by 5.1 percentage points deterioration in the combined ratio, which was predominantly driven by 7.4 percentage points increase in the loss ratio, offset partially by lower acquisition cost ratio and underwriting expense ratio. The increase in the loss ratio was predominantly driven by CAT event losses, partially offset by lower attritional and large event losses as well as lower prior year adverse reserve development.

Previous wording

•Interest expense: Decreased by $1.4 million driven by the reduction in outstanding debt.

Current wording

•Interest expense: Decreased by $1.0 million driven by the reduction in outstanding debt.

Previous 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.

Current wording

Basic book value per share increased by $0.33 per share, or 1.6%, to $21.22 per share from $20.89 per share at December 31, 2025. Fully diluted book value per share increased by $0.18 per share, or 0.9%, to $20.61 per share from $20.43 per share at December 31, 2025.

Previous 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.

Current wording

•Foreign exchange gains (losses): Unfavorable change of $16.1 million, driven mainly by the weakening of the pound against the U.S. dollar during YTD 2026, compared to the strengthening of the pound against the U.S. dollar during YTD 2025.

Previous 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.

Current wording

•Casualty: The $9.8 million, or 49.0%, decrease was mainly due to the non-renewal of certain reinsurance programs in our general liability, umbrella liability, and workers’ compensation business as part of our strategy to reduce our exposure to the Casualty line of business.

Previous 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.

Current wording

Ceded premiums written in YTD 2026 was $53.0 million, resulting in net premiums written of $279.5 million, compared to $35.3 million and $337.7 million, respectively, in YTD 2025. The increase in ceded premiums written of 50.1% was driven by new retrocession treaties 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.

Previous 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.

Current wording

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.

Previous wording

•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.

Current wording

•Specialty: decreased by 9.2% predominantly due to favorable claims experience mainly on agriculture and whole account energy and marine treaties, 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.

Previous wording

•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.

Current wording

•Financial: increased by 4.7% mainly due to an increase in our expected losses on more recent underwriting years for the transactional liability class of business.

Previous 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.

Current wording

The Open Market segment’s prior year favorable reserve development ratio was 2.1% for YTD 2026 compared to prior year adverse reserve development ratio 1.4% for YTD 2025. Refer to Note 8 of the financial statements for further details.

Previous wording

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.

Current wording

The acquisition cost ratio for the Open Market segment decreased by 1.1 percentage points in Q2 2026 compared to Q2 2025, primarily due to the change in business mix and predominantly by the following lines of business:

Previous wording

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

Current wording

For the Open Market segment, net investment income declined by 22% to $4.4 million in Q2 2026 compared to Q2 2025, and by 16% to $9.5 million for YTD 2026, compared to YTD 2025.

Previous 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.

Current wording

Income before income taxes for the Open Market segment was $15.3 million for YTD 2026, compared to $13.6 million for YTD 2025. The increase was predominantly attributable to improved underwriting results, partially offset by lower net investment income.

Previous wording

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.

Current wording

Gross premiums written within our Innovations segment in YTD 2026 increased by $23.4 million or 42.6%, compared to YTD 2025. The increase was across all lines of business, except Health, driven by new business and exposure growth from existing treaties. The growth in the Multiline was predominantly driven by our Syndicate 3456. For YTD 2025, there was also a $2.4 million downward premium estimate revision for one quota share treaty in Specialty, which contributed to the favorable change in YTD 2026.

Previous 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.

Current wording

For both periods, 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, in addition to two new quota share retrocession treaties in 2026.

Previous 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.

Current wording

Net premiums earned in Q2 2026 increased by 16.3%, compared to Q2 2025. Net premiums earned in YTD 2026 increased by 23.9%, compared to YTD 2025. The change relates to the amount and timing of net premiums written during the current year and prior years.

Previous wording

The Innovations segment was not impacted by any CAT or large events for the periods presented in the above table.

Current wording

The Innovations segment was not impacted by any current CAT or large events for the periods presented in the above table.

Previous 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.

Current wording

Net investment income was $0.6 million for YTD 2026, compared to $0.9 million in YTD 2025. The decrease was driven by the above impairment charge, partially offset by additional investment income earned from a higher average outstanding restricted cash balance to secure LC and trust accounts relating to the Innovations reinsurance treaties.

Previous 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.

Current wording

For Q2 2026 and YTD 2026, Solasglas reported a net loss of 5.4% and net return of 1.1%, respectively, compared to a net loss of 4.0% and net return of 2.9% for Q2 2025 and YTD 2025, respectively. The following table provides a breakdown of the gross and net investment return for Solasglas.

Previous wording

For Q1 2026, the significant contributors to Solasglas’ investment income were long positions in gold, Acadia Healthcare (ACHC) and DHT Holdings (DHT). The largest detractors were long positions in U.S. interest rate derivatives, Kyndryl Holdings (KD), and Graphic Packing Holdings (GPK).

Current wording

For YTD 2026, the significant contributors to Solasglas’ investment return were long positions Acadia Healthcare (ACHC), GBRK, and Fluor Corp (FLR). The largest detractors were long positions in U.S. interest rate derivatives and Kyndryl Holdings (KD), and a short basket position of memory stocks.

Previous wording

Our investment in Solasglas increased by $10.7 million to $515.2 million at March 31, 2026, driven by the $33.7 million net investment income for the current quarter, partially offset by net redemptions.

Current wording

Our investment in Solasglas decreased by $11.1 million to $493.4 million at June 30, 2026, driven by net redemptions; partially offset by $5.8 million net investment income for YTD 2026.

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 March 31, 2026, Solasglas’ exposure to gold on a delta-adjusted basis was 10.2% (December 31, 2025: 11.9%).

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 June 30, 2026, Solasglas’ exposure to gold on a delta-adjusted basis was 9.0% (December 31, 2025: 11.9%).

Previous 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.

Current wording

At June 30, 2026, 95.3% of Solasglas’ portfolio was valued based on quoted prices in actively traded markets (Level 1), 3.4% 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 June 30, 2026, 1.3% of Solasglas’ portfolio consisted of private equity funds valued using the funds’ net asset values as a practical expedient.

Previous wording

Our investment in fixed maturities increased by $85.3 million to $150.9 million at March 31, 2026, driven by further net contributions to the managed fixed maturity portfolio from restricted cash and cash equivalents, coupled with a new investment in a liquid fund approved by Lloyd’s. The funding for this new investment came from funds previously held by Lloyd’s and included in our reinsurance balances receivable (see below).

Current wording

Our investment in fixed maturities increased by $107.3 million to $172.9 million at June 30, 2026 from December 31, 2025, driven by further transfers to the managed fixed maturity portfolio from restricted cash and cash equivalents, coupled with a new investment in a liquid fund approved by Lloyd’s. The funding for this new investment came from funds previously held by Lloyd’s and previously reported in our reinsurance balances receivable.

Previous wording

At March 31, 2026, the fixed maturity portfolio had a weighted average credit rating of AA, a book yield of 3.9%, and an average duration of 2.1 years. See Note 4 “Fixed Maturity Investments” and Note 7 “Fair Value Measurements” for further details.

Current wording

At June 30, 2026, the fixed maturity portfolio had a weighted average credit rating of AA, a book yield of 3.9%, and an average duration of 1.9 years. See Note 4 and Note 7 of the financial statements for further details.

Previous 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.

Current wording

The other investment holdings relate to private investments made by the Innovations segment. The increase of $2.0 million to $64.9 million from December 31, 2025 was predominantly due to additional investments on two existing holdings and three new investments. This was partially offset by a $1.5 million impairment charge.

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 $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.

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 decreased by $5.2 million, or 1.0%, from $532.0 million at December 31, 2025, to $526.8 million at June 30, 2026. This decrease was primarily due to the transfer of restricted cash and cash equivalents to our fixed maturity portfolio to further enhance net investment return, partially offset by additional cash collateral driven from business growth and renewals.

Previous 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.

Current wording

Our total gross loss and LAE reserves increased by $15.8 million, or 1.6%, to $983.8 million from $968.0 million at December 31, 2025. The increase was predominantly due to the total incurred losses on earned premiums being offset by paid losses during the quarter. See Note 8 of the 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 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.

Current wording

Our total loss and LAE recoverable increased by $13.4 million, or 16.5%, to $94.8 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. At June 30, 2026, there was no loss recoverable on paid losses. See Note 9 of the financial statements for a description of the credit risk associated with our retrocessionaires.