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 Q2 2026 increased by $3.3 million or 12.0%, compared to Q2 2025. The increase was predominantly attributable to the following lines of business:

•Financial: The 153.1% increase was driven mainly by new business and growth from prior year quota share reinsurance treaties.

•Specialty: The 40.5% increase was driven predominantly by new business and growth from prior year quota share reinsurance treaties mainly within our travel class of business; partially offset by downward premium revision to our estimated ultimate gross premiums within our contingency class of business.

•Health: The 44.7% decrease was driven predominantly by downward premium revision to our estimated ultimate gross premiums based on new client information.

•Multiline: The 8.3% decrease was driven by lower premium volume from our Syndicate 3456.

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.

The reduction in Health’s gross premiums written for YTD 2026 was due to same explanation as for Q2 2026.

Net Premiums Written

Ceded premiums written in Q2 2026 was $12.4 million, resulting in net premiums written of $18.6 million, compared to $4.9 million and $22.7 million, respectively, in Q2 2025. Ceded premiums written in YTD 2026 was $27.8 million, resulting in net premiums written of $50.7 million, compared to $8.4 million and $46.7 million, respectively, in YTD 2025.

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.

Net Premiums Earned

Net premiums earned by line of business were as follows:

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.

The earning of the whole-account retrocession programs noted for Innovations’ net premiums written are included in the Multiline business, which contributed to the decline in the net premiums earned for Multiline for both periods presented above.

Loss ratio

The components of the loss ratio were as follows:

Current Year Loss Ratio

The current year loss ratio in Q2 2026 for the Innovations segment improved by 4.8 percentage points, compared to Q2 2025, predominantly due to lower attritional loss ratio for the Multiline business mainly due to change in business class mix, coupled with an increase in attritional loss ratio for our Financial line in response to signs of poor performance in Q2 2025 not repeated in Q2 2026. This was partially offset by an increase in attritional loss ratio for the Specialty business mainly due to a change in business class mix.

The current year loss ratio in YTD 2026 was relatively in line with YTD 2025. However, there was variability in attritional loss ratio within the lines of business in Innovations. The trend in this variability was broadly in line with the explanation provided for Q2 2026.

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

Prior Year Reserve Development Ratio

Prior year adverse reserve development for the Innovations segment was 7.2% for Q2 2026, driven mainly by one large general liability claim within our Casualty business (accident year 2022); partially offset by the favorable reserve development relating to our Syndicate 3456 (accident year 2024) in our Multiline business. Prior year adverse reserve development was 11.8% for Q2 2025, due to higher volume of claims than expected in our Financial business (accident years 2022-2023).

For YTD 2026, the prior year adverse reserve development was 4.3%, a decrease of 0.6 percentage points compared to YTD 2025. Refer to Note 8 of the financial statements for further details.

Acquisition cost ratio

The acquisition cost ratio decreased by 5.4 percentage points to 22.7% in Q2 2026, compared to Q2 2025. This was predominantly driven by the lower sliding scale commission on a quota share treaty as a result of a large general liability claim within Innovations’ Casualty business, coupled with a change in lines of business mix and an increase of excess of loss treaties at lower ceding commissions than quota share treaties. This decrease was partially offset by an increase in acquisition costs for our Syndicate 3456 in our Multiline business, coupled with lower acquisition costs in Q2 2025 for our Financial and Specialty business due to downward premium revisions on contracts with higher acquisition cost ratios with no similar adjustment in Q2 2026.

The acquisition cost ratio decreased by 3.0 percentage points to 26.8% in YTD 2026, compared to YTD 2025. This was mainly due to the lower acquisition costs in Casualty for the same reason as Q2 2026, coupled with an increase of excess of loss treaties at lower ceding commissions than quota share treaties. This decrease was partially offset by an increase in acquisition costs for our Syndicate 3456 in our Multiline business and a higher acquisition cost ratio for our Financial business due to new business at higher commission rates. Additionally, the acquisition cost ratio for Specialty in YTD 2025 benefitted from a reversal of premium earned at a higher acquisition cost ratio.

Underwriting expense ratio

The underwriting expense ratio for the Innovations segment improved by 2.4 percentage points in Q2 2026, compared to the same period in 2025, primarily due to an increase in net premiums earned. Additionally, decrease in underwriting expenses was driven by lower accrued short-term incentive compensation expense due to the Company’s net loss in Q2 2026 compared to net income in Q2 2025,

The underwriting expense ratio improved by 1.2 percentage points in YTD 2026, compared to YTD 2025, primarily due to an increase in net premiums earned.

For Q2 2026, the Innovations segment reported a net investment loss of $0.5 million, compared to net investment income of $0.4 million in Q2 2025. The unfavorable change was predominantly driven by a $1.5 million impairment for one holding in our Innovations’ private equity portfolio.

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.

Income (loss) before income taxes

For the Innovations segment, income before income taxes was $1.5 million and $1.3 million in Q2 2026 and YTD 2026, respectively, compared to loss before income taxes of $1.7 million and $0.7 million in Q2 2025 and YTD 2025, respectively. The improved performance in 2026 was predominantly driven by underwriting income; partially offset by weaker investment results.