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 Q2 2026 decreased by $0.1 million or 0.1%, compared to Q2 2025. However, there was a significant change in business mix during quarter. The overall net reduction was predominantly attributable to the following lines of business:

•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.

•Property: The $3.9 million, or 21.7%, decrease was mainly due to lower premiums on quota share property catastrophe programs due to lower participation and rate reduction, coupled with a decrease in estimated reinstatement premiums as a result of reducing our estimated CAT losses for the California wildfires (2025 accident year); and

•Specialty: The $6.8 million, or 15.0%, decrease was driven by the following:

◦Downward premium estimate revisions in Q2 2026 for quota-share reinsurance treaties written in prior years; positive premium estimate revisions in Q2 2025 for a quota-share reinsurance treaty; and rate reductions for business renewed in 2026;

◦Offset partially by $2.8 million of estimated reinstatement premiums relating to the CAT loss associated with the Middle East conflict.

•Multiline: The $11.8 million, or 22.4%, increase was driven mostly by growth in the FAL business bound during Q1 2026, coupled with higher negative premium revision to our estimated ultimate gross premiums for certain 2023 and 2024 FAL treaties in Q2 2025.

•Financial: The $8.5 million, or 51.9%, increase was driven by additional reported premiums in our mortgage and transactional liability business, coupled with new surety and financial multiline treaties.

Gross premiums written within our Open Market segment in YTD 2026 decreased by $40.5 million or 10.9%, compared to YTD 2025, with similar change in business mix as in Q2 2026. The decrease was predominantly for the same reasons noted for Q2 2026.

Net Premiums Written

Ceded premiums written in Q2 2026 was $24.0 million, resulting in net premiums written of $128.2 million, compared to $10.2 million and $142.1 million, respectively, in Q2 2025. The increase in ceded premiums written of 134.3% was driven primarily due to new retrocession treaties for our Multiline business. This was partially offset by reduced quota share retrocession activity within our Specialty line of business due to lower estimated inward premiums.

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.

Net Premiums Earned

Net premiums earned by line of business were as follows:

Net premiums earned within our Open Market segment in Q2 2026 and YTD 2026 decreased by $3.6 million or 2.6%, and $24.3 million or 8.4%, compared to Q2 2025 and YTD 2025, respectively.

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.

Additionally, for the above periods, the decrease in Casualty line was due to the non-renewal of certain reinsurance programs as part of our strategy to reduce our exposure to this business. The downward premium estimate revision on older accident years also contributed to the decrease in Property and Specialty’s net premiums earned, in addition to the reduction in reinstatement premium relating to the lower estimated CAT losses for California wildfires in our Property line of business. The reduction in Specialty net premiums earned was partially offset by $2.8 million of reinstatement premiums relating to the Middle East conflict.

Loss ratio

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

Current Year Loss Ratio

The Q2 2026 current year loss ratio for Open Market increased by 11.4 percentage points to 71.5%, compared to Q2 2025, driven mainly by current year CAT event losses, partially offset by lower attritional loss and large event loss ratios. While the YTD 2026 current year loss ratio decreased only by 0.1 percentage points to 66.1%, compared to YTD 2025, the lower attritional loss and large event loss ratios offset by an increase in CAT event loss ratio.

Attritional loss ratio

The 4.3 percentage points improvement in Q2 2026 attritional loss ratio was predominantly due to:

•Multiline: decreased by 6.9% mainly due to the change in business mix within the Multiline portfolio, with the FAL class of business representing most of the total premium earned at lower attritional loss ratio than other classes of business within Multiline compared to Q2 2025. We also reduced our exposure to the commercial auto class in the past year, which had a higher attritional loss ratio.

•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.

•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.

The 2.0 percentage points improvement in YTD 2026 attritional loss ratio is predominantly in line with the same trends noted for Q2 2026.

Large event loss ratio

During Q2 2026 we incurred $3.8 million relating to two energy losses; partially offset by the reduction in our prior estimates of large event losses recognized in Q1 2026. For Q2 2025, large event loss was driven mostly by the Air India crash in India.

During YTD 2026 we incurred $4.8 million relating to four large event losses in our Property and Specialty lines, compared to $7.1 million relating to three event losses in our Specialty line during YTD 2025.

CAT event loss ratio

During Q2 2026 we incurred an additional $20 million of CAT event losses relating to the Middle East conflict and $6.5 million for the QatarEnergy facility explosion, compared to no CAT event losses in Q2 2025.

During YTD 2026 we incurred $31.5 million of CAT event losses of which $25 million is related to the Middle East conflict and $6.5 million for the QatarEnergy facility explosion. The Middle East conflict reserves include one known full-limit loss accounting for $7.6 million. Other specific event losses contributed $9.9 million of the total $25 million reserve, and the remaining $7.5 million is our best estimate of incurred but not reported losses from the conflict. However, there is still a high degree of uncertainty surrounding the insured loss estimates due to limited access to affected areas, and restrictions imposed in certain territories. During YTD 2025 we incurred $27.0 million of CAT event losses relating to the California wildfires. For these CAT event losses, there were no loss recoverables triggered from our excess of loss retrocession treaties.

Prior Year Reserve Development Ratio

The Open Market segment’s prior year favorable reserve development improved by 1.4 percentage points in Q2 2026 compared to Q2 2025 driven predominantly by the reduction in our CAT loss estimate for the California wildfires in 2025 based on new client information and better loss emergence for our whole account marine & energy excess of loss business; partially offset by large event loss deteriorations relating to 2025 events.

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.

Acquisition cost ratio

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:

•Financial: Driven mainly by our transactional liability business due to lower profit commission in response to adverse loss reserve development during Q2 2026.

•Multiline: Mainly due to lower acquisition costs on our FAL business at higher net premium earned level.

•Specialty: Due to higher reinstatement premium earned relating to current CAT events with no corresponding acquisition costs; higher percentage of excess of loss treaties at low acquisition costs compared to quota share treaties; and mix in classes of business within Specialty.

This was partially offset by an increase in acquisition cost ratio for Property business driven mainly by the reversal of previously recognized reinstatement premium with no corresponding acquisition costs relating to the California wildfires CAT losses.

The acquisition cost ratio increased by 1.7 percentage points in YTD 2026 compared to YTD 2025, predominantly due to the following lines of business:

•Property: Driven mainly by the reversal of previously recognized reinstatement premium described above for Q2 2026.

•Casualty: Driven mainly by the change in business mix at higher acquisition cost ratio.

This was offset partially by lower acquisition cost ratios for Financial and Specialty lines, mainly for the same reasons noted for Q2 2026. The change in business mix within the Open Market segment also contributed to the partial offset of the increase in total acquisition cost ratio.

Underwriting expense ratio

The underwriting expense ratio for the Open Market segment decreased by 0.1 percentage points to 3.4% in Q2 2026 compared to Q2 2025, predominantly due to a decrease in professional fees and short-term incentive compensation expense due to the Company’s net loss in Q2 2026 compared to net income in Q2 2025, which included partial reversal of the short-term incentive compensation expense accrued in Q1 2026.

The underwriting expense ratio increased by 0.5 percentage points to 3.9% in YTD 2026 compared to YTD 2025, mainly due to higher personnel costs and share-based compensation; partially offset by lower accrued short-term incentive compensation expense for the same reason noted for Q2 2026.

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.

The decrease was predominantly due to lower investment income on funds at Lloyd’s due to partially replacing the collateral with an unsecured LC, coupled with lower interest income earned from restricted cash and cash equivalents due to the interest rate cuts by central banks during 2025. Additionally, we recognized $0.4 million and $1.0 million of unrealized losses on the fixed maturity investment portfolio for Q2 2026 and YTD 2026, respectively, primarily due to increase in market yields. The unrealized losses were offset by a higher book yield on this portfolio.

Income before income taxes

Income before income taxes for the Open Market segment was $3.4 million for Q2 2026, compared to $16.8 million for Q2 2025. The decrease was driven predominantly by lower underwriting results and lower investment income.

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.