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GREENLIGHT CAPITAL RE, LTD.

For the period ended Sep 30, 2026. Filed Nov 2, 2026.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2026 · Filed Nov 2, 2026

GLRE$16.37+1.5%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Consolidated Results of Operations

The table below summarizes our consolidated operating results.

Three months ended September 30Nine months ended September 30
20262025Change20262025Change
Underwriting results:
Gross premiums written$181,875$184,377$(2,502)$592,931$611,950$(19,019)
Net premiums written$142,702$162,682$(19,980)$472,985$546,606$(73,621)
Net premiums earned$153,429$165,419$(11,990)$469,387$495,523$(26,136)
Net loss and LAE incurred:
Current year(81,875)(87,776)5,901(286,886)(303,474)16,588
Prior year (1)(2,490)(817)(1,673)(717)(8,082)7,365
Net loss and LAE incurred(84,365)(88,593)4,228(287,603)(311,556)23,953
Acquisition costs (2)(45,518)(46,445)927(136,789)(138,646)1,857
Underwriting expenses (2)(8,913)(7,989)(924)(24,329)(22,341)(1,988)
Deposit interest expense(31)(94)63(109)(367)258
Net underwriting income (loss)14,60222,298(7,696)20,55722,613(2,056)
Investment results:
Loss from investment in Solasglas(15,133)(14,404)(729)(9,301)(483)(8,818)
Net investment income (loss)10,493(2,950)13,44321,30015,8075,493
Total investment income (loss)(4,640)(17,354)12,71411,99915,324(3,325)
Corporate and other expenses(5,717)(5,399)(318)(16,176)(14,826)(1,350)
Foreign exchange gains (losses)(495)(1,994)1,499(5,976)8,632(14,608)
Interest expense(127)(1,430)1,303(354)(4,038)3,684
Income tax expense(389)(526)137(662)(2,154)1,492
Net income (loss)$3,234$(4,405)$7,639$9,388$25,551$(16,163)
Diluted EPS (loss)$0.10$(0.13)$0.23$0.28$0.74$(0.46)
Underwriting ratios:% Point Change% Point Change
Attritional loss ratio55.6%49.6%6.054.1%53.1%1.0
Large event loss ratio(0.6)%3.5%(4.1)0.8%2.6%(1.8)
CAT event loss ratio(1.6)%—%(1.6)6.2%5.5%0.7
Current year loss ratio53.4%53.1%0.361.1%61.2%(0.1)
Prior year reserve development ratio1.6%0.5%1.10.2%1.6%(1.5)
Loss ratio55.0%53.6%1.461.3%62.8%(1.5)
Acquisition cost ratio (2)29.7%28.1%1.629.1%28.0%1.1
Composite ratio84.7%81.7%3.090.4%90.8%(0.4)
Underwriting expense ratio (2)5.8%4.9%0.95.2%4.6%0.6
Combined ratio90.5%86.6%3.995.6%95.4%0.2

(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 loss of $1.8 million and $0.6 million for three months ended September 30, 2026 and 2025, respectively, and a gain of $1.0 million and a loss of $6.7 million for the nine months ended September 30, 2026 and 2025, respectively.

(2) We have reclassified $0.5 million and $2.0 million from acquisition costs to underwriting expenses for Q3 2025 and YTD 2025, respectively, to conform with the current year’s presentation. The related acquisition cost, composite, and underwriting expense ratios for the same periods were adjusted accordingly.

Consolidated Results of Operations for Q3 2026 compared to Q3 2025

Basic book value per share increased by $0.18 per share, or 0.8%, to $21.40 per share from $21.22 per share at June 30, 2026. Fully diluted book value per share increased by $0.17 per share, or 0.8%, to $20.78 per share from $20.61 per share at June 30, 2026.

Net income for Q3 2026 was $3.2 million, compared to net loss of $4.4 million for Q3 2025. The improved performance was driven mainly by the following:

Investment loss: Improved by $12.7 million due to:

Strong investment performance from the Innovations segment as a result of realizing gains from the partial divestiture of two investees, net of impairments. This compares favorably to Q3 2025, when the segment incurred a net investment loss of $11.3 million, primarily due to a $16.5 million impairment charge on one investment.

Partially offsetting the above improvement, Solasglas reported an increase in net investment loss of $0.7 million to $15.1 million (net loss of 3.3%) during Q3 2026, compared to a loss of $14.4 million (net loss of 3.2%) for the same period in 2025. We also earned lower net investment income from (i) funds at Lloyds due to partially replacing it with the unsecured Citibank LC (see Note 10 of the financial statements), (ii) restricted cash and cash equivalents due to the interest rate cuts by central banks during 2025, coupled with lower average outstanding balance during 2026; and iii) fixed maturity investments due to negative portfolio return of 0.41% due to the increase in market yields during Q3 2026.

Underwriting income: Decreased by $7.7 million, driven by 3.9 percentage points deterioration in the combined ratio, which was predominantly driven by 1.4 percentage points increase in the loss ratio and 0.9 percentage points increase in the underwriting expense ratio. The increase in the loss ratio was mainly driven by an increase in prior year adverse reserve development.

Consolidated Results of Operations for YTD 2026 compared to YTD 2025

Basic book value per share increased by $0.51 per share, or 2.4%, to $21.40 per share from $20.89 per share at December 31, 2025. Fully diluted book value per share increased by $0.35 per share, or 1.7%, to $20.78 per share from $20.43 per share at December 31, 2025.

For the nine months ended September 30, 2026 (“YTD 2026”), net income decreased by $16.2 million to $9.4 million, compared to the nine months ended September 30, 2025 (“YTD 2025”) driven mainly by the following:

Foreign exchange gains (losses): Unfavorable change of $14.6 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.

Investment income: Decreased by $3.3 million primarily driven by:

Our investment in Solasglas reported a net investment loss of $9.3 million (net loss of 2.3%) during YTD 2026, compared to a net investment loss of $0.5 million (net loss of 0.4%) during YTD 2025.

Partially offsetting the above, we earned a higher net investment income for the same factors as noted for Q3 2026. The fixed maturity investments generated a portfolio return of 0.69% for YTD 2026, which was negatively impacted by the increase in market yields during YTD 2026.

Underwriting income: Decreased by $2.1 million, driven by 0.2 percentage points deterioration in combined ratio, which was predominantly driven by 0.6 percentage points increase in the underwriting expense ratio and 1.1 percentage points increase in the acquisition ratio. This was partially offset by 1.5 percentage points improvement in loss ratio, driven mainly by the reduction in prior year adverse reserve development.

Interest expense: Decreased by $3.7 million driven by the reduction in our outstanding debt.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.