GREENLIGHT CAPITAL RE, LTD.

Results for the Innovations segment were as follows:

(1) 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. This resulted in no change to the previously reported underwriting income.

Gross Premiums Written

Gross premiums written by line of business were as follows:

Gross premiums written within our Innovations segment in Q3 2026 increased by $13.6 million or 46.4%, compared to Q3 2025. The increase was predominantly attributable to the following lines of business:

•Financial: The 566.7% increase was driven by sustained prior year growth, the renewal of a quota share surety reinsurance program with an increased participation share, coupled with new business.

•Multiline: The 25.4% increase was driven predominantly by sustained prior year growth from quota share reinsurance treaties and the renewal of a quota share multiline commercial reinsurance program at significantly higher expected premiums.

•Specialty: The 28.6% decrease was driven predominantly by the non-renewal of certain quota-share treaties within our contingency class of business during 2025, coupled with downward revisions to our estimated ultimate gross premiums for quota share treaties in our travel class. This was partially offset by new business written within our miscellaneous specialty class.

Gross premiums written within our Innovations segment in YTD 2026 increased by $37.1 million or 43.9%, compared to YTD 2025. The increase was predominantly attributable to the following lines of business:

•Financial: The 347.1% increase was mainly due to same factors noted for Q3 2026, in addition to new business written within our miscellaneous financial class.

•Multiline: The 19.6% increase was mainly due to the same factors noted for Q3 2026.

•Specialty: The 61.7% increase was primarily driven by new business written in our travel and miscellaneous specialty classes. Further contributing to the favorable variance, the YTD 2025 total Specialty gross premiums written included downward revisions to estimated ultimate gross premiums for a quota share treaties in our travel class.

The reduction in Health’s gross premiums written for YTD 2026 was predominantly due to non-renewal of treaties.

Net Premiums Written

Ceded premiums written in Q3 2026 was $14.5 million, resulting in net premiums written of $28.5 million, compared to $7.1 million and $22.3 million, respectively, in Q3 2025. Ceded premiums written in YTD 2026 was $42.3 million, resulting in net premiums written of $79.3 million, compared to $15.5 million and $69.0 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 Q3 2026 increased by 33.9%, compared to Q3 2025. Net premiums earned in YTD 2026 increased by 27.3%, 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

In Q3 2026, the Innovations segment’s current year loss ratio deteriorated by 2.8 percentage points, compared to Q3 2025, driven primarily by a higher attritional loss ratio for the Financial line as a result of a deterioration in loss experience. The Specialty line also contributed to the deterioration, partly owing to an elevated attritional loss ratio across certain treaties within our travel class of business.

The current year loss ratio in YTD 2026 deteriorated by 0.8 percentage points, compared to YTD 2025, driven primarily by the factors noted for the Specialty line. This deterioration was partially mitigated by a lower attritional loss ratio in the Multiline business, largely attributable to improved performance of the contracts written within Syndicate 3456.

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 7.6% for Q3 2026, driven mainly by adverse reserve development relating to certain treaties in the Multiline class (accident years 2019 to 2026). Prior year favorable reserve development was 3.1% for Q3 2025, mainly due to better loss emergence for Syndicate 3456.

For YTD 2026, the prior year adverse reserve development deteriorated by 3.3 percentage points compared to YTD 2025. This was primarily due to one large general liability claim in Casualty business (accident year 2022) during 2026. Refer to Note 8 of the financial statements for further details.

Acquisition cost ratio

The acquisition cost ratio decreased by 10.1 percentage points to 20.3% in Q3 2026, compared to Q3 2025. This improvement was primarily driven by the following lines of business:

•Multiline: 6.8 percentage points mainly due to change in business mix in the Innovations segment and the lower sliding scale commissions on certain treaties within our multiline commercial class due to poor underwriting performance. Additionally, the Multiline’s acquisition cost ratio benefitted from the override commission earned from our quota share retrocession partners to cover the increase in Innovations’ underwriting expenses. The override commission on the whole-account retrocession program accounted for 1.1 percentage point benefit to the Q3 2026 Innovations segment’s acquisition cost ratio, compared to a nominal benefit in Q3 2025.

•Financial: 1.2 percentage points driven by lower sliding scale commissions for a surety quota share treaty due to poor underwriting performance, coupled with new business written at lower commission rates

The acquisition cost ratio decreased by 5.3 percentage points to 22.2% in YTD 2026, compared to YTD 2025. This improvement was primarily driven by the following lines:

•Casualty: 4.4 percentage points driven by the lower sliding scale commissions on a quota share treaty as a result of a large general liability claim within the Innovations segment.

•Multiline: 2.7 percentage points mainly due to same factors as noted for Q3 2026. The override commission earned from the retrocession partners accounted for 0.9 percentage point benefit to the YTD 2026 Innovations segment’s acquisition cost ratio, compared to a nominal benefit in YTD 2025.

Partially offset by an increase in the following line:

•Specialty: 0.8 percentage points predominantly due to the YTD 2025 acquisition cost ratio benefitting from the reversal of estimated premium earned at a higher acquisition cost ratio. Excluding the impact of this reversal, the YTD 2026 acquisition cost ratio for the Specialty business was lower, largely reflecting new business written at lower commission rates.

Underwriting expense ratio

In Q3 2026, the Innovation segment’s underwriting expense ratio declined by 2.0 percentage points compared to Q3 2025. This improvement was primarily driven by a 3.4 percentage point benefit from higher net premiums earned; partially offset by increased personnel and overhead costs associated with our continued investment in Syndicate 3456.

The underwriting expense ratio improved by 1.7 percentage points in YTD 2026, compared to YTD 2025, mainly for the same reason noted for Q3 2026.

As noted in the acquisition cost ratio section above, we are earning an override commission from our retrocession partners to partially cover the increase in the Innovations segment’s personnel and overhead costs, including Syndicate 3456.

In Q3 2026, the Innovations segment generated net investment income of $6.0 million, driven by gains from the partial divestiture of two investees, partially offset by $2.4 million impairment charges on three investees. 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 holding.

Net investment income was $6.6 million for YTD 2026, compared to net investment loss of $10.4 million in YTD 2025. The improvement is predominantly for the same reasons noted for Q3 2026.

Income (loss) before income taxes

The Innovations segment reported income before income taxes of $5.8 million and $7.2 million in Q3 2026 and YTD 2026, respectively, compared to losses before income taxes of $11.3 million and $12.0 million in Q3 2025 and YTD 2025, respectively. The improved performance in Q3 2026 was predominantly driven by stronger net investment income. The year-over-year improvement was largely attributable to stronger net investment income, with higher underwriting income also contributing to the positive YTD performance.