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 Q3 2026 decreased by $16.2 million or 10.4%, compared to Q3 2025. As noted in the above table, the business mix has changed significantly since Q3 2025.

The overall net reduction was predominantly attributable to the following lines of business:

•Casualty: The $4.9 million, or 39.4%, decrease was largely the result of certain quota share reinsurance programs not being renewed across our general liability and umbrella liability lines, partially offset by new programs with more favorable underwriting prospects.

•Property: The $6.2 million, or 26.4%, decrease was mainly due to lower premiums on quota share commercial property treaties, which are mainly retroceded, coupled with lower premium on quota share property catastrophe programs due to lower participation and rate reductions; and

•Specialty: The $11.1 million, or 26.9%, decrease was driven predominantly by the downward premium estimate revisions in Q3 2026 for quota-share reinsurance treaties written in 2023 through 2025 in our aviation, energy and whole-account marine and energy (“M&E”) classes of business. A substantial portion of the M&E decrease was further offset through retrocession.

•Multiline: The $5.0 million, or 8.7%, increase was driven mostly by growth on the renewed FAL business bound on January 1, 2026, coupled with new FAL business. This was partially offset by non-renewal of quota share commercial auto programs.

Gross premiums written within our Open Market segment in YTD 2026 decreased by $56.6 million or 10.7%, compared to YTD 2025, with similar change in business mix. The decrease was predominantly for the same reasons as noted for Q3 2026. Additionally, the growth in the Financial line was driven by additional reported premiums in our transactional liability business, coupled with new surety and financial multiline treaties.

Net Premiums Written

Ceded premiums written in Q3 2026 was $24.7 million, resulting in net premiums written of $114.2 million, compared to $14.6 million and $140.4 million, respectively, in Q3 2025. The increase in ceded premiums written of 68.8% was driven primarily by new retrocession treaties for our Multiline business. This was partially offset by reduced quota share retrocession activity within our Property line of business due to lower estimated inward premiums.

Ceded premiums written in YTD 2026 was $77.7 million, resulting in net premiums written of $393.7 million, compared to $49.9 million and $478.1 million, respectively, in YTD 2025. The increase in ceded premiums written of 55.5% 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 Q3 2026 and YTD 2026 decreased by $19.1 million or 13.2%, and $43.4 million or 10.0%, compared to Q3 2025 and YTD 2025, respectively. This is trending in line with the reduction in gross premiums written for both periods.

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.

Loss ratio

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

Current Year Loss Ratio

The Q3 2026 current year loss ratio for Open Market decreased by 0.7 percentage points to 51.8%, compared to Q3 2025, driven mainly by the favorable loss reserve releases on current year CAT and large loss events established during the first half of 2026. This was partially offset by an increase in attritional loss ratio. While the YTD 2026 current year loss ratio remained at 61.6%, compared to YTD 2025, the lower large event loss ratio was partially offset by an increase in attritional loss and CAT event loss ratios.

Attritional loss ratio

The Open Market’s Q3 2026 attritional loss ratio deteriorated by 6.1 percentage points, predominantly due to:

•Casualty: emerging loss experience has deteriorated for this line.

•Specialty: driven by an increase to our expected losses for 2025 and 2026 underwriting years stemming from the energy class of business.

The Open Market’s YTD 2026 attritional loss ratio deteriorated by 0.7 percentage points, predominantly due to:

•Casualty: same explanation provided for Q3 2026.

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

Large event loss ratio

During Q3 2026 we partially released reserves established for large loss events during the first half of 2026 based on updated client information. During Q3 2025, we were notified of three large event losses for a total of $5.7 million in our specialty and property lines.

During YTD 2026 we incurred $3.9 million relating to two large event losses in our Property and Specialty lines, compared to $12.8 million relating to six large event losses across our Multiline, Property and Specialty lines during YTD 2025.

CAT event loss ratio

While there were no CAT events during Q3 2026, we had net favorable reserve releases on the current CAT loss events during the first half of 2026, based on updated client information. We have reduced the loss reserve for the Middle East conflict from $25 million to $19 million, partially offset by an increase of $3.5 million, to $10 million, for the QatarEnergy facility explosion, net of reinsurance. Accordingly, we incurred $29.0 million of CAT event losses for YTD 2026, net of reinsurance. There is still a high degree of uncertainty surrounding the insured loss estimates for the Middle East conflict 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. There was no CAT event loss for Q3 2025.

Prior Year Reserve Development Ratio

The Open Market segment’s prior year favorable reserve development improved by 1.2 percentage points in Q3 2026 compared to Q3 2025 driven predominantly by better loss emergence for our Property and Specialty lines; partially offset by adverse reserve development in our Casualty line.

The Open Market segment’s net prior year favorable reserve development ratio was 1.6% for YTD 2026 compared to prior year adverse reserve development ratio 1.1% for YTD 2025. The YTD 2026 included the release of $8.5 million relating to the California wildfires based on latest clients’ estimates (accident year 2025). Refer to Note 8 of the financial statements for further details.

Acquisition cost ratio

The acquisition cost ratio for the Open Market segment increased by 4.1 percentage points in Q3 2026 compared to Q3 2025, primarily due to the following lines of business:

•Casualty: 1.7 percentage points driven mainly by true-up adjustments to variable commissions on legacy contracts, coupled with non-renewed business at lower acquisition costs ratio.

•Financial: 0.7 percentage points driven mainly by change in business mix within the Open Market segment and the partial reversal of accrued profit commission in Q3 2025, which was triggered by adverse loss reserve development for the transactional liability class; this was not repeated in Q3 2026.

•Multiline: 1.7 percentage points mainly due to change in business mix within the Open Market segment, with higher acquisition costs than anticipated for our FAL business relating to prior treaty years.

The acquisition cost ratio increased by 2.5 percentage points in YTD 2026 compared to YTD 2025, driven largely by the same factors described for Q3 2026, in addition to 1.3 percentage points driven by a change in business mix to the Open Market portfolio.

Underwriting expense ratio

The Open Market’s underwriting expense ratio rose by 1.1 percentage points to 4.9% in Q3 2026 compared to Q3 2025. This was largely attributable to a 0.7 percentage point impact from reduced net premiums earned, coupled with higher personnel costs and professional fees.

The underwriting expense ratio increased by 0.6 percentage points to 4.2% in YTD 2026 compared to YTD 2025, mainly due to the same factors noted for Q3 2026.

For the Open Market segment, net investment income declined by 23% to $4.3 million in Q3 2026 compared to Q3 2025, and by 19% to $13.9 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, the net return yield on our fixed maturity investments was negatively impacted by the increase in market yields. We had a negative portfolio return of 0.41% and a positive portfolio return 0.69% for our fixed maturity investments in Q3 2026 and YTD 2026, respectively. The book yield for this portfolio was 4.13% at September 30, 2026.

Income before income taxes

Income before income taxes for the Open Market segment was $19.5 million for Q3 2026, compared to $27.9 million for Q3 2025. The decrease was primarily attributable to lower underwriting income, reflecting a 13% reduction net earned premiums and a combined ratio that was 3.4 percentage points higher.

Income before income taxes for the Open Market segment was $34.8 million for YTD 2026, compared to $41.5 million for YTD 2025. The decrease was primarily attributable to lower underwriting income, reflecting a 10% reduction in net earned premiums, in addition to the lower net investment income.