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GREENLIGHT RE ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2025

Delivers 95.0% Combined Ratio and
Returns $5 million to Shareholders Through Buybacks

GRAND CAYMAN, Cayman Islands – August 4, 2025 – Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the second quarter and six months ended June 30, 2025.

Second Quarter 2025 Highlights (all comparisons are to second quarter 2024 unless noted otherwise):

•Gross premiums written increased 6.3% to $179.6 million;
•Net premiums earned increased 2.0% to $161.6 million;
•Net underwriting income of $8.1 million, compared to $0.3 million;
•Combined ratio of 95.0%, compared to 99.9%;
•Total investment loss of $7.8 million, compared to total investment income of $15.3 million;
•Net income of $0.3 million, or $0.01 per diluted ordinary share, compared to $8.0 million, or $0.23 per diluted ordinary share;
•Repurchased $5.0 million of shares at an average cost of $13.99 per share; and
•Fully diluted book value per share increased 0.5% to $18.97, from $18.87 at March 31, 2025.

Six Months Ended June 30, 2025 Highlights (all comparisons are to same period in 2024):

•Gross premiums written increased 10.7% to $427.6 million;
•Net premiums earned increased 3.2% to $330.1 million;
•Net underwriting income of $0.3 million compared to $3.7 million;
•Combined ratio of 99.9%, compared to 98.9%;
•Total investment income of $32.7 million, compared to $46.7 million;
•Net income of $30.0 million, or $0.87 per diluted ordinary share, compared to $35.0 million, or $1.01 per diluted ordinary share; and
•Fully diluted book value per share increased 5.7% to $18.97, from $17.65 at December 31, 2024.


Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “We are pleased with our second quarter 2025 underwriting results, which reflect the strength and discipline of our portfolio, and we believe our book is well positioned for a strong second half of the year. We remain committed to creating long-term value for shareholders, as demonstrated by our ongoing capital management strategy and focus on operational performance.”

David Einhorn, Chairman of the Board of Directors, said, “The Solasglas investment portfolio lost 4.0% during a difficult quarter. We continue to have a defensive stance, with a nearly flat net exposure, and our long investments failed to keep up with a strongly rising market. Despite this, our strong underwriting result and share buyback allowed us to increase our fully diluted book value per share.”




Greenlight Capital Re, Ltd. Second Quarter 2025 Earnings Call

Greenlight Re will host a live conference call to discuss its financial results on Tuesday, August 5, 2025, at 9:00 a.m. Eastern Time. Dial-in details:
    
U.S. toll free             1-877-407-9753
International            1-201-493-6739

The conference call can also be accessed via webcast at:
https://event.webcasts.com/starthere.jsp?ei=1727215&tp_key=d849de3f16

A telephone replay will be available following the call through August 11, 2025. The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13754849. An audio file of the call will also be available on the Company’s website, www.greenlightre.com.

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Non-GAAP Financial Measures
In presenting the Company’s results, management has included fully diluted book value per share as a financial measure that is not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). This measure is referred to as a non-GAAP measure. The non-GAAP measure may be defined or calculated differently by other companies. Management believes the measure allows for a more thorough understanding of the Company’s performance. The non-GAAP measure may not be comparable to similarly titled measures reported by other companies and should be used to monitor our results and should be considered in addition to, and not viewed as a substitute for those measures determined in accordance with GAAP. Reconciliation of the measure to the most comparable GAAP figures is included in the attached financial information in accordance with Regulation G.

Forward-Looking Statements
This news release contains forward-looking statements concerning Greenlight Capital Re, Ltd. and/or its subsidiaries (the “Company”) within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on the Company’s behalf. These risks and uncertainties include a downgrade or withdrawal of our A.M. Best ratings; any suspension or revocation of any of our licenses; losses from catastrophes; the loss of significant brokers; the performance of Solasglas Investments, LP; the carry values of our investments made under our Greenlight Re Innovations segment may differ significantly from those that would be used if we carried these investments at fair value; and other factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as to the date of this release, whether as a result of new information, future events, or otherwise, except as provided by law.




About Greenlight Capital Re, Ltd.
Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.

Investor Relations Contact
Karin Daly
Vice President, The Equity Group Inc.
(212) 836-9623
IR@greenlightre.ky


GREENLIGHT CAPITAL RE, LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(expressed in thousands of U.S. dollars, except per share and share amounts)
June 30, 2025December 31, 2024
(Unaudited)
Assets
Investments
Investment in related party investment fund, at fair value$461,265 $387,144 
Other investments76,036 73,160 
Total investments537,301 460,304 
Cash and cash equivalents82,362 64,685 
Restricted cash and cash equivalents576,698 584,402 
Reinsurance balances receivable (net of allowance for expected credit losses)755,296 704,483 
Loss and loss adjustment expenses recoverable (net of allowance for expected credit losses)93,971 85,790 
Deferred acquisition costs 98,816 82,249 
Unearned premiums ceded36,623 29,545 
Other assets6,957 4,765 
Total assets$2,188,024 $2,016,223 
Liabilities and equity
Liabilities
Loss and loss adjustment expense reserves$944,985 $860,969 
Unearned premium reserves383,424 324,551 
Reinsurance balances payable106,103 105,892 
Funds withheld22,577 21,878 
Other liabilities8,728 6,305 
Debt 58,889 60,749 
Total liabilities1,524,706 1,380,344 
Shareholders' equity
Ordinary share capital (par value $0.10; issued and outstanding, 34,198,153) (2024: par value $0.10; issued and outstanding, 34,831,324)
$3,420 $3,483 
Additional paid-in capital479,097 481,551 
Retained earnings180,801 150,845 
Total shareholders' equity663,318 635,879 
Total liabilities and equity$2,188,024 $2,016,223 



GREENLIGHT CAPITAL RE, LTD.
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS (Unaudited)
(expressed in thousands of U.S. dollars, except percentages and per share amounts)
Three months ended June 30Six months ended June 30
2025202420252024
Underwriting results:
Gross premiums written$179,628 $168,975 $427,573 $386,233 
Gross premiums ceded(15,101)(14,832)(43,649)(38,013)
Net premiums written164,527 154,143 383,924 348,220 
Change in net unearned premium reserves(2,886)4,255 (53,820)(28,286)
Net premiums earned$161,641 $158,398 $330,104 $319,934 
Net loss and LAE incurred:
  Current year$(97,032)$(102,722)$(215,698)$(206,647)
  Prior year(3,047)689 (7,265)(4,712)
Net loss and LAE incurred
(100,079)(102,033)(222,963)(211,359)
Acquisition costs(46,848)(50,454)(93,714)(92,064)
Underwriting expenses(6,481)(5,811)(12,839)(12,150)
Deposit interest income (expense), net
(124)233 (273)(643)
Net underwriting income
$8,109 $333 $315 $3,718 
Income from investment in Solasglas
$(18,276)$4,330 $13,921 $22,578 
Net investment income10,470 10,948 18,757 24,126 
Total investment income (loss)$(7,806)$15,278 $32,678 $46,704 
Corporate and other expenses$(4,755)$(4,706)$(9,427)$(9,081)
Foreign exchange gains (losses)6,271 (932)10,626 (2,581)
Interest expense(1,144)(1,560)(2,608)(2,809)
Income before income tax675 8,413 31,584 35,951 
Income tax expense(346)(435)(1,628)(954)
Net income$329 $7,978 $29,956 $34,997 
Earnings per share
  Basic$0.01 $0.23 $0.88 $1.02 
  Diluted$0.01 $0.23 $0.87 $1.01 
Underwriting ratios:
Current year loss ratio
60.0 %64.9 %65.3 %64.6 %
Prior year reserve development ratio
1.9 %(0.4)%2.2 %1.5 %
Loss ratio61.9 %64.5 %67.5 %66.1 %
Acquisition cost ratio29.0 %31.9 %28.4 %28.8 %
Composite ratio90.9 %96.4 %95.9 %94.9 %
Underwriting expense ratio4.1 %3.5 %4.0 %4.0 %
Combined ratio95.0 %99.9 %99.9 %98.9 %





The following tables present the Company’s results by segment and on a consolidated basis:

GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS (unaudited)
(expressed in thousands of U.S. dollars)
Three months ended June 30, 2025

Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$152,333 $27,596 $(301)$179,628 
Net premiums written$142,111 $22,716 $(300)$164,527 
Net premiums earned$140,554 $21,386 $(299)$161,641 
Net loss and LAE incurred
(83,475)(15,244)(1,360)(100,079)
Acquisition costs(40,900)(6,012)64 (46,848)
Other underwriting expenses(4,861)(1,620)— (6,481)
Deposit interest expense, net
(124)— — (124)
Underwriting income (loss)11,194 (1,490)(1,595)8,109 
Net investment income5,629 431 4,410 10,470 
Corporate and other expenses— (602)(4,153)(4,755)
Income (loss) from investment in Solasglas
(18,276)(18,276)
Foreign exchange gains (losses)6,271 6,271 
Interest expense(1,144)(1,144)
Income (loss) before income taxes$16,823 $(1,661)$(14,487)$675 
Underwriting ratios:
Loss ratio59.4 %71.3 %-454.8 %61.9 %
Acquisition cost ratio29.1 %28.1 %21.4 %29.0 %
Composite ratio88.5 %99.4 %-433.4 %90.9 %
Underwriting expenses ratio3.5 %7.6 %— %4.1 %
Combined ratio92.0 %107.0 %-433.4 %95.0 %







GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS (unaudited)
(expressed in thousands of U.S. dollars)
Three months ended June 30, 2024

Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$143,311 $25,319 $345 $168,975 
Net premiums written$131,585 $22,212 $346 $154,143 
Net premiums earned$125,865 $25,348 $7,185 $158,398 
Net loss and LAE incurred
(73,403)(13,634)(14,996)(102,033)
Acquisition costs(40,511)(8,406)(1,537)(50,454)
Other underwriting expenses(4,816)(995)— (5,811)
Deposit interest income, net
233 — — 233 
Underwriting income (loss)7,368 2,313 (9,348)333 
Net investment income9,782 366 800 10,948 
Corporate and other expenses— (810)(3,896)(4,706)
Income from investment in Solasglas4,330 4,330 
Foreign exchange gains (losses)(932)(932)
Interest expense(1,560)(1,560)
Income (loss) before income taxes$17,150 $1,869 $(10,606)$8,413 
Underwriting ratios:
Loss ratio58.3 %53.8 %208.7 %64.5 %
Acquisition cost ratio32.2 %33.2 %21.4 %31.9 %
Composite ratio90.5 %87.0 %230.1 %96.4 %
Underwriting expenses ratio3.6 %3.9 %— %3.5 %
Combined ratio94.1 %90.9 %230.1 %99.9 %











GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS (unaudited)
(expressed in thousands of U.S. dollars)
Six months ended June 30, 2025


Six months ended June 30, 2025:Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$373,042 $55,062 $(531)$427,573 
Net premiums written$337,720 $46,687 $(483)$383,924 
Net premiums earned$290,195 $40,391 $(482)$330,104 
Net loss and LAE incurred
(196,238)(25,590)(1,135)(222,963)
Acquisition costs(81,781)(12,045)112 (93,714)
Other underwriting expenses(9,658)(3,181)— (12,839)
Deposit interest expense, net
(273)— — (273)
Underwriting income (loss)2,245 (425)(1,505)315 
Net investment income11,400 879 6,478 18,757 
Corporate and other expenses— (1,174)(8,253)(9,427)
Income from investment in Solasglas13,921 13,921 
Foreign exchange gains (losses)10,626 10,626 
Interest expense(2,608)(2,608)
Income (loss) before income taxes
$13,645 $(720)$18,659 $31,584 
Underwriting ratios:
Loss ratio67.6 %63.4 %-235.5 %67.5 %
Acquisition cost ratio28.2 %29.8 %23.2 %28.4 %
Composite ratio95.8 %93.2 %-212.3 %95.9 %
Underwriting expenses ratio3.4 %7.9 %— %4.0 %
Combined ratio99.2 %101.1 %-212.3 %99.9 %



GREENLIGHT CAPITAL RE, LTD.
SEGMENT RESULTS OF OPERATIONS (unaudited)
(expressed in thousands of U.S. dollars)
Six months ended June 30, 2024


Six months ended June 30, 2024:
Open MarketInnovationsCorporateTotal Consolidated
Gross premiums written$330,372 $55,387 $474 $386,233 
Net premiums written$299,301 $48,456 $463 $348,220 
Net premiums earned$257,475 $45,545 $16,914 $319,934 
Net loss and LAE incurred
(160,103)(26,761)(24,495)(211,359)
Acquisition costs(74,090)(14,459)(3,515)(92,064)
Other underwriting expenses(10,294)(1,856)— (12,150)
Deposit interest expense, net
(643)— — (643)
Underwriting income (loss)12,345 2,469 (11,096)3,718 
Net investment income22,398 183 1,545 24,126 
Corporate and other expenses— (1,400)(7,681)(9,081)
Income from investment in Solasglas22,578 22,578 
Foreign exchange gains (losses)(2,581)(2,581)
Interest expense(2,809)(2,809)
Income (loss) before income taxes$34,743 $1,252 $(44)$35,951 
Underwriting ratios:
Loss ratio62.2 %58.8 %144.8 %66.1 %
Acquisition cost ratio28.8 %31.7 %20.8 %28.8 %
Composite ratio91.0 %90.5 %165.6 %94.9 %
Underwriting expenses ratio4.2 %4.1 %— %4.0 %
Combined ratio95.2 %94.6 %165.6 %98.9 %




GREENLIGHT CAPITAL RE, LTD.
KEY FINANCIAL MEASURES AND NON-GAAP MEASURES

Management uses certain key financial measures, some of which are not prescribed under U.S. GAAP rules and standards (“non-GAAP financial measures”), to evaluate our financial performance, financial position, and the change in shareholder value. Generally, a non-GAAP financial measure, as defined in SEC Regulation G, is a numerical measure of a company’s historical or future financial performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented under U.S. GAAP. We believe that these measures, which may be calculated or defined differently by other companies, provide consistent and comparable metrics of our business performance to help shareholders understand performance trends and facilitate a more thorough understanding of the Company’s business. Non-GAAP financial measures should not be viewed as substitutes for those determined under U.S. GAAP.

The key non-GAAP financial measure used in this news release is:
•Fully diluted book value per share

This non-GAAP financial measure is described below.

Fully Diluted Book Value Per Share

Our primary financial goal is to increase fully diluted book value per share over the long term. We use fully diluted book value as a financial measure in our incentive compensation plan.

We believe that long-term growth in fully diluted book value per share is the most relevant measure of our financial performance because it provides management and investors a yardstick to monitor the shareholder value generated. Fully diluted book value per share may also help our investors, shareholders, and other interested parties form a basis of comparison with other companies within the property and casualty reinsurance industry. Fully diluted book value per share should not be viewed as a substitute for the most comparable U.S. GAAP measure, which in our view is the basic book value per share.

We calculate basic book value per share as (a) ending shareholders' equity, divided by (b) the total ordinary shares issued and outstanding, as reported in the consolidated financial statements. Fully diluted book value per share represents basic book value per share combined with any dilutive impact of in-the-money stock options (assuming net exercise) and all outstanding restricted stock units, “RSUs”. We believe these adjustments better reflect the ultimate dilution to our shareholders.





The following table presents a reconciliation of the fully diluted book value per share to basic book value per share (the most directly comparable U.S. GAAP financial measure):

June 30, 2025March 31, 2025December 31, 2024September 30, 2024June 30, 2024
Numerator for basic and fully diluted book value per share: 
Total equity as reported under U.S. GAAP$663,318 $666,804 $635,879 $663,418 $634,020 
Denominator for basic and fully diluted book value per share:
Ordinary shares issued and outstanding as reported and denominator for basic book value per share34,198,153 34,557,449 34,831,324 34,832,493 35,321,144 
Add: In-the-money stock options (1) and all outstanding RSUs
775,124 773,938 590,001 602,013 594,612 
Denominator for fully diluted book value per share 34,973,277 35,331,387 35,421,325 35,434,506 35,915,756 
Basic book value per share$19.40 $19.30 $18.26 $19.05 $17.95 
Fully diluted book value per share$18.97 $18.87 $17.95 $18.72 $17.65 
(1) Assuming net exercise by the grantee.