glre-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________

FORM 10-Q

__________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

			For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

			For the transition period from to

Commission file number 001-33493

____________________________________________________________________________________

GREENLIGHT CAPITAL RE, LTD.

(Exact name of registrant as specified in its charter)

____________________________________________________________________________________


Cayman Islands			N/A
(State or other jurisdiction of incorporation or organization)			(I.R.S. employer identification no.)
65 Market Street
Suite 1207, Jasmine Court
P.O. Box 31110
Camana Bay
Grand Cayman
Cayman Islands			KY1-1205
(Address of principal executive offices)			(Zip code)

(205) 291-3440

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Ordinary Shares	GLRE	Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:

Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)

Yes ☐ No ☒

At April 30, 2026, there were 33,166,448 ordinary shares outstanding, $0.10 par value per share, of the registrant.

GREENLIGHT CAPITAL RE, LTD.

TABLE OF CONTENTS


		Page
PART I — FINANCIAL INFORMATION
	Note on Forward-Looking Statements	3
Item 1.	Financial Statements	4
	Condensed Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025	4
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (unaudited)	5
	Condensed Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 31, 2026 and 2025 (unaudited)	6
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)	7
	Notes to the Condensed Consolidated Financial Statements (unaudited)	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	41
Item 4.	Controls and Procedures	42
PART II — OTHER INFORMATION
Item 1.	Legal Proceedings	44
Item 1A.	Risk Factors	44
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	44
Item 3.	Defaults Upon Senior Securities	44
Item 4.	Mine Safety Disclosures	45
Item 5.	Other Information	45
Item 6.	Exhibits	45
SIGNATURES		46

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PART I — FINANCIAL INFORMATION

NOTE OF FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (herein referred as “Form 10-Q”) of Greenlight Capital Re, Ltd. (“Greenlight Capital Re,” “Company,” “us,” “we,” or “our”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical facts included in this report, including statements regarding estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements”. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the United States (“U.S.”) federal securities laws established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words “believe,” “project,” “predict,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are not historical facts, and are based on current expectations, estimates and projections, and various assumptions, many of which, are inherently uncertain and beyond management’s control.

Forward-looking statements contained in this Form 10-Q may include, but are not limited to, information regarding our estimates for net loss and loss adjustment expenses incurred, including catastrophes and weather-related losses (herein referred as “CAT losses”), measurements of potential losses in the fair market value of our investments, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives, our expectations regarding pricing, and other market and economic conditions including inflation, our growth prospects, and valuations of the potential impact of movements in interest rates, equity securities’ prices, and foreign currency exchange rates.

Forward-looking statements only reflect our expectations and are not guarantees of performance. These statements involve risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual events or results to differ materially from those indicated in such statements. We believe that these factors include, but are not limited to:

•any suspension or revocation of any of our licenses;

•losses from catastrophes and other major events;

•the loss of significant brokers; and

•those described under “Item 1A, Risk Factors” contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as filed with the SEC on March 9, 2026 (“2025 Form 10-K”), as those risk factors may be updated from time to time in our periodic and other filings with the SEC, which is accessible on the SEC’s website at www.sec.gov.

We undertake no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events, or otherwise. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only to the dates they were made.

We intend to communicate certain events that we believe may have a material adverse impact on our operations or financial position, including property and casualty catastrophic events and material losses in our investment portfolio, in a timely manner through a public announcement. Other than as required by the Exchange Act, we do not intend to make public announcements regarding underwriting or investment events that we do not believe, based on management’s estimates and current information, will have a material adverse impact on our operations or financial position.

ITEM 1. FINANCIAL STATEMENTS

GREENLIGHT CAPITAL RE, LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

March 31, 2026 (unaudited) and December 31, 2025

(expressed in thousands of U.S. dollars, except per share and share amounts)


	March 31, 2026		December 31, 2025
Assets
Investments
Investment in related party investment fund, at fair value	$	515,244	$	504,555
Fixed maturity investments, at fair value	150,902		65,609
Other investments	66,441		62,911
Total investments	732,587		633,075
Cash and cash equivalents	75,088		111,756
Restricted cash and cash equivalents	535,151		531,976
Reinsurance balances receivable	672,463		664,381
Reinsurance recoverable on unpaid loss and loss adjustment expenses	86,237		81,392
Deferred acquisition costs	100,691		99,954
Unearned premiums ceded	58,528		39,223
Other assets	8,527		8,026
Total assets	$	2,269,272	$	2,169,783
Liabilities and equity
Liabilities
Loss and loss adjustment expense reserves	$	966,339	$	967,960
Unearned premium reserves	414,315		361,704
Reinsurance balances payable	109,404		95,853
Funds withheld	22,359		16,105
Other liabilities	10,944		15,460
Debt	4,739		4,724
Total liabilities	1,528,100		1,461,806
Commitments and Contingencies (Note 16)
Shareholders' equity
Preferred share capital (par value $0.10; none issued)	—		—
Ordinary share capital (par value $0.10; issued and outstanding, 33,684,902) (2025: par value $0.10; issued and outstanding, 33,897,709)	3,368		3,390
Additional paid-in capital	476,377		478,910
Retained earnings	261,427		225,677
Total shareholders' equity	741,172		707,977
Total liabilities and equity	$	2,269,272	$	2,169,783

The accompanying Notes to the Condensed Consolidated Financial Statements are an

integral part of the Condensed Consolidated Financial Statements.

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GREENLIGHT CAPITAL RE, LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

For the three months ended March 31, 2026 and 2025

(expressed in thousands of U.S. dollars, except per share and share amounts)


	Three months ended March 31
		2026		2025
Revenues
Gross premiums written		$	227,938	$	247,945
Gross premiums ceded		(44,464)		(28,548)
Net premiums written		183,474		219,397
Change in net unearned premium reserves		(29,329)		(50,934)
Net premiums earned		154,145		168,463
Income from investment in related party investment fund (see Note 3)		33,689		32,197
Net investment income		6,731		8,287
Foreign exchange gains (losses)		(4,905)		4,355

Total revenues		189,660		213,302
Expenses
Net loss and loss adjustment expenses incurred		91,155		122,884
Acquisition costs		48,962		46,866
Underwriting expenses		7,805		6,358
Corporate and other expenses		5,742		4,672
Deposit interest expense		32		149
Interest expense		99		1,464
Total expenses		153,795		182,393
Income before income tax		35,865		30,909
Income tax expense		(115)		(1,282)
Net income		$	35,750	$	29,627

Earnings per share ("EPS"):
Basic		$	1.06	$	0.87
Diluted		$	1.05	$	0.86
Weighted average number of ordinary shares used in the determination of EPS:
Basic		33,618,851		33,949,967
Diluted		34,174,109		34,418,262

The accompanying Notes to the Condensed Consolidated Financial Statements are an

integral part of the Condensed Consolidated Financial Statements.

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GREENLIGHT CAPITAL RE, LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(UNAUDITED)

For the three months ended March 31, 2026 and 2025

(expressed in thousands of U.S. dollars)


	Three months ended March 31
		2026		2025
Ordinary share capital
Balance - beginning of period		$	3,390	$	3,483
Issued (forfeited) shares, net		8		(27)
Repurchase of ordinary shares		(30)		—
Balance - end of period		3,368		3,456
Additional paid-in capital
Balance - beginning of period		478,910		481,551
Repurchase of ordinary shares		(4,959)		—
Share-based compensation expense		2,426		1,325
Balance - end of period		476,377		482,876
Retained earnings
Balance - beginning of period		225,677		150,845
Net income		35,750		29,627
Balance - end of period		261,427		180,472
Total shareholders' equity		$	741,172	$	666,804

The accompanying Notes to the Condensed Consolidated Financial Statements are an

integral part of the Condensed Consolidated Financial Statements.

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GREENLIGHT CAPITAL RE, LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

For the three months ended March 31, 2026 and 2025

(expressed in thousands of U.S. dollars)


	Three months ended March 31
	2026		2025
Cash flows from operating activities
Net income	$	35,750	$	29,627
Adjustments to reconcile net income or loss to net cash provided by operating activities:
Income from investments in related party investment fund	(33,689)		(32,197)
Net realized and unrealized losses (gains) on investments	234		(111)
Net realized and unrealized losses (gains) on derivatives	—		64
Share-based compensation expense	2,434		1,298
Accretion of debt offering costs, net of change in interest accruals	15		23
Net change in:
Reinsurance balances receivable	(8,082)		(64,228)
Reinsurance recoverable on unpaid loss and loss adjustment expenses	(4,845)		(2,173)
Deferred acquisition costs	(737)		(14,510)
Unearned premiums ceded	(19,305)		(9,350)
Loss and loss adjustment expense reserves	(1,621)		55,631
Unearned premium reserves	52,611		59,760
Reinsurance balances payable	13,551		(12,162)
Funds withheld	6,254		(53)
Other items, net	(5,326)		(1,240)
Net cash provided by operating activities	37,244		10,379
Cash flows from investing activities
Proceeds from redemptions of investment in Solasglas	33,000		14,000
Contributions to investment in Solasglas	(10,000)		(30,000)
Proceeds from sales of fixed maturity investments	10,853		—
Proceeds from redemptions and maturities of fixed maturity investments	1,418		—
Purchases of fixed maturity investments	(98,183)		—
Purchases of other investments	(3,143)		—
Proceeds from sale of other investments	—		5
Purchases of other assets	(32)		—
Net cash used in investing activities	(66,087)		(15,995)
Cash flows from financing activities
Borrowings from debt facility	5,000		—
Repayment of debt	(5,000)		(938)
Repurchase of ordinary shares	(4,989)		—
Net cash used in financing activities	(4,989)		(938)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	339		226
Decrease in cash, cash equivalents and restricted cash	(33,493)		(6,328)
Cash, cash equivalents and restricted cash at beginning of the period	643,732		649,087
Cash, cash equivalents and restricted cash at end of the period	$	610,239	$	642,759
Supplementary information:
Interest paid in cash	$	83	$	1,362
Income tax paid (refund received) in cash	$	—	$	(9)

The accompanying Notes to the Condensed Consolidated Financial Statements are an

integral part of the Condensed Consolidated Financial Statements.

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GREENLIGHT CAPITAL RE, LTD.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

March 31, 2026

1. ORGANIZATION AND BASIS OF PRESENTATION

Organization

Greenlight Capital Re, Ltd. (“GLRE” or “Parent” and, together with its wholly-owned subsidiaries, the “Company”) was incorporated as an exempted company under the Companies Law of the Cayman Islands on July 13, 2004. The Company is a global specialty property and casualty reinsurer headquartered in the Cayman Islands. The ordinary shares of GLRE are listed on Nasdaq Global Select Market under the symbol “GLRE.”

Basis of Presentation

These unaudited condensed consolidated financial statements (the “financial statements”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the U.S. Securities and Exchange Commission’s (“SEC”) instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. The financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s 2025 Form 10-K. The financial statements include the accounts of GLRE and the consolidated financial statements of its wholly-owned subsidiaries and all significant intercompany transactions and balances have been eliminated on consolidation.

In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position and results of operations as at the end of and for the periods presented. The results of operations for any interim period are not necessarily indicative of the results for a full year.

Tabular dollars are in thousands, with the exception of per share amounts or otherwise noted. All amounts are reported in U.S. dollars.

2. SIGNIFICANT ACCOUNTING POLICIES

There were no material changes to the Company’s significant accounting policies subsequent to its 2025 Form 10-K.

Recently Issued Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”). This ASU 2024-03 requires more detailed disclosures about the type of expenses (including employee compensation, and depreciation / amortization) in commonly presented expense captions in the condensed consolidated income statements. ASU 2024-03 is effective for public business entities for fiscal years beginning after December 15, 2026, and interim periods within fiscal years after December 15, 2027. Early adoption is permitted. As this ASU relates solely to financial statement disclosure, its adoption will not impact the Company's results of operations, financial condition, or liquidity.

3. INVESTMENT IN RELATED PARTY INVESTMENT FUND

The Company’s maximum exposure to loss relating to Solasglas Investments, LP (“Solasglas”) is limited to GLRE's share of Partners’ capital in Solasglas. At March 31, 2026, GLRE’s share of Partners’ capital in Solasglas was $515.2 million (December 31, 2025: $504.6 million), representing 80.1% (December 31, 2025: 81.4%) of Solasglas’ total capital. DME Advisors II, LLC held the remaining 19.9% (December 31, 2025: 18.6%) of Solasglas’ total capital.

The Company’s share of Solasglas’ income from operations for the three months ended March 31, 2026 was $33.7

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million (three months ended March 31, 2025: $32.2 million), as shown in the caption “Income from investment in related party investment fund” in the Company’s condensed consolidated statements of operations.

The summarized financial statements of Solasglas are presented below.

Summarized Statements of Financial Condition of Solasglas Investments, LP


	March 31, 2026		December 31, 2025
Assets
Investments, at fair value	$	599,730	$	600,837
Derivative contracts, at fair value	17,619		22,384
Due from brokers	350,783		281,505

Interest and dividends receivable	465		1,463
Total assets	968,597		906,189

Liabilities
Investments sold short, at fair value	(310,838)		(275,794)
Derivative contracts, at fair value	(12,545)		(6,670)
Capital withdrawals payable	(250)		(1,010)

Interest and dividends payable	(1,876)		(2,528)
Accrued expenses and other liabilities	(228)		(178)
Total liabilities	(325,737)		(286,180)

Partners' capital	$	642,860	$	620,009

GLRE’s share of Partners' capital	$	515,244	$	504,555

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Summarized Statements of Operations of Solasglas Investments, LP


	Three months ended March 31
		2026		2025
Investment income
Dividend income (net of withholding taxes)		$	1,519	$	1,490
Interest income		3,362		3,627
Total Investment income		4,881		5,117

Expenses
Management fee		(1,866)		(1,730)
Interest		(551)		(1,701)
Dividends		(1,401)		(761)
Research and operating		(504)		(485)
Total expenses		(4,322)		(4,677)

Net investment income		559		440

Realized and change in unrealized gains (losses)
Net realized gain		61,966		19,105
Net change in unrealized appreciation (depreciation)		(16,423)		27,018
Net gain on investment transactions		45,543		46,123

Net increase in Partners' capital (1)		$	46,102	$	46,563

GLRE’s share of the increase in Partners' capital		$	33,689	$	32,197

(1) The net increase in Partners’ capital is net of management fees and performance allocation presented below:


	Three months ended March 31
		2026		2025
Management fees		$	1,866	$	1,730
Performance allocation		3,743		3,578
Total		$	5,609	$	5,308

See Note 14 for further details on management fees and performance allocation.

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4. FIXED MATURITY INVESTMENTS

For certain regulatory trust accounts used as collateral for reinsurance clients, the funds are invested in fixed maturity securities. Accordingly, these investments are restricted for reinsurance clients.

The following table summarizes the fair value of fixed maturity investments:


	March 31, 2026		December 31, 2025
Fixed maturity securities:
U.S. government and agencies	$	26,252	$	17,979
Agency residential mortgage-backed securities ("RMBS")	25,197		18,258
Corporate bonds	38,664		9,769
Asset-back securities ("ABS")	6,085		5,565

Non-agency RMBS	—		600

Municipal bonds	—		857
Total fixed maturity securities	96,198		53,028
Liquidity funds	54,704		12,581
Total fixed maturity investments, at fair value	$	150,902	$	65,609

The following table summarizes the net realized and unrealized gains (losses) for the fixed maturity investments:


	Three months ended March 31
Three months ended March 31		2026		2025
Net realized gains (losses)		7		—
Change in net unrealized gains (losses)		(628)		—
Net realized and unrealized gains (losses) for fixed maturity investments		$	(621)	$	—

5. OTHER INVESTMENTS

Portfolio

At March 31, 2026, the breakdown of the Company’s other investments was as follows:


At March 31, 2026	Cost		Unrealized gains		Unrealized losses		Accrued interest		Fair value / carrying value
Private equity securities	$	32,921	$	38,629	$	(5,695)	$	—	$	65,855
Private debt securities	586		—		—		—		586
Total other investments	$	33,507	$	38,629	$	(5,695)	$	—	$	66,441

At December 31, 2025, the breakdown of the Company’s other investments was as follows:


At December 31, 2025	Cost		Unrealized gains		Unrealized losses		Accrued interest		Fair value / carrying value
Private equity securities	$	29,787	$	38,086	$	(6,054)	$	—	$	61,819
Private debt securities	1,585		—		(572)		79		1,092
Total other investments	$	31,372	$	38,086	$	(6,626)	$	79	$	62,911

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Private equities

Measurement alternative

During the three months ended March 31, 2026, the Company made further investments in equity securities in privately held entities that do not have readily determinable fair values. In accordance with ASC 321-10-35-2, the Company has elected to apply the measurement alternative to these new investments.

Adjustments for observable price changes and impairments

The Company recognized the following adjustments to the carrying values of the private investments and unlisted equity securities, resulting from observable price changes in orderly transactions and impairments:


	Three months ended March 31
		2026		2025
Upward adjustments (1)		$	698	$	483
Downward adjustments and impairments(2)		$	(320)	$	(377)

(1) The cumulative upward carrying value changes from inception to March 31, 2026, for outstanding holdings, totaled $60.0 million.

(2) The cumulative downward carrying value changes from inception to March 31, 2026, for outstanding holdings, totaled $28.4 million.

Net investment income

The following table summarizes the change in unrealized gains (losses) and the realized gains (losses) for the Company’s other investments, which are included in “Net investment income” in the condensed consolidated statements of operations (see Note 14):


	Three months ended March 31
		2026		2025
Gross realized gains		$	—	$	5
Gross realized losses		(1,087)		—
Net realized gains (losses)		$	(1,087)	$	5
Change in unrealized gains		1,474		106
Net realized and unrealized gains (losses) on other investments		$	387	$	111

6. RESTRICTED CASH AND CASH EQUIVALENTS

The following table shows the breakdown of the Company’s restricted cash and cash equivalents, along with a reconciliation of the total cash, cash equivalents, and restricted cash reported in the condensed consolidated statements of cash flows:


	March 31, 2026		December 31, 2025
Restricted cash and cash equivalents:
Cash securing trust accounts	$	170,267	$	204,129
Cash securing letters of credit issued	349,701		310,688
Cash securing debt facility	10,000		10,000
Other	5,183		7,159
Total restricted cash and cash equivalents	535,151		531,976
Cash and cash equivalents	75,088		111,756
Total cash, cash equivalents, and restricted cash	$	610,239	$	643,732

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7. FAIR VALUE MEASUREMENTS

Assets measured at fair value on a nonrecurring basis

At March 31, 2026, the Company held $53.7 million (December 31, 2025: $53.3 million) of private equities measured at fair value on a nonrecurring basis. At March 31, 2026, the Company held $12.8 million (December 31, 2025: $9.6 million) of private equities measured at cost. The Company classifies these investments as Level 3 within the fair value hierarchy.

The following table summarizes the periods between the most recent fair value measurement dates and March 31, 2026, for the private equities measured at fair value on a nonrecurring basis:


	Less than 6 months		6 to 12 months		Over 1 year		Total
Fair values measured on a nonrecurring basis	$	16,205	$	13,320	$	24,138	$	53,663

Assets measured at fair value on a recurring basis

Fixed maturity investments

The following table summarizes the fair value hierarchy for the Company’s fixed maturity portfolio.


At March 31, 2026	Level 1		Level 2		Level 3		Total
U.S. government and government agencies	$	13,393	$	12,859	$	—	$	26,252
Agency RMBS	—		25,197		—		25,197
Corporate bonds	—		38,664		—		38,664
ABS	—		6,085		—		6,085




Total	$	13,393	$	82,805	$	—	$	96,198

Financial Instruments Disclosed, But Not Carried, at Fair Value

At March 31, 2026, the carrying value of private debt securities (see Note 5) and the outstanding debt under the Revolving Credit Facility approximates their fair values. The Company classifies these financial instruments as Level 2 within the fair value hierarchy.

8. LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES

The Company’s loss and loss adjustment expense (“LAE”) reserves were composed of the following:


	March 31, 2026		December 31, 2025
Case reserves	$	247,071	$	233,076
IBNR	719,268		734,884
Total	$	966,339	$	967,960

Reserve Roll-forward

The following provides a reconciliation of the Company’s beginning and ending gross and net reserves for loss and LAE:

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Consolidated	Three months ended March 31
	2026		2025
Gross balance at January 1	$	967,960	$	860,969
Less: Losses recoverable	(81,392)		(85,790)
Net balance at January 1	886,568		775,179
Incurred losses related to:
Current year	93,644		118,666
Prior years	(2,489)		4,218
Total incurred	91,155		122,884
Paid losses related to:
Current year	(5,864)		(6,352)
Prior years	(87,281)		(75,203)
Total paid	(93,144)		(81,555)
Foreign exchange and translation adjustment	(4,476)		12,129
Net balance at March 31	880,102		828,637
Add: Losses recoverable (see Note 8)	86,237		87,963
Gross balance at March 31	$	966,339	$	916,600

Estimates for Catastrophe Events

At March 31, 2026, the Company’s net reserves for losses and LAE include estimated amounts for several catastrophe and weather-related events (the “CAT losses”). The magnitude and volume of losses arising from CAT events is inherently uncertain. Adjustments are recorded in the period in which they are identified. Accordingly, actual losses for CAT events may ultimately differ materially from the Company’s current estimates.

CAT events in 2026

During the three months ended March 31, 2026, the Company incurred CAT losses of $5.0 million relating to the Middle East conflict. There were no loss recoveries associated with this event.

CAT events in 2025

During the three months ended March 31, 2025, the Company incurred CAT losses of $27.0 million relating to the California wildfires. There were no loss recoveries associated with this event.

Prior Year Reserve Development

The Company’s net favorable (adverse) prior year reserve development arises from changes to estimates for losses and LAE related to loss events that occurred in previous calendar years. The following table presents net prior year reserve development by segment and consolidated:


	Favorable (Adverse)
	Open Market		Innovations		Total Segments		Corporate		Total Consolidated
Three months ended March 31, 2026	$	2,847	$	(358)	$	2,489	$	—	$	2,489
Three months ended March 31, 2025	$	(4,896)	$	567	$	(4,329)	$	111	$	(4,218)

Open Market Segment

The net favorable reserve development for the three months ended March 31, 2026 was composed of $5.8 million better than expected loss emergence predominantly on the multiline business (mostly FAL business for 2024 and 2025 accident years) and specialty business (mostly 2022-2024 accident years). This was partially offset by $3.0

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million of reserve strengthening predominantly on the casualty line (various accident years) due to current economic and social inflation trends.

The net adverse reserve development for the three months ended March 31, 2025 was composed of $23.2 million of reserve strengthening predominantly on the casualty line (various accident years) due to economic and social inflation trends. This was partially offset by $18.3 million of favorable reserve development on property (mostly 2024 accident year) and specialty lines (mostly 2022-2024 accident years) due to better than expected loss emergence.

Innovations Segment

The net adverse reserve development for the three months ended March 31, 2026 was composed of $0.6 million of reserve strengthening predominantly on the multiline business (Syndicate 3456 for 2023-2024 accident years) due to worse than expected loss emergence. This was partially offset by $0.3 million of favorable reserve development predominantly on the financial line.

The net favorable reserve development for the three months ended March 31, 2025 was due to better than expected loss emergence on multiline and specialty lines (2022-2023 underwriting years).

Corporate - Runoff Business

Corporate represents the Innovations related property runoff business. The favorable reserve development for the three months ended March 31, 2025 relate to CAT losses driven by the U.S. tornados (2021-2023 underwriting years).

9. RETROCESSION

The following table provides a breakdown of ceded reinsurance:


	Three months ended March 31
		2026		2025
Gross ceded premiums		$	44,464	$	28,548
Earned ceded premiums		$	25,113	$	19,292
Loss and loss adjustment expenses ceded		$	11,999	$	6,656

Retrocession contracts do not relieve the Company from its obligations to its cedents. Failure of retrocessionaires to honor their obligations could result in losses to the Company.

The following table shows a breakdown of losses recoverable on a gross and net of collateral basis:


	March 31, 2026				December 31, 2025
	Gross		Net of Collateral(1)		Gross		Net of Collateral(1)
A- or better by A.M. Best	$	83,447	$	73,642	$	78,874	$	70,799
Not rated	3,307		1,429		3,035		812
Total before provision	$	86,754	$	75,071	$	81,909	$	71,611
Provision for credit losses	(517)				(517)
Total reinsurance recoverable, net	$	86,237			$	81,392

(1) Collateral is in the form of cash, letters of credit, funds withheld, and/or cash collateral held in trust accounts. This excludes any excess collateral in order to disclose the aggregate net exposure for each retrocessionaire.

At March 31, 2026, we had 2 reinsurers (December 31, 2025: 2) that accounted for 10% or more of the total loss and loss adjustment expenses recoverable, net of the credit loss provision, for an aggregate gross amount of $23.4 million (December 31, 2025: $20.7 million).

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10. DEBT AND CREDIT FACILITIES

Debt Obligations

The following table summarizes the Company’s outstanding debt obligations.


	March 31, 2026		December 31, 2025
Revolving credit facility	5,000		5,000
Less: deferred financing costs	(261)		(276)
Total debt	$	4,739	$	4,724

Credit Facilities

At March 31, 2026, the Company had letters of credit (“LC”) facilities with the following financial institutions:


	Capacity		LCs issued
For reinsurance contracts:
HSBC	$	100,000	$	18
Citibank	275,000		159,043
CIBC	200,000		190,296
Total LCs in favor of cedants	$	575,000	$	349,357

For Lloyd’s syndicates capacity:
Citibank FAL	£	50,000	£	45,000

Except for the above Citibank FAL facility, the LC facilities are cash collateralized (see Note 6). The LC facilities are subject to various customary covenants. At March 31, 2026, the Company was in compliance with all LC facilities covenants.

11. SHARE CAPITAL

Ordinary Shares

The Company’s authorized share capital is 125,000,000 ordinary shares, par value of $0.10 per share.

The following table is a summary of changes in ordinary shares issued and outstanding:


	Three months ended March 31
	2026	2025
Balance – beginning of period	33,897,709	34,831,324
Issue of shares for vested RSUs (see Note 12)	142,828	100,793

Forfeiture of restricted shares (see Note 12)	(56,934)	(374,668)
Repurchase of ordinary shares	(298,701)	—
Balance – end of period	33,684,902	34,557,449

Share Repurchase Plan

On May 2, 2025, the Board of Directors re-approved the share repurchase plan, until June 30, 2026, authorizing the Company to repurchase up to $25 million of ordinary shares or securities convertible into ordinary shares in the open market, through privately negotiated transactions or Rule 10b5-1 stock trading plans. Any shares repurchased are canceled immediately upon repurchase. For the three months ended March 31, 2026, the Company repurchased 298,701 ordinary shares for $5.0 million (2025: none).

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Preferred Shares

The Company’s authorized share capital also consists of 50,000,000 preference shares with a par value of $0.10 each. At March 31, 2026, the Company has no issued and outstanding preferred shares.

12. SHARE-BASED COMPENSATION

Refer to Note 12 of the Company’s audited consolidated financial statements of its 2025 Form 10-K for a summary of the Company’s 2023 Incentive Plan, including the definition of performance-based and service-based stock awards.

At March 31, 2026, 2,676,671 (December 31, 2025: 2,932,559) ordinary shares remained available for future issuance under the Company’s 2023 Incentive Plan.

Employee and Director Restricted Shares

The following table summarizes the activity for unvested outstanding restricted share awards (“RSs”) during the three months ended March 31, 2026 and 2025:


	Performance RSs			Service RSs
	Number of non-vested restricted shares	Weighted average grant date fair value		Number of non-vested restricted shares	Weighted average grant date fair value
Balance at December 31, 2024	944,587	$	9.87	191,556	$	9.96
Granted	—	—		—	—
Vested	(222,532)	9.65		(75,667)	8.08
Forfeited	(372,966)	9.08		(1,702)	9.85
Balance at March 31, 2025	349,089	$	10.87	114,187	$	11.20

Balance at December 31, 2025	347,581	$	10.87	111,248	$	11.45
Granted	—	—		—	—
Vested	(290,647)	10.87		(29,364)	9.85
Forfeited	(56,934)	10.87		—	—
Balance at March 31, 2026	—	$	—	81,884	$	12.03

For the three months ended March 31, 2026, the total fair value of Performance and Service RSs vested was $4.7 million (2025: $4.2 million).

Employee Restricted Stock Units

The following table summarizes the activity for unvested outstanding restricted stock units (“RSUs”) during the three months ended March 31, 2026 and 2025:

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	Performance RSUs			Service RSUs
	Number of non-vested RSUs	Weighted average grant date fair value		Number of non-vested RSUs	Weighted average grant date fair value
Balance at December 31, 2024	403,526	$	10.43	149,834	$	11.14
Granted	185,551	13.16		149,435	13.16
Vested	(38,752)	6.82		(62,041)	10.46
Forfeited	(54,048)	7.06		(3,534)	11.85
Balance at March 31, 2025	496,277	$	12.10	233,694	$	12.60

Balance at December 31, 2025	490,823	$	12.10	224,751	$	12.60
Granted	171,935	14.99		150,585	14.99
Vested	(49,495)	9.85		(93,333)	12.31
Forfeited	(9,695)	9.85		—	—
Balance at March 31, 2026	603,568	$	13.14	282,003	$	13.98

For the awards granted during the three months ended March 31, 2026, the Service RSUs vest evenly over three years on January 1, subject to the grantee’s continued service with the Company. If performance goals are achieved, the Performance RSUs will cliff vest at the end of a three-year performance period within a range of 0% and 200% of the awarded Performance RSUs, with a target of 100%.

For the three months ended March 31, 2026, the total fair value of Performance and Service RSUs vested was $2.1 million (2025: $1.4 million).

Stock Compensation Expense

For the three months ended March 31, 2026, the Company recorded $2.4 million (2025: $1.3 million) of total stock compensation expense (net of forfeitures), respectively. Forfeiture recoveries were immaterial for both periods.

13. EARNINGS PER SHARE

The following table reconciles net income and weighted average shares used in computing basic and diluted EPS for the three months ended March 31, 2026 and 2025:


	Three months ended March 31
		2026		2025
Numerator for EPS:
Net income - basic		$	35,750	$	29,627
Net income - diluted		$	35,750	$	29,627

Denominator for EPS:
Weighted average shares outstanding - basic		33,618,851		33,949,967
Effect of dilutive employee and director share-based awards		555,258		468,295
Weighted average shares outstanding - diluted		34,174,109		34,418,262
Anti-dilutive stock options outstanding		579,636		620,319

EPS:
Basic		$	1.06	$	0.87
Diluted		$	1.05	$	0.86

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14. NET INVESTMENT INCOME

The following table provides a breakdown of net investment income:


	Three months ended March 31
		2026		2025
Interest and dividend income, net of withholding taxes and other expenses		$	5,013	$	6,635
Investment income from Lloyd's syndicates		1,952		1,541
Net realized and unrealized gains (losses) on fixed maturities (see Note 4)		(621)		—
Net realized and unrealized gains (losses) on other investments (see Note 5)		387		111
Net investment income		6,731		8,287
Share of Solasglas' net income (see Note 3)		33,689		32,197
Total investment income		$	40,420	$	40,484

15. RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

For the three months ended March 31, 2026, there has been no change to the Company’s investment advisory agreement with Solasglas as described in its 2025 Form 10-K. Refer to Note 3 for a breakdown of management fees and performance fees for the three months ended March 31, 2026 and 2025.

Green Brick Partners, Inc.

David Einhorn also serves as the Chairman of the Board of Directors of Green Brick Partners, Inc. (“GRBK”), a publicly-traded company. At March 31, 2026, Solasglas, along with certain affiliates of DME Advisors, collectively owned 24.0% of the issued and outstanding common shares of GRBK. Under applicable securities laws, DME Advisors may sometimes be limited in its ability to trade GRBK shares held in Solasglas. At March 31, 2026, Solasglas held 0.8 million shares of GRBK.

Service Agreement

The Company has entered into a service agreement with DME Advisors, pursuant to which DME Advisors provides certain investor relations services to the Company for compensation of five thousand dollars per month (plus expenses). The agreement automatically renews annually until terminated by either the Company or DME Advisors for any reason with 30 days prior written notice to the other party.

Collateral Assets Investment Management Agreement

Effective January 1, 2019, the Company (and its subsidiaries) entered into a collateral assets investment management agreement (the “CMA”) with DME Advisors, pursuant to which DME Advisors manages certain assets of the Company that are not subject to the Solasglas LPA and are held by the Company to provide collateral required by the cedents in the form of trust accounts and letters of credit. In accordance with the CMA, DME Advisors receives no fees and is required to comply with the collateral investment guidelines. The CMA can be terminated by any of the parties upon 30 days’ prior written notice to the other parties.

16. COMMITMENTS AND CONTINGENCIES

a) Concentration of Credit Risk

Cash and cash equivalents

The Company monitors its concentration of credit risk with financial institutions and limits acceptable counterparties based on current rating, outlook and other relevant factors.

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Investments

The Company’s fixed maturities portfolio is exposed to potential losses arising from diminishing creditworthiness of issuers of bonds. The fixed maturities portfolio is managed by an external investment manager in accordance with the Company’s investment guidelines and the underlying investment guidelines set by the respective regulatory trusts. At March 31, 2026, there was no fixed maturity security that exceeded 10% of the Company’s shareholders’ equity.

The Company’s credit risk exposure to private debt securities within its “Other investments” are immaterial (see Note 5).

Reinsurance balances receivable, net

The following table shows the breakdown of reinsurance balances receivable:


	March 31, 2026				December 31, 2025
	Amount		%		Amount		%
Premiums receivable	$	285,741	42.5	%	$	246,533	37.1	%

Funds withheld:
Premiums held by Lloyd's syndicates	348,478		51.8	%	336,216		50.6	%
Funds held by cedants	32,967		4.9	%	32,337		4.9	%
Funds at Lloyd’s	13		—	%	44,185		6.7	%

Profit commission receivable	6,613		1.0	%	6,459		1.0	%

Total before provision	673,812		100.2	%	665,730		100.2	%
Provision for expected credit losses	(1,349)		(0.2)	%	(1,349)		(0.2)	%
Reinsurance balances receivable, net	$	672,463	100.0	%	$	664,381	100.0	%

The Company has posted deposits at Lloyd’s to support underwriting capacity for certain syndicates, including Syndicate 3456. Lloyd’s has a credit rating of “A+” (Superior) from A.M. Best, as revised in August 2024.

Premiums receivable includes a significant portion of estimated premiums not yet due. Brokers and other intermediaries are responsible for collecting premiums from customers on the Company’s behalf. The Company monitors its concentration of credit risks from brokers. The diversity in the Company’s client base limits credit risk associated with premiums receivable and funds (premiums) held by cedents. Further, under the reinsurance contracts the Company has contractual rights to offset premium balances receivable and funds held by cedants against corresponding payments for losses and loss expenses.

Loss and loss adjustment expenses recoverable, net

The Company regularly evaluates its net credit exposure to the retrocessionaires and their abilities to honor their respective obligations. See Note 9 for analysis of concentration of credit risk relating to retrocessionaires.

b) Lease Obligations

There was no change to the Company’s operating lease agreements subsequent to its 2025 Form 10-K.

c) Litigation

From time to time, in the ordinary course of business, the Company may be involved in formal and informal dispute resolution procedures, which may include arbitration or litigation. The outcomes of these procedures determine the rights and obligations under the Company’s reinsurance contracts and other contractual agreements. In some disputes, the Company may seek to enforce its rights under an agreement or collect funds owed. In other matters, the Company may resist attempts by others to collect funds or enforce alleged rights. While the Company cannot

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predict the outcome of legal disputes with certainty, the Company does not believe that any existing dispute, when finally resolved, will have a material adverse effect on the Company’s business, financial condition, or operating results.

d) Unsecured Citibank FAL Facility

In 2025, Citibank issued £45 million unsecured LC in favor of Lloyd’s, for which the Parent has provided a guarantee to Citibank. Refer to “Credit Facilities” in Note 10 for additional information.

17. SEGMENT REPORTING

The Company has two reportable segments.

Open Market

In the Open Market segment, the Company underwrites reinsurance business, sourced through the brokerage distribution channels and Lloyd’s. The Company writes mostly treaty reinsurance, on a proportional and non-proportional basis. The lines of business for this segment are as follows: Casualty, Financial, Health, Multiline, Property and Specialty.

Innovations

In the Innovations segment, the Company provides reinsurance capacity to startup companies and MGAs based globally, sourced mainly through direct placements with its strategic partners. This segment also includes business written by Syndicate 3456. The lines of business for this segment are as follows: Casualty, Financial, Health, Multiline and Specialty.

The Company’s reportable segments each have executive leadership who are responsible for their performance and who are directly accountable to the Chief Operating Decision Maker (“CODM”), who is the Company’s Chief Executive Officer. The CODM reviews the financial performance of the reportable segment to assess the achievement of strategic initiatives, the efficiency of the deployed capital, and how to allocate resources to the reportable segments based on the segment’s financial performance.

The table below provides information about the Company’s reportable segments, including the reconciliation to net income as reported under U.S. GAAP. Comparatives have been recast to conform with the current reportable segments.

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Three months ended March 31, 2026:	Open Market		Innovations		Corporate		Total Consolidated
Gross premiums written	$	180,347	$	47,593	$	(2)	$	227,938
Net premiums written	$	151,295	$	32,181	$	(2)	$	183,474
Net premiums earned	$	128,981	$	25,166	$	(2)	$	154,145
Net loss and LAE incurred	(75,230)		(15,926)		1		(91,155)
Acquisition costs	(41,212)		(7,750)		—		(48,962)
Other underwriting expenses	(5,743)		(2,062)		—		(7,805)
Deposit interest expense, net	(32)		—		—		(32)
Underwriting income (loss)	6,764		(572)		(1)		6,191

Reconciliation to income before income taxes:
Net investment income (loss)	5,135		1,094		502		6,731
Corporate and other expenses	—		(722)		(5,020)		(5,742)
Income (loss) from investment in Solasglas					33,689		33,689
Foreign exchange gains (losses)					(4,905)		(4,905)
Interest expense					(99)		(99)
Income (loss) before income taxes	$	11,899	$	(200)	$	24,166	$	35,865

Additional information:
Net loss and LAE incurred:
Attritional losses	$	(69,505)	$	(15,568)	$	1	$	(85,072)
Large event losses	(3,572)		—		—		(3,572)
CAT event losses	(5,000)		—		—		(5,000)
Prior year favorable (adverse) loss development	2,847		(358)		—		2,489
Total net loss and LAE incurred	$	(75,230)	$	(15,926)	$	1	$	(91,155)

Total allocated assets (1)	$	507,804	$	172,625	$	1,588,843	$	2,269,272

(1) The Company does not allocate assets to reporting segments, with the exception of restricted cash used to collateralized certain reinsurance transactions, including FAL, and Innovations-related private investments.

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Three months ended March 31, 2025:	Open Market		Innovations		Corporate		Total Consolidated
Gross premiums written	$	220,709	$	27,466	$	(230)	$	247,945
Net premiums written	$	195,609	$	23,971	$	(183)	$	219,397
Net premiums earned	$	149,641	$	19,005	$	(183)	$	168,463
Net loss and LAE incurred	(112,763)		(10,346)		225		(122,884)
Acquisition costs	(40,881)		(6,033)		48		(46,866)
Other underwriting expenses	(4,797)		(1,561)		—		(6,358)
Deposit interest expense, net	(149)		—		—		(149)
Underwriting income (loss)	(8,949)		1,065		90		(7,794)

Reconciliation to income before income taxes:
Net investment income	5,771		448		2,068		8,287
Corporate and other expenses	—		(572)		(4,100)		(4,672)
Income from investment in Solasglas					32,197		32,197
Foreign exchange gains (losses)					4,355		4,355

Interest expense					(1,464)		(1,464)
Income (loss) before income taxes	$	(3,178)	$	941	$	33,146	$	30,909

Additional information:
Net loss and LAE incurred:
Attritional losses	$	(80,852)	$	(10,913)	$	114	$	(91,651)
Large event losses	—		—		—		—
CAT event losses	(27,015)		—		—		(27,015)
Prior year favorable (adverse) loss development	(4,896)		567		111		(4,218)
Total net loss and LAE incurred	$	(112,763)	$	(10,346)	$	225	$	(122,884)

Total allocated assets (1)	$	459,549	$	145,402	$	1,547,145	$	2,152,096

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18. SUBSEQUENT EVENTS

Stock Repurchases

During April 2026, the Company repurchased 518,454 ordinary shares at an aggregate cost of $9.5 million and an average price of $18.38 per ordinary share.

On April 28, 2026, the Board of Directors approved a new share repurchase plan of up to $40.0 million from May 15, 2026 to May 31, 2027. Any shares repurchased are canceled immediately upon repurchase.

CIBC LC Facilities

On April 1, 2026, the Company entered into the following transactions through its subsidiaries: (i) Greenlight Reinsurance, Ltd. (“Greenlight Re”) amended and restated its Master LC Agreement with CIBC, and ii) Greenlight Reinsurance Ireland, Designated Activity Company (“GRIL”) entered into a Master LC Agreement with CIBC (collectively, the “Master LC Agreements”, and the facilities thereunder, the “CIBC LC Facilities” and each a “CIBC LC Facility”). The Master LC Agreements increase the aggregate LC commitment by CIBC from $200 million (see N ote 10) to $300 million, thereby providing additional LC capacity for the Company’s operating subsidiaries, Greenlight Re and GRIL. Initially, $250 million has been allocated to Greenlight Re and $50 million to GRIL; however, this allocation may be changed by written agreement between the parties. The CIBC LC Facilities will mature on December 22, 2027, subject to automatic annual extensions unless prior written notice is provided by either party.

Each CIBC LC Facility is secured by a first-priority lien on a separate cash collateral account held with CIBC, with a minimum cash balance equal to the face amount of the LCs issued and outstanding under such CIBC LC Facility.

Investment Advisory Agreement

Effective May 1, 2026, the monthly management fee payable to DME Advisors by Solasglas changed to 0.104% (1.25% per annum) from 0.125% (1.5% per annum).

Citibank FAL Facility

On April 29, 2026, the Citibank FAL facility increased from £50 million to £60 million (see Note 10). On April 29, 2026, Citibank issued an additional LC of £13 million for a total of £58 million in favor of Lloyd’s to support the Company’s FAL business.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

References to “we,” “us,” “our,” “our company,” or “the Company” refer to Greenlight Capital Re, Ltd. (“GLRE”) and its wholly-owned subsidiaries unless the context dictates otherwise.

The following discussion should be read in conjunction with the condensed consolidated financial statements and accompanying noted included in Item 1 of this report and the audited consolidated financial statements and accompanying notes, which appear in our 2025 Form 10-K.

The following is management’s discussion and analysis (“MD&A”) of our results of operations for the three months ended March 31, 2026 and 2025 and the Company’s financial condition at March 31, 2026 and December 31, 2025.

All amounts are reported in U.S. dollars, unless otherwise noted. Tabular dollars are presented in thousands, with the exception of per share amounts or as otherwise noted.

Page


Overview			26
Business Overview			26
Outlook and Trends			26
Key Financial Measures and Non-GAAP Measures			27
Consolidated Results of Operations			28
Results by Segment			29
Open Market Segment			29
Innovations Segment			33
Other Corporate			35
Runoff Underwriting Business			35
Income from Investment in Solasglas			35
Financial Condition			36
Liquidity and Capital Resources			38
Liquidity			38
Capital Resources			39
Contractual Obligations and Commitments			40
Critical Accounting Estimates			40
Recent Accounting Pronouncements			40

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Overview

Business Overview

We are a global specialty property and casualty reinsurer headquartered in the Cayman Islands, with an underwriting and investment strategy that we believe differentiates us from most of our competitors. Our goal is to build long-term shareholder value by providing risk management solutions to the insurance, reinsurance, and other risk marketplaces.

For the three months ended March 31, 2026 (“Q1 2026”), we had a net income of $35.8 million, compared to $29.6 million over the three months ended March 31, 2025 (“Q1 2025”). The increase was mainly attributable to stronger underwriting performance, partially offset by foreign exchange losses.

The following is a summary of our financial performance for Q1 2026, compared to Q1 2025:

•Gross premiums written was $227.9 million, a decrease of 8.1%;

•Net premiums earned was $154.1 million, a decrease of 8.5%;

•Net underwriting income was $6.2 million, compared to net underwriting loss of $7.8 million;

•Total investment income was $40.4 million, a decrease of 0.2%;

•Diluted EPS was $1.05, compared to $0.86, an increase of 22.1%; and

•Fully diluted book value per share was $21.40, an increase of 4.7% since December 31, 2025.

Fully diluted book value per share is a non-GAAP financial measure. See “Key Financial Measure and Non-GAAP Measures” section of this MD&A.

Outlook and Trends

Reinsurance market conditions

We continue to see increased competition from existing and new reinsurance markets, predominantly in our Open Market segment. This is putting pressure on headline rates across various classes; however, attachment points and other terms & conditions are largely holding firm. Our focus remains on maintaining a diversified portfolio that is resilient to market supply-demand pressures.

General economic conditions

There are many factors contributing to an uncertain global economic outlook, and in particular, the current Middle East conflict. With the recent increase in oil price driven by this conflict, we believe that inflationary trends of recent years could persist. We continue to consider the potential impact of relevant economic factors on our underwriting portfolio.

On the investment side, DME Advisors regularly monitors and re-positions Solasglas’ investment portfolio to manage the impact of inflation on its underlying investments and holds macro positions to benefit from a rising inflationary environment. DME Advisors remains conservatively positioned as it believes the equity markets are very expensive.

During 2025, the U.S. Administration enacted trade policies that were more aggressive than the financial markets expected, causing additional uncertainty and volatility. These policies continue to complicate the near-term outlook for economic growth and inflation. We remain vigilant to economic data and additional policies that may impact our business.

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Key Financial Measures and Non-GAAP Measures

There have been no changes to our key financial measures, including non-GAAP financial measures, as described in the MD&A of our 2025 Form 10-K.

Fully Diluted Book Value Per Share

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):


	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Numerator for basic and fully diluted book value per share:
Total equity as reported under U.S. GAAP	$	741,172		$	707,977		$	658,889		$	663,318		$	666,804


Denominator for basic and fully diluted book value per share:
Ordinary shares issued and outstanding as reported and denominator for basic book value per share	33,684,902			33,897,709			34,099,226			34,198,153			34,557,449
Add: In-the-money stock options (1) and all outstanding RSUs	950,199			755,997			757,505			775,124			773,938
Denominator for fully diluted book value per share	34,635,101			34,653,706			34,856,731			34,973,277			35,331,387

Basic book value per share	$	22.00		$	20.89		$	19.32		$	19.40		$	19.30
Increase in basic book value per share	$	1.11		$	1.57		$	(0.08)		$	0.10		$	1.04
Increase in basic book value per share	5.3		%	8.1		%	(0.4)		%	0.5		%	5.7		%

Fully diluted book value per share	$	21.40		$	20.43		$	18.90		$	18.97		$	18.87
Increase in fully diluted book value per share	$	0.97		$	1.53		$	(0.07)		$	0.10		$	0.92
Increase in fully diluted book value per share	4.7		%	8.1		%	(0.4)		%	0.5		%	5.1		%

(1) Assuming net exercise by the grantee.

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Consolidated Results of Operations

The table below summarizes our consolidated operating results.


	Three months ended March 31
		2026			2025			Change
Underwriting results:
Gross premiums written		$	227,938		$	247,945		$	(20,007)

Net premiums written		$	183,474		$	219,397		$	(35,923)

Net premiums earned		$	154,145		$	168,463		$	(14,318)
Net loss and LAE incurred:
Current year		(93,644)			(118,666)			25,022
Prior year (1)		2,489			(4,218)			6,707
Net loss and LAE incurred		(91,155)			(122,884)			31,729
Acquisition costs		(48,962)			(46,866)			(2,096)
Underwriting expenses		(7,805)			(6,358)			(1,447)
Deposit interest expense		(32)			(149)			117
Net underwriting income (loss)		6,191			(7,794)			13,985

Investment results:
Income from investment in Solasglas		33,689			32,197			1,492
Net investment income		6,731			8,287			(1,556)
Total investment income		40,420			40,484			(64)

Corporate and other expenses		(5,742)			(4,672)			(1,070)
Foreign exchange gains (losses)		(4,905)			4,355			(9,260)

Interest expense		(99)			(1,464)			1,365
Income tax expense		(115)			(1,282)			1,167
Net income		$	35,750		$	29,627		$	6,123
Diluted EPS		$	1.05		$	0.86		$	0.19

Underwriting ratios:								% Point Change
Attritional loss ratio		55.3		%	54.4		%	0.9
Large event loss ratio		2.3		%	—		%	2.3
CAT event loss ratio		3.2		%	16.0		%	(12.8)
Current year loss ratio		60.8		%	70.4		%	(9.7)
Prior year reserve development ratio		(1.6)		%	2.5		%	(4.1)
Loss ratio		59.1		%	72.9		%	(13.8)
Acquisition cost ratio		31.8		%	27.8		%	4.0
Composite ratio		90.9		%	100.7		%	(9.8)
Underwriting expense ratio		5.1		%	3.9		%	1.2
Combined ratio		96.0		%	104.6		%	(8.6)

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 gain of $1.6 million and a loss of $3.5 million for the three months ended March 31, 2026 and 2025, respectively.

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Consolidated Results of Operations for Q1 2026 compared to Q1 2025

Basic book value per share increased by $1.11 per share, or 5.3%, to $22.00 per share from $20.89 per share at December 31, 2025. Fully diluted book value per share increased by $0.97 per share, or 4.7%, to $21.40 per share from $20.43 per share at December 31, 2025.

Net income for Q1 2026 increased by $6.1 million to $35.8 million, driven mainly by the following:

•Underwriting income: Favorable change of $14.0 million, driven by 8.6 percentage points improvement in combined ratio, which was predominantly driven by 13.8 percentage points improvement in the loss ratio, offset partially by an increase in acquisition cost ratio and underwriting expense ratio. The lower loss ratio was due to the lower CAT and large event losses, coupled with an improved prior year reserve development ratio.

•Interest expense: Decreased by $1.4 million driven by the reduction in outstanding debt.

Offset partially by:

•Foreign exchange gains (losses): Unfavorable change of $9.3 million, driven mainly by the weakening of the pound sterling against the U.S. dollar during Q1 2026, compared to the strengthening of the pound against the U.S. dollar during Q1 2025.

Results by Segment

The following is a discussion and analysis for each reporting segment.

Open Market Segment

Results for the Open Market segment were as follows:


	Three months ended March 31
		2026			2025			% Change
Gross premiums written		$	180,347		$	220,709		(18)	%
Net premiums written		$	151,295		$	195,609		(23)	%
Net premiums earned		$	128,981		$	149,641		(14)	%
Net loss and LAE incurred		(75,230)			(112,763)
Acquisition costs		(41,212)			(40,881)
Other underwriting expenses		(5,743)			(4,797)
Deposit interest expense, net		(32)			(149)
Underwriting income (loss)		6,764			(8,949)
Net investment income		5,135			5,771			(11)	%
Income (loss) before income taxes		$	11,899		$	(3,178)

Underwriting ratios:		2026			2025			% Point Change
Loss ratio		58.3		%	75.4		%	(17.1)
Acquisition cost ratio		32.0		%	27.3		%	4.7
Composite ratio		90.3		%	102.7		%	(12.4)
Underwriting expenses ratio		4.5		%	3.3		%	1.2
Combined ratio		94.8		%	106.0		%	(11.2)

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Gross Premiums Written

Gross premiums written by line of business were as follows:


	Three months ended March 31
		2026	2025				Change
Casualty			$	11,648	6	%	$	29,724	13	%	$	(18,076)
Financial			25,526		14	%	24,064		11	%	1,462
Health			209		—	%	197		—	%	12
Multiline			62,304		35	%	66,334		30	%	(4,030)
Property			25,496		14	%	30,039		14	%	(4,543)
Specialty			55,164		31	%	70,351		32	%	(15,187)
Total			$	180,347	100	%	$	220,709	100	%	$	(40,362)

Gross premiums written within our Open Market segment in Q1 2026 decreased by $40.4 million or 18.3%, compared to Q1 2025. The decrease was predominantly attributable to the following lines of business:

•Casualty: The $18.1 million, or 60.8%, decrease was mainly due to the non-renewal of certain reinsurance programs in our general liability class and multiline casualty class as part of our strategy to reduce our exposure to the Casualty line of business.

•Multiline: The $4.0 million, or 6.1%, decrease was driven mostly by the non-renewal of a commercial auto quota share treaty, coupled with some negative premium estimate revisions within the FAL business related to certain syndicates on the 2024 and 2025 underwriting years. This was partially offset by new FAL business written on the 2026 underwriting year.

•Property: The $4.5 million, or 15.1%, decrease was mainly due to negative premium estimate revision for a prior year quota-share reinsurance treaty. This treaty is mostly retroceded to a third party; accordingly, there was no significant impact on a net premium written basis.

•Specialty: The $15.2 million, or 21.6%, decrease was predominantly driven by negative premium estimate revisions for quota-share reinsurance treaties written in prior years, coupled with rate reductions for renewed business.

Net Premiums Written

Ceded premiums written in Q1 2026 was $29.1 million, resulting in net premiums written of $151.3 million, compared to $25.1 million and $195.6 million, respectively, in Q1 2025. The increase in ceded premiums written of 15.7% was driven primarily due to a new retrocession treaty 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.

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Net Premiums Earned

Net premiums earned by line of business were as follows:


	Three months ended March 31
		2026	2025				Change
Casualty			$	16,008	12	%	$	27,343	18	%	$	(11,335)
Financial			15,454		12	%	14,315		10	%	1,139
Health			61		—	%	45		—	%	16
Multiline			57,534		45	%	53,722		36	%	3,812
Property			17,920		14	%	18,506		12	%	(586)
Specialty			22,004		17	%	35,710		24	%	(13,706)
Total			$	128,981	100	%	$	149,641	100	%	$	(20,660)

Net premiums earned within our Open Market segment in Q1 2026 decreased by $20.7 million or 13.8%, compared to Q1 2025. The decrease in Casualty line was due to the non-renewal of certain reinsurance programs in our general liability class as part of our strategy to reduce our exposure to the Casualty line of business. 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. The negative premium estimate revision on older accident years also contributed to the decrease in Specialty’s net premiums earned.

Loss ratio

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


	Three months ended March 31
		2026		2025		% Point Change
Current year:
Attritional loss ratio		53.9	%	54.0	%	(0.1)	%
Large event loss ratio		2.8	%	—		2.8	%
CAT event loss ratio		3.9	%	18.1	%	(14.2)	%
Current year loss ratio		60.6	%	72.1	%	(11.5)	%
Prior year reserve development ratio		(2.2)	%	3.3	%	(5.5)	%
Loss ratio		58.3	%	75.4	%	(17.0)	%

Current Year Loss Ratio

The Q1 2026 current year loss ratio for Open Market decreased by 11.5 percentage points to 60.6%, compared to Q1 2025, driven mainly by lower CAT event losses, partially offset by an increase in large event losses.

While the Q1 2026 attritional loss ratio was relatively consistent with Q1 2025, there were offsetting underlying movements at the lines of business level.

•Financial: increased by 15.8% compared to last year driven by adverse claims experience within our Transactional Liability business stemming predominantly from the 2021 and 2023 underwriting years. In addition, this led us to increase our expected losses on more recent underwriting years for this class of business compared to Q1 last year.

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•Multiline: increased by 3.1% driven by a combination of adverse claims experience within our Commercial Auto business on legacy contracts, and new business where we recognized newly bound and renewed contracts at higher loss ratios in response to softening market rates compared to last year.

•Specialty: decreased by 5.4% driven by favorable claims experience predominantly on aviation, energy and marine contracts, 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.

During Q1 2026, we were notified of two large event losses for a total of $3.6 million in our Specialty and Property lines; whereas we incurred no large event loss for Q1 2025.

We have estimated CAT losses of $5.0 million relating to the Middle East conflict in Q1 2026, compared to $27.0 million loss relating to the California wildfires in Q1 2025.

Prior Year Reserve Development Ratio

The Open Market segment’s prior year favorable reserve development provided 2.2 percentage points improvement to the loss ratio for Q1 2026. By comparison, in Q1 2025 the prior year adverse reserve development for the Open Market segment increased the loss ratio by 3.3 percentage points. Refer to Note 8 Loss and LAE Reserves to the condensed consolidated financial statements for further details.

Acquisition cost ratio

The acquisition cost ratio increased by 4.7 points in Q1 2026 compared to Q1 2025, primarily due to the change in business mix and lower net premium earned. Additionally, the syndicates reported higher acquisition costs for our FAL business, reported in our Multiline line of business.

Underwriting expense ratio

The underwriting expense ratio increased by 1.2 points to 4.5% in Q1 2026 compared to Q1 2025, mainly due to a decrease in net premiums earned in the Open Market segment, coupled with an increase in share-based compensation expense based on the Company’s performance as of Q1 2026 compared to Q1 2025.

Net investment income

For the Open Market segment, net investment income declined by 11.0% to $5.1 million in Q1 2026, compared to Q1 2025.

The decrease was predominantly due to lower investment income on funds at Lloyd’s due to partially replacing it with a £45 million unsecured Citibank LC (see Note 10 of the condensed consolidated financial statements), coupled with lower interest income earned from restricted cash and cash equivalents mainly as a result of the 75 basis points interest rate cuts by central banks during 2025.

Income (loss) before income taxes

Income before income taxes for the Open Market segment was $11.9 million for Q1 2026, compared to loss before income taxes of $3.2 million for Q1 2025. The increase was driven predominantly by improved underwriting results, partially offset by lower net investment income.

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Innovations Segment

Results for the Innovations segment were as follows:


	Three months ended March 31
		2026			2025			% Change
Gross premiums written		$	47,593		$	27,466		73	%
Net premiums written		$	32,181		$	23,971		34	%
Net premiums earned		$	25,166		$	19,005		32	%
Net loss and LAE incurred		(15,926)			(10,346)
Acquisition costs		(7,750)			(6,033)
Other underwriting expenses		(2,062)			(1,561)
Underwriting income (loss)		(572)			1,065
Net investment income		1,094			448
Corporate and other expenses		(722)			(572)			26	%
Income (loss) before income taxes		$	(200)		$	941

Underwriting ratios:		2026			2025			% Point Change
Loss ratio		63.3		%	54.4		%	8.9
Acquisition cost ratio		30.8		%	31.7		%	(0.9)
Composite ratio		94.1		%	86.1		%	8.0
Underwriting expenses ratio		8.2		%	8.2		%	—
Combined ratio		102.3		%	94.3		%	8.0

Gross Premiums Written

Gross premiums written by line of business were as follows:


	Three months ended March 31
		2026	2025				Change
Casualty			$	10,130	21	%	$	6,685	24	%	$	3,445
Financial			10,550		22	%	1,784		6	%	8,766
Health			(167)		—	%	3,635		13	%	(3,802)
Multiline			20,008		42	%	14,704		54	%	5,304
Specialty			7,072		15	%	658		2	%	6,414
Total			$	47,593	100	%	$	27,466	100	%	$	20,127

Gross premiums written within our Innovations segment in Q1 2026 increased by $20.1 million or 73.3%, compared to Q1 2025. The increase was across all lines of business, except for Health, driven by new business and exposure growth from existing treaties. The growth in the Multiline was predominantly driven by our Syndicate 3456. The increase in the Specialty was also due to a $2.4 million negative premium estimate revision for one quota share treaty in Q1 2025.

The negative premium in Health was driven mainly by a revised premium estimate for a prior year quota share reinsurance treaty and non-renewal of a treaty.

Net Premiums Written

Ceded premiums written in Q1 2026 was $15.4 million, resulting in net premiums written of $32.2 million, compared to $3.5 million and $24.0 million, respectively, in Q1 2025.

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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.

Net Premiums Earned

Net premiums earned by line of business were as follows:


	Three months ended March 31
		2026	2025				Change
Casualty			$	9,515	38	%	5,669	30	%	$	3,846
Financial			5,789		23	%	1,042	5	%	4,747
Health			571		2	%	1,373	7	%	(802)
Multiline			7,312		29	%	12,024	63	%	(4,712)
Specialty			1,979		8	%	(1,103)	(6)	%	3,082
Total			25,166		100	%	19,005	100	%	$	6,161

Net premiums earned in Q1 2026 increased by $6.2 million, or 32.4%, compared to Q1 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 program is included in the Multiline business, which contributed to the decline in the net premiums earned in that line of business. For the 2026 accident year, we have increased this retrocession program from 28.5% to 33% of Innovations-related contracts.

Loss ratio

The components of the loss ratio were as follows:


	Three months ended March 31
		2026		2025		% Point Change
Current year:
Attritional loss ratio		61.9	%	57.4	%	4.4
Large event loss ratio		—	%	—	%	—
CAT event loss ratio		—	%	—	%	—
Current year loss ratio		61.9	%	57.4	%	4.4
Prior year reserve development ratio		1.4	%	(3.0)	%	4.4
Loss ratio		63.3	%	54.4	%	8.8

Current Year Loss Ratio

The current year loss ratio in Q1 2026 for Innovations increased by 4.4 loss ratio points, compared to Q1 2025. This was predominantly due to an increase in attritional loss ratio for our Financial line, which was driven mainly by one treaty where the volume of claims we experienced was higher than expected. In addition, given the prior claims experience, we established a higher attritional loss ratio on the renewal of the contract during the latter half of 2025, which further increased the current year loss ratio compared to the comparable prior period.

The Innovations segment was not impacted by any CAT or large events for the periods presented in the above table.

Prior Year Reserve Development Ratio

Prior year adverse reserve development was 1.4% for Q1 2026 compared to prior year favorable reserve development of 3.0% in Q1 2025. Refer to Note 8 Loss and LAE Reserves for the condensed consolidated financial statements for further details.

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Acquisition cost ratio

The acquisition cost ratio decreased marginally by 0.9 percentage points to 30.8% in Q1 2026 compared to Q1 2025.

Underwriting expense ratio

While underwriting expenses increased by $0.5 million in Q1 2026, compared to the same period in 2025, the underwriting expense ratio remained consistent due to growth in net premiums earned.

Net investment income

For Q1 2026, the Innovations segment reported a net investment income of $1.1 million, compared to net investment income of $0.4 million in Q1 2025. The was predominantly driven by additional investment income earned from a higher average outstanding restricted cash balance to secure LC and trust accounts relating to Innovations reinsurance treaties.

Income (loss) before income taxes

The loss before income taxes for the Innovations segment was $0.2 million in Q1 2026, compared to income before income taxes of $0.9 million in Q1 2025. The performance in 2026 was predominantly driven by weaker underwriting results.

Other Corporate

Runoff Underwriting Business

For Q1 2026, the Innovations-related property business in runoff generated a nominal underwriting loss, compared to underwriting income of $0.1 million in Q1 2025. The negative net premiums earned for this run-off business in Q1 2026 and Q1 2025, as reported in the table under Corporate in Note 17 of the condensed consolidated financial statements, reflects an adjustment to our prior premium estimate based on updated reporting from the cedent.

Income from Investment in Solasglas

For Q1 2026, Solasglas reported a net gain of 6.8%, compared to a net gain of 7.2% for Q1 2025. The following table provides a breakdown of the gross and net investment return for Solasglas.


	Three months ended March 31
		2026		2025
Long portfolio gains (losses)		1.0	%	(1.4)	%
Short portfolio gains (losses)		5.7	%	5.0	%
Macro gains (losses)		1.2	%	4.6	%
Other income and expenses(1)		(0.3)	%	(0.4)	%
Gross investment return		7.6	%	7.8	%
Net investment return(1)		6.8	%	7.2	%

1 “Other income and expenses” excludes performance compensation but includes management fees. “Net investment return” incorporates both of these amounts. For further information about management fees and performance compensation, refer to Note 3.

For Q1 2026, the significant contributors to Solasglas’ investment income were long positions in gold, Acadia Healthcare (ACHC) and DHT Holdings (DHT). The largest detractors were long positions in U.S. interest rate derivatives, Kyndryl Holdings (KD), and Graphic Packing Holdings (GPK).

Each month, we post the Solasglas investment returns on our website (www.greenlightre.com).

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Financial Condition

Investments

The following table provides a breakdown of our total investments:


	March 31, 2026				December 31, 2025
Investment in Solasglas	$	515,244	70.3	%	$	504,555	79.7	%
Fixed maturities	150,902		20.6	%	65,609		10.4	%
Other investments	66,441		9.1	%	62,911		9.9	%
Total investments	$	732,587	100.0	%	$	633,075	100.0	%

At March 31, 2026, our total investments increased by $99.5 million, or 15.7%, to $732.6 million from December 31, 2025, primarily as we transferred some of our restricted cash balances into fixed maturities investments.

Investments in Solasglas

Our investment in Solasglas increased by $10.7 million to $515.2 million at March 31, 2026, driven by the $33.7 million net investment income for the current quarter, partially offset by net redemptions.

DME Advisors reports the composition of Solasglas’ portfolio on a delta-adjusted basis, which it believes is the appropriate manner to assess the exposure and profile of investments and reflects how it manages the portfolio. An option’s delta is the option price’s sensitivity to the underlying stock (or commodity) price. The delta-adjusted basis is the number of shares or contracts underlying the option multiplied by the delta and the underlying stock (or commodity) price.

The following table represents the composition of Solasglas’ investments:


	March 31, 2026				December 31, 2025
	Long %		Short %		Long %		Short %
Equities and related derivatives	92.2	%	(53.0)	%	91.0	%	(53.3)	%
Private and unlisted equity securities	1.8		—		1.9		—
Debt instruments	0.1		—		0.1		—
Total	94.1	%	(53.0)	%	93.0	%	(53.3)	%

The above exposure analysis does not include cash (U.S. dollar and foreign currencies), gold and other commodities, credit default swaps, sovereign debt, foreign currency derivatives, interest rate derivatives, inflation swaps and other macro positions. Under this methodology, a total return swap’s exposure is reported at its full notional amount and options are reported at their delta-adjusted basis. At March 31, 2026, Solasglas’ exposure to gold on a delta-adjusted basis was 10.2% (December 31, 2025: 11.9%).

At March 31, 2026, 96.4% of Solasglas’ portfolio was valued based on quoted prices in actively traded markets (Level 1), 2.4% was composed of instruments valued based on observable inputs other than quoted prices (Level 2), and a nominal amount was composed of instruments valued based on non-observable inputs (Level 3). At March 31, 2026, 1.2% of Solasglas’ portfolio consisted of private equity funds valued using the funds’ net asset values as a practical expedient.

Fixed Maturities

Our investment in fixed maturities increased by $85.3 million to $150.9 million at March 31, 2026, driven by further net contributions to the managed fixed maturity portfolio from restricted cash and cash equivalents, coupled with a new investment in a liquid fund approved by Lloyd’s. The funding for this new investment came from funds previously held by Lloyd’s and included in our reinsurance balances receivable (see below).

The following table provides the credit quality distribution of our fixed maturity portfolio at March 31, 2026.

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						Credit Rating
		Fair Value		% of Total		AAA		AA- to AA+		A to A+		Not Subject to Credit Rating
Fixed Maturities:
	U.S. government and agencies	$	26,252	17	%	$	—	$	26,252	$	—	$	—
	Agency RMBS	25,197		17	%	—		25,197		—		—
	Corporate bonds	38,664		26	%	—		32,127		6,537		—
	ABS	6,085		4	%	6,085		—		—		—

	Non-agency RMBS	—		—	%	—		—		—


	Total fixed maturity portfolio	96,198		64	%	6,085		83,576		6,537		—
Liquidity funds		54,704		36	%	$	—	—		—		54,704
Total fixed maturity investments		$	150,902	100	%	$	6,085	$	83,576	$	6,537	$	54,704

At March 31, 2026, the fixed maturity portfolio had a weighted average credit rating of AA, a book yield of 3.9%, and an average duration of 2.1 years. See Note 4 “Fixed Maturity Investments” and Note 7 “Fair Value Measurements” for further details.

Other Investments

The other investment holdings relate to private investments made by the Innovations segment. The increase of $3.5 million to $66.4 million from December 31, 2025 was predominantly due to additional investments on two existing holdings and three new investments.

Restricted cash and cash equivalents

We use our restricted cash and cash equivalents primarily for funding trusts and letters of credit issued to our ceding insurers. Our restricted cash increased by $3.2 million, or 0.6%, from $532.0 million at December 31, 2025, to $535.2 million at March 31, 2026. During Q1 2026, the increase in restricted cash and cash equivalents was primarily driven from business growth in our Innovations segment, partially offset by the transfer of restricted cash and cash equivalents to our fixed maturity portfolio to further enhance net investment return.

Reinsurance balances receivable

Our reinsurance balances receivable increased by $8.1 million, or 1.2%, to $672.5 million from $664.4 million at December 31, 2025. This was driven primarily by $39.2 million increase in premiums receivable, net of collections, and $12.3 million in premiums held by Lloyds’ syndicates from new and renewed reinsurance treaties; partially offset by $44.2 million net release of Funds at Lloyds. The latter was invested in a liquidity fund (see fixed maturity portfolio).

Loss and LAE Reserves; Loss and LAE Recoverable

Our total gross loss and LAE reserves decreased by $1.6 million, or 0.2%, to $966.3 million from $968.0 million at December 31, 2025. The decrease was predominantly due to the total incurred losses on earned premiums being offset by paid losses during the quarter. See Note 8 of the condensed consolidated financial statements for a summary of changes in outstanding loss and LAE reserves and a description of prior period reserve developments.

Our total loss and LAE recoverable increased by $4.8 million, or 6.0%, to $86.2 million from $81.4 million at December 31, 2025. The increase is driven predominantly by an increase in whole-account quota share retrocession agreements based on assumed premiums. See Note 9 of the condensed consolidated financial statements for a description of the credit risk associated with our retrocessionaires.

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Probable Maximum Loss (“PML”)

At April 1, 2026, our estimated largest PML at a 1-in-250-year return period for a single event, and in aggregate, was $143.4 million and $157.5 million, respectively, both relating to the peril of North Atlantic Hurricane, compared to $138.8 million and $151.2 million, respectively, at January 1, 2026. The below table contains the expected modeled loss for each of our peak peril regions and sub-regions for both a single event loss and aggregate loss measures at the 1-in-250-year return period.


	April 1, 2026
	Net 1-in-250 Year Return Period
Peril	Single Event Loss	Aggregate Loss
North Atlantic Hurricane	143,447	157,549
Florida Hurricane	102,247	105,112
Southeast Hurricane (excluding Florida)	119,095	122,702
Gulf of Mexico Hurricane	75,210	76,650
Northeast Hurricane	90,037	92,134
North America Earthquake	126,820	130,571
California Earthquake	120,539	121,372
Pacific Northwest Earthquake	37,396	37,396
New Madrid Earthquake	22,280	22,361
Europe Windstorm	74,426	78,433
Japan Earthquake	20,315	20,556
Japan Windstorm	11,503	11,620

Debt

At March 31, 2026, our total outstanding debt remained unchanged from $4.7 million at December 31, 2025. Refer to Note 10 “Debt and Credit Facilities” of the condensed consolidated financial statements for further information.

Total shareholders’ equity

Total shareholders’ equity increased by $33.2 million to $741.2 million, compared to $708.0 million at December 31, 2025. The increase was primarily due to the net income of $35.8 million reported for the period, coupled with share-based compensation adjustment to additional paid-in capital. This was partially offset by $5.0 million of stock repurchases during the quarter.

Liquidity and Capital Resources

Refer to the “Liquidity and Capital Resources” section included in Item 7 of our 2025 Form 10-K for a general discussion of our liquidity and capital resources.

Liquidity

The following table summarizes our sources and uses of funds:

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	Three months ended March 31
	2026		2025
Total cash provided by (used in):
Operating activities	$	37,244	$	10,379
Investing activities	(66,087)		(15,995)
Financing activities	(4,989)		(938)
Effect of currency exchange on cash	339		226
Net cash inflows (outflows)	(33,493)		(6,328)
Cash, beginning of period (1)	643,732		649,087
Cash, end of period	$	610,239	$	642,759

(1) Cash includes unrestricted and restricted cash and cash equivalents - see Note 6 of the financial statements.

Cash provided by operating activities

The $26.9 million increase in cash provided by operating activities in Q1 2026 compared to Q1 2025 was driven mainly by the ebb and flow from our underwriting activities. Cash inflows from underwriting activities generally include premiums, net of acquisition costs, and reinsurance recoverables. Cash outflows principally include payments of losses and LAE, payments of retrocession premiums, and operating expenses. Cash provided by operating activities may vary significantly from period to period due to the timing of these inflows and outflows.

Cash used in investing activities

The $50.1 million increase in cash used for investing activities was driven mainly by additional net contributions to fixed maturity investments, for which the source of funds came from restricted cash and funds held by Lloyd’s. This was partially offset by the net redemptions in Solasglas in Q1 2026 compared to net contributions in Q1 2025.

Cash used in financing activities

The increase in cash used for financing activities during Q1 2026 is attributable to the repurchase of $5.0 million of our ordinary shares in the quarter, compared to none in Q1 2025.

Capital Resources

The following table summarizes our debt and capital structure:


	March 31, 2026			December 31, 2025
Debt - outstanding principal	$	5,000		$	5,000
Shareholders’ equity	741,172			707,977
Total capital	$	746,172		$	712,977

Ratio of debt to shareholders’ equity	0.6		%	0.7		%

The ratio of debt to shareholders’ equity provides an indication of our leverage and capital structure, along with some insights into our financial strength. In addition to the above capital, we also have LC facilities to support our reinsurance business operations where we are not licensed or admitted as a reinsurer.

Ordinary Shares

At March 31, 2026, there were 33,684,902 outstanding ordinary shares, a decrease of 212,807 since December 31, 2025, mainly due to 298,701 of share repurchases, coupled with the net forfeited performance restricted stock awards granted in 2023. This was partially offset by the issuance of ordinary shares for vested service RSUs.

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We expect that the existing capital base and internally generated funds will be sufficient to implement our business strategy for the foreseeable future.

LC Facilities

See Note 10 “Debt and Credit Facilities” of Q1 2026 Financials for details of all outstanding LC facilities and Note 18 “Subsequent Events” for the new and amended CIBC LC facilities in April 2026, resulting in an increase from $200 million to $300 million of total committed LC facilities by CIBC.

Contractual Obligations and Commitments

At March 31, 2026, our contractual obligations and commitments by period due were as follows:


	Less than 1 year		1-3 years		3-5 years		More than 5 years		Total
Operating activities
Loss and loss adjustment expense reserves (1)	$	390,401	$	352,714	$	126,590	$	96,634	$	966,339
Operating lease obligations (2)	669		1,261		1,050		—		2,980
Financing activities
Debt (principal payments) (3)	—		—		5,000		—		5,000
Total	$	391,070	$	353,975	$	132,640	$	96,634	$	974,319

(1) Due to the nature of our reinsurance operations, the amount and timing of the cash flows associated with our reinsurance contractual liabilities will fluctuate, perhaps materially, and, therefore, are highly uncertain.

(2) See Note 17 “Commitments and Contingencies” of the consolidated financial statements in the 2025 Form 10-K.

(3) See Note 10 “Debt and Credit Facilities” of the financial statements.

Critical Accounting Estimates

Our financial statements contain certain amounts that are inherently subjective and have required management to make assumptions and best estimates to determine reported values. If certain factors, including those described in “Part II. Item 1A. Risk Factors” included in our 2025 Form 10-K, cause actual events or results to differ materially from our underlying assumptions or estimates. In that case, there could be a material adverse effect on our results of operations, financial condition, or liquidity. The most significant estimates relate to:

•loss and loss adjustment expense reserves;

•premiums written and earned and related premium receivable, net of expected credit losses;

•reinsurance recoverable on unpaid losses and loss adjustment expenses, net of expected credit losses; and

•valuation of investments, including impairments.

We believe that the critical accounting estimates discussion in “Part II. Item 7. — Management’s Discussion and Analysis of Financial Condition and Results on Operations” of our 2025 Form 10-K continues to describe the significant estimates and judgments included in the preparation of these financial statements.

Recent Accounting Pronouncements

At March 31, 2026, there were no recently issued accounting pronouncements that we have not yet adopted that we expect could have a material impact on our results of operations, financial condition, or liquidity. See Note 2 “Significant Accounting Policies” of the Q1 2026 Financials.

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Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Refer to Item 7A included in our 2025 Form 10-K. There have been no material changes to this item since December 31, 2025, except for the following.

Commodity Prices Risk

In connection with Solasglas’ long or short investment in commodities or derivatives directly impacted by fluctuations in the prices of commodities, the following table summarizes the net impact that a 10% movement in commodity prices would have on the fair value of Solasglas’ investment portfolio. The below table excludes the indirect effect that changes in commodity prices might have on equity securities in the Solasglas’ investment portfolio.


	March 31, 2026		December 31, 2025
Gold	$	6,159	$	9,074
Uranium	560		1,770
Copper	243		574
Total unrealized loss	$	6,962	$	11,418

Foreign Currency Risk

Underwriting Related

The following table table presents a sensitivity analysis of our total net foreign currency exposures presented in USD equivalent:


		GBP		EUR		Other		Total
At March 31, 2026
	Reinsurance assets (liabilities)	$	73,899	$	(24,354)	$	2,756	$	52,301
	Cash and cash equivalents	7,603		6,174		4,189		17,966
	Net foreign currency exposure	81,502		(18,180)		6,945		70,267

	Pre-tax impact of hypothetical 10% increase in USD	$	(8,150)	$	1,818	$	(695)	$	(7,027)

At December 31, 2025
	Reinsurance assets (liabilities)	$	70,299	$	(27,226)	$	1,196	$	44,269
	Cash and cash equivalents	8,068		2,761		3,955		14,784
	Net foreign currency exposure	78,367		(24,465)		5,151		59,053

	Pre-tax impact of hypothetical 10% increase in USD	$	(7,837)	$	2,447	$	(515)	$	(5,905)

Investment in Solasglas

At March 31, 2026, a 10% increase in the value of the U.S. dollar against foreign currencies (mostly Euro) would result in a $2.8 million unrealized loss on our investment in Solasglas (December 31, 2025:$3.2 million).

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Interest Rate Risk

Investment in Solasglas

At March 31, 2026, our interest rate risk exposure in Solasglas was predominantly related to interest rate derivatives. The fair value for these derivatives is sensitive to movements in the underlying benchmark yield curve, and a hypothetical 100 basis point parallel increase in the yield curve would result in a $35.9 million loss on our investment in Solasglas (December 31, 2025: $20.5 million).

Fixed Maturities

The following table presents the estimated pre-tax impact on the fair value of fixed maturities due to an increase in the U.S. yield curve of 100 basis points and an additional 100 basis points credit spread widening for corporate debt, ABS, non-agency RMBS, and municipal bond securities.


			Potential adverse change in fair value
	Fair value		Increase in interest rate by 100 basis points		Widening of credit spreads by 100 basis points		Total
At March 31, 2026
U.S. government and agencies	$	26,252	$	(583)			$	(583)
Agency RMBS	25,197		(668)				(668)
Securities exposed to credit spreads:
Corporate bonds	38,664		(832)		(871)		(1,703)
ABS	6,085		(112)		(114)		(226)


Total fixed maturity portfolio	$	96,198	$	(2,195)	$	(985)	$	(3,180)


			Potential adverse change in fair value
	Fair value		Increase in interest rate by 100 basis points		Widening of credit spreads by 100 basis points		Total
At December 31, 2025
U.S. government and agencies	$	17,979	$	(436)			$	(436)
Agency RMBS	18,258		(485)				(485)
Securities exposed to credit spreads:
Corporate bonds	9,769		(297)		(306)		(603)
ABS	5,565		(53)		(102)		(155)
Non-agency RMBS	600		(30)		(29)		(59)
Municipal bonds	857		(30)		(30)		(60)
Total fixed maturity portfolio	$	53,028	$	(1,331)	$	(467)	$	(1,798)

Item 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

As required by Rules 13a-15 and 15d-15 of the Exchange Act, the Company has evaluated, with the participation of management, including the Chief Executive Officer and the Chief Financial Officer, the effectiveness of its disclosure controls and procedures (as defined in such rules) as of the end of the period covered by this report. Based on such evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports prepared in accordance with the rules and regulations of the SEC is recorded, processed, summarized and reported

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within the time periods specified by the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer and principal financial officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that the Company’s disclosure controls and procedures will prevent all errors and all frauds. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake.

Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls also is based, in part, upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

Changes in Internal Control Over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting during the fiscal quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. The Company continues to review its disclosure controls and procedures, including its internal controls over financial reporting, and may from time to time make changes aimed at enhancing their effectiveness and to ensure that the Company’s systems evolve with its business.

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PART II — OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

From time to time, in the normal course of business, we may be involved in formal and informal dispute resolution procedures, which may include arbitration or litigation, the outcomes of which determine our rights and obligations under our reinsurance contracts and other contractual agreements. In some disputes, we may seek to enforce our rights under an agreement or to collect funds owing to us. In other matters, we may resist attempts by others to collect funds or enforce alleged rights. While the final outcome of legal disputes cannot be predicted with certainty, we do not believe that any of our existing contractual disputes, when finally resolved, will have a material adverse effect on our business, financial condition or operating results.

Item 1A. RISK FACTORS

Factors that could cause our actual results to differ materially from those in this report are any of the risks described in “Part I. Item 1A. Risk Factors” included in our 2025 Form 10-K, as filed with the SEC on March 9, 2026. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations.

As of March 31, 2026, there have been no other material changes to the risk factors disclosed in “Part I. Item 1A. Risk Factors” included in our 2025 Form 10-K. We may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Refer to Note 11 “Share Capital” of the condensed consolidated financial statements for a summary of our share repurchase plan.

The table below details the share repurchases that were made under the Plan during the three months ended March 31, 2026:


Shares Purchased Under Publicly Announced Repurchase Program
Period	Number of Shares Purchased	Average Price per Share		Maximum Dollar Amount Still Available Under Share Repurchase Plan
Beginning balance				$	20,175
January 1 - 31, 2026	—	$	—	20,175
February 1 - 28, 2026	—	—		20,175
March 1 - 31, 2026	298,701	16.70		15,186









Total	298,701	$	16.70	$	15,186

During the three months ended March 31, 2026, we repurchased 298,701 ordinary shares at an average price of $16.70 per share, for a total of $5.0 million.

Subsequent to March 31, 2026, we repurchased 518,454 ordinary shares at an aggregate cost of $9.5 million and an average price of $18.38 per ordinary share through April 30, 2026. On April 28, 2026, the Board of Directors approved a new share repurchase plan of up to $40.0 million from May 15, 2026 to May 31, 2027.

Item 3. DEFAULTS UPON SENIOR SECURITIES

None.

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Item 4. MINE SAFETY DISCLOSURES

Not applicable.

Item 5. OTHER INFORMATION

Our directors and executive officers may purchase or sell shares of our ordinary shares in the market from time to time, including pursuant to equity trading plans adopted in accordance with Rule 10b5-1 under the Exchange Act (“Rule 10b5-1”) and in compliance with guidelines specified by the Company. In accordance with Rule 10b5-1 and our insider trading policy, directors, officers, and certain employees who, at such time, are not in possession of material non-public information about the Company are permitted to enter into written plans that pre-establish amounts, prices and dates (or formula for determining the amounts, prices and dates) of future purchases or sales of the Company’s stock, including shares acquired pursuant to the Company’s equity plans (“Rule 10b5-1 Trading Plans”). Under Rule 10b5-1 Trading Plan, a broker executes trades pursuant to parameters established by the director or executive officer when entering into the plan, without further direction from them.

During the three months ended March 31, 2026, we did not have any Rule 10b5-1 trading arrangements or any “non-Rule 10b5-1 arrangements” (as defined in Item 408(a) of Regulation S-K) in place for our directors and officers.

Item 6. EXHIBITS


10.1			Amended and Rest ated Master Letter of Credit Agreement da ted as of April 1, 2026, by and between Gree nlight Reinsurance, Ltd. and CIBC Bank USA.
10.2			Master Letter of Credit Agreement dated as of April 1, 2026, by and between Greenlight R einsurance Ireland, Designated Activit y Company and CIBC Bank USA.
31.1			Certification of the Chief Executive Officer filed hereunder pursuant to Section 302 of the Sarbanes Oxley Act of 2002
31.2			Certification of the Chief Financial Officer filed hereunder pursuant to Section 302 of the Sarbanes Oxley Act of 2002
32.1			Certification of the Chief Executive Officer filed hereunder pursuant to Section 906 of the Sarbanes Oxley Act of 2002
32.2			Certification of the Chief Financial Officer filed hereunder pursuant to Section 906 of the Sarbanes Oxley Act of 2002
101			The following materials from the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2026 formatted in Inline XBRL (Extensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets; (ii) the Condensed Consolidated Statements of Operations; (iii) the Condensed Consolidated Statements of Changes in Shareholders’ Equity; (iv) the Condensed Consolidated Statements of Cash Flows; and (v) the Notes to Condensed Consolidated Financial Statements.
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


			GREENLIGHT CAPITAL RE, LTD.
			(Registrant)
			By:			/s/ GREGORY RICHARDSON
						Gregory Richardson Director and Chief Executive Officer (principal executive officer)
						May 5, 2026

			By:			/s/ FARAMARZ ROMER
						Faramarz Romer Chief Financial Officer (principal financial officer)
						May 5, 2026