Greenlight Capital Re, Ltd. Q2 FY2025 earnings call

• Net income for Q2 2025 was $0.3 million, with year-to-date net income at $30 million. Fully diluted book value per share increased 0.5% in the quarter and 5.7% for the first half. • Combined ratio for Q2 was 95.0% translating to $8.1 million underwriting income. • Solasglas portfolio was down 4% in Q2, with long portfolio at 1.2%, macro at 3.5%, and short portfolio at -8.9%. • Updated cat event loss definition to $5M+ net of reinsurance recoveries and started reporting known large loss events $1M-$5M. • Non-renewed significant portion of open market casualty book, offset by growth in FAL and specialty book. • Repurchased $5 million of stock at $13.99 per share. • Prepared investor presentation available on corporate website.

In Q2 2025, the Open Market segment grew net written premiums by 8% to $142.1 million. Its combined ratio improved to 92% from 94.1% in the same period of 2024, with a pretax income of $16.8 million (composed of $11.2 million underwriting income and $5.6 million investment income). The Innovations segment saw net written premiums grow 2.3% to $22.7 million. However, its combined ratio was 107% compared to 90.9% in Q2 2024, with $2.5 million of adverse reserve development related to two specific programs. Runoff homeowners property contracts suffered adverse development of $1.5 million, and foreign exchange gains were $6.3 million.

• Monitoring capital position and evaluating opportunities for further share repurchases. • Overall market conditions remaining similar to prior periods with flat to mild single-digit decreases in risk-adjusted rate change. • Feeling good about exposures heading into peak cat season and well positioned to weather storms.

• Net financial impact of prior year adverse loss development was $2.6 million or 1.6 combined ratio points. • Innovations segment had $2.5 million adverse reserve development related to two programs. • Runoff homeowners property contracts had $1.5 million adverse development. • Short portfolio detracted from Solasglas performance in Q2.