Greenlight Capital Re, Ltd. Q4 FY2025 earnings call

• Strong results for Q4 2025 and full year 2025 with net income of $49.3 million in Q4 and $74.8 million for full year. - 10th underwriting profit in 12 quarters. - 1-1 renewal season: 60% of business incepts on Jan 1st, pricing adequate, Funds at Lloyds book optimistic, specialty book grew 6%, property book rates down 12% but exposure up 7%, innovations portfolio renewals at 1-1 saw 83% premium growth. - Investment performance: Solus Glass Fund had 7.9% return in Q4, 7.5% in 2025, net exposure in investment portfolio ~29% at end of Feb.

Open market segment: Reported pre-tax income of $28.2 million in Q4 2025, composed of underwriting income of $13.2 million and investment income of $15 million. Net written premiums grew 9% to $123.6 million, net earned premiums grew 11%. Open market combined ratio improved to 90.7% in Q4. Innovation segment: Gross return premiums grew $16.5 million (80%) to $37.1 million in Q4, net earned premiums increased 27% to $24.2 million. Combined ratio was 101.7% in Q4, 100.2% for full year 2025.

• Optimistic about opportunities ahead in 2026 and Greenlight Re's positioning. - Believes well positioned to deliver another outstanding year of performance for shareholders.

• Middle East tensions: Some exposure to conflict from specific marine war, aviation war, and war on land covers in specialty book. Closely monitoring developments.

Q: Lots of attention on private credit, connection between reinsurance capital float and private credit, and how private credit narrative plays into equity market risk and capital allocation.

A: Asset side of business has no private credit, private credit is peripheral to investment strategy.

Q: Move to retire debt, opportunistic move or return to debt market.

A: Converted debt and paid down, still have revolver for future leverage if needed.

Q: Investment ratio remains at 70%, update on investment portfolio risk management.

A: Solace Glass performance terrific, investment strategy scalable, levered return attractive but volatile, board-governed