Greenlight Capital Re, Ltd. (NASDAQ: GLRE) ("Greenlight Re" or the "Company") today reported its financial results for the second quarter and six months ended June 30, 2026.

Greenlight Re operates a distinctive hybrid model in the reinsurance sector, pairing traditional property and casualty underwriting with an investment strategy managed by Solasglas Investments, LP, the investment vehicle led by Chairman David Einhorn, founder of Greenlight Capital. This structure means the Company's quarterly results are driven by both underwriting performance and the returns—and losses—generated by its investment portfolio.

Second Quarter 2026 Highlights (all comparisons are to the second quarter of 2025 unless otherwise noted):

• Gross premiums written increased 2% to $183.1 million.
• Net premiums earned increased $0.2 million to $161.8 million.
• Net underwriting loss of $0.2 million, compared to underwriting income of $8.1 million.
• Combined ratio of 100.1%, compared to 95.0%, driven by catastrophe (CAT) losses. A combined ratio above 100% indicates that underwriting is unprofitable on a standalone basis, meaning the Company is paying out more in claims and expenses than it collects in premium revenue before investment results.
• Total investment loss of $23.8 million, compared to a loss of $7.8 million.
• Net loss of $29.6 million, or $0.89 per diluted ordinary share, compared to net income of $0.3 million, or $0.01 per diluted ordinary share.
• Repurchased $14.2 million of ordinary shares at an average cost of $17.69 per share.
• Fully diluted book value per share decreased 3.7% to $20.61, from $21.40 at March 31, 2026.

Six Months Ended June 30, 2026 Highlights (all comparisons are to the same period in 2025):

• Gross premiums written decreased 4% to $411.1 million.
• Net premiums earned decreased 4% to $316.0 million.
• Net underwriting income of $6.0 million, compared to underwriting income of $0.3 million.
• Combined ratio of 98.1%, compared to 99.9%.
• Total investment income of $16.6 million, compared to $32.7 million.
• Net income of $6.2 million, or $0.18 per diluted ordinary share, compared to $30.0 million, or $0.87 per diluted ordinary share.
• Repurchased $19.2 million of shares at an average cost of $17.42 per share.
• Fully diluted book value per share increased 0.9% to $20.61, from $20.43 at December 31, 2025.

From July 1, 2026, to August 3, 2026, the Company repurchased an additional $3.9 million of ordinary shares at an average price of $16.42 per share.

Management Commentary

Greg Richardson, Chief Executive Officer of Greenlight Re, stated: "Volatility is inherent in our business, and this quarter is a good reminder of the important role we play in helping our clients when they need us most. We have taken a prudent approach to our Middle East exposure and have set up appropriate reserves this quarter. I am pleased with our portfolio as we continue to demonstrate discipline and manage capital in a softening market." The reference to a softening market reflects conditions in which reinsurance premium rates are declining or policy terms are becoming more favorable to buyers, which can compress underwriting margins across the sector.

David Einhorn, Chairman of the Board of Directors, said: "The second quarter was a challenging investment period. Gains from our long portfolio offset losses in our short portfolio, and we had drag from macro, which detracted about 5%. Solasglas remains conservatively positioned during this uncertain environment, while the overall equity market remains very expensive."

Second Quarter 2026 Earnings Call

Greenlight Re will host a live conference call to discuss its financial results on Wednesday, August 5, 2026, at 9:00 a.m. Eastern Time.

Dial-in details:

• U.S. toll free: 1-877-407-9753
• International: 1-201-493-6739

The conference call can also be accessed via webcast at:

A telephone replay will be available following the call through August 11, 2026. The replay may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13755437. An audio file of the call will also be available on the Company's website, www.greenlightre.com.

Non-GAAP Financial Measures

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

Fully Diluted Book Value Per Share

The Company's primary financial goal is to increase fully diluted book value per share over the long term. Greenlight Re uses fully diluted book value as a financial measure in its incentive compensation plan. Management believes that long-term growth in fully diluted book value per share is the most relevant measure of financial performance because it provides management and investors a yardstick to monitor shareholder value generated. Fully diluted book value per share may also help investors, shareholders, and other interested parties form a basis of comparison with other companies within the property and casualty reinsurance industry.

Fully diluted book value per share should not be viewed as a substitute for the most comparable U.S. GAAP measure, which in the Company's view is basic book value per share. Basic book value per share is calculated as (a) ending shareholders' equity divided by (b) the total ordinary shares issued and outstanding, as reported in the consolidated financial statements. Fully diluted book value per share represents basic book value per share combined with any dilutive impact of in-the-money stock options and all outstanding restricted stock units ("RSUs"). Management believes these adjustments better reflect the ultimate dilution to shareholders.

Forward-Looking Statements

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

About Greenlight Capital Re, Ltd.

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

Investor Relations Contact:

Jeremy Hellman, Vice President, The Equity Group Inc.
(212) 836-9626
IR@greenlightre.ky