Greenlight Reinsurance, Ltd. · NASDAQ:GLRE
Greenlight Reinsurance — Greenlight Capital Re — Q3 2026 Earnings Presentation
25 slides from Greenlight Reinsurance's earnings presentation
Slide 1: Q3 2026 Investor Presentation
Q3 2026 Investor Presentation NASDAQ: GLRE
Slide 2: Cautionary Note Regarding Forward-Looking Statements and Non-GAAP Measures
Cautionary Note Regarding Forward-Looking Statements and Non-GAAP Measures and Investment Disclosures This Investor Presentation (this “Presentation”) is intended solely for the informational purposes of the persons to whom it is presented in connection with the quarterly earnings results of Greenli
Slide 3: Greenlight Re: Introduction
Greenlight Re: Introduction greenlightre.com 3
Slide 4: Three Strategic Pillars to Drive Book Value Growth
Three Strategic Pillars to Drive Book Value Growth Our three pillars create a diversified earnings profile—enabling us to pursue consistent, long-term returns for shareholders Open Market Innovations Underwriting Value Oriented Investments Reinsurance Underwriting & Investments (Solasglas Investment
Slide 5: Greenlight Re Overview and Highlights
Greenlight Re Overview and Highlights Our strategic focus is driving underwriting excellence with respect to each and every decision we make Diverse Business Mix1 Property 10% $695M $2.3B $754M Specialty 23% Q3 2026 Q3 2026 Gross Premiums Shareholders’ Equity Total assets Written2 48.5% $30.5M 3 Cas
Slide 6: Underwriting Platforms
Underwriting Platforms Our lean, flexible platform provides global market access via three strategically located jurisdictions: Greenlight Capital Re, Ltd. NASDAQ: “GLRE” Cayman Islands Ireland United Kingdom Greenlight Reinsurance, Ltd. Greenlight Reinsurance Ireland, DAC Syndicate 3456 (Lloyd’s) A
Slide 7: Disciplined, Profitable Growth
Disciplined, Profitable Growth 10% premium CAGR 2021–25; combined ratio below 100% in two of last three years and YTD 1 CAGR: 10.0% Gross $698 $773 $637 Premiums $565 $563 $612 $593 Written ($ in millions) 2021 2022 2023 2024 2025 9M 2025 9M 2026 100.9% 102.3% 101.4% 94.5% 94.6% 95.4% 95.6% Combined
Slide 8: Consistent Book Value Growth
Consistent Book Value Growth Positive net income every year since 2021 $87 Net $75 Income ($ in millions) $43 $25 $18 $9 2021 2022 2023 2024 2025 9M 2026 1 CAGR: 8.8% Fully Diluted $20.43 $20.78 $17.95 Book Value $13.99 $14.33 $16.74 Per Share 2021 2022 2023 2024 2025 9M 2026 1. CAGR in the chart is
Slide 9: Balance Sheet Strength
Balance Sheet Strength Shareholders' equity up nearly 50% 2021–25; debt leverage cut from 17% to 1% Shareholders' $708 $695 Equity $596 $636 $476 $503 ($ in millions) 2021 2022 2023 2024 2025 Q3 2026 Debt Leverage 17% 16% 12% 9% 1% 1% 2021 2022 2023 2024 2025 Q3 2026 Financial Strength Rating Upgrad
Slide 10: Third Quarter Highlights
Third Quarter Highlights greenlightre.com 10
Slide 11: Third Quarter Highlights
Third Quarter Highlights "We are pleased to report strong underwriting income in the third quarter, aided by a relatively benign catastrophe and large loss environment. The conservative reserving approach we took on Middle East–related exposures last quarter has developed favorably, and our year-to-
Slide 12: Segment Results
Segment Results greenlightre.com 12
Slide 13: Open Market Segment
Open Market Segment Gross Premiums Written Business Mix Combined Ratio ($ in millions) $528 Casualty 6% 94.4% 94.6% $471 84.5% 87.9% 3.6% 4.2% Specialty Financial 3.8% 4.9% 25% 28.0% 14% 30.5% 27.7% 31.8% Underwriting $155 Expense Ratio $139 62.8% 59.9% 53.0% 51.2% Acquisition Property Cost Ratio 12
Slide 14: Innovations Segment
Innovations Segment Gross Premiums Written Business Mix Combined Ratio ($ in millions) Specialty 14% 96.8% 98.2% 99.6% 96.7% Casualty 23% 12.1% 10.1% 11.8% 10.1% $122 20.3% 22.2% 27.5% 30.4% $84 Underwriting Expense Ratio $43 67.8% 60.3% 64.4% $29 Financial 17% 54.3% Acquisition Cost Ratio Multiline
Slide 15: Innovations — Our Approach to Partnering
Innovations — Our Approach to Partnering Investment-led access to underwriting opportunities We invest early in innovative insurance and MGA start-ups, gaining preferential access to underwriting business as partners scale Our Selectivity Our Advantages Our Results Generally early-stage only — Three
Slide 16: Solasglas Investments Update
Solasglas Investments Update greenlightre.com 16
Slide 17: Solasglas Investments, LP: A Differentiated Investment Strategy
Solasglas Investments, LP: A Differentiated Investment Strategy Investment Approach Annual Average Greenlight Capital, Inc., an affiliate of DME Advisors, Solasglas’ investment Annual Investment Returns Returns Since advisor, was founded in 1996 by our Chairman David Einhorn and is recognized 2021:
Slide 18: Investing in Greenlight Re
Investing in Greenlight Re greenlightre.com 18
Slide 19: Why Invest in Greenlight Re?
Why Invest in Greenlight Re? Seasoned and Refreshed Well-Positioned Innovations Executive Leadership and Diversified Business is Maturing Focused on underwriting culture and Specialty property and casualty reinsurance Now a distinct reporting segment with strong results-driven decision-making portfo
Slide 20: Executive and Underwriting Leadership
Executive and Underwriting Leadership Greg Richardson AVERAGE INDUSTRY EXPERIENCE: 20+ Years Chief Executive Officer Executive Team Comprised of Significant Greenlight Re Joined 2024 (formerly TransRe) Tenure and Fresh Perspectives Faramarz Romer Patrick O’Brien David Sigmon Chief Financial Officer
Slide 21: Appendix
Appendix greenlightre.com 21
Slide 22: Fully Diluted Book Value Per Share
Fully Diluted Book Value Per Share The key non-GAAP financial measure used in this Presentation is fully diluted book value per share. Our primary financial goal is to increase fully diluted book value per share over the long term. We use fully diluted book value as a financial measure in our long-t
Slide 23: Fully Diluted Book Value Per Share (Quarterly)
Fully Diluted Book Value Per Share (Quarterly) 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): Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Numerator for basic and ful
Slide 24: Segment Descriptions
Segment Descriptions Open Market Segment Innovations Segment We provide treaty reinsurance to insurance companies on a global basis, Innovation-related Investments written on a proportional or non-proportional (also known as excess of loss) We make strategic investments in promising startup companie
Slide 25: Investor & Media Contact
GREENLIGHT CAPITAL RE, LTD. 65 Market Street, Suite 1207 Jasmine Court, Camana Bay INVESTOR & MEDIA CONTACT P.O. Box 31110 David E. Sigmon, General Counsel Grand Cayman, KY1-1205 dsigmon@greenlightre.com Cayman Islands
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