Greenlight Reinsurance, Ltd. · NASDAQ:GLRE
Greenlight Reinsurance — Greenlight Capital Re — Q3 2026 Earnings Presentation
25 slides from Greenlight Reinsurance's earnings presentation, Nov 2, 2026
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
Designed to achieve higher rates of return over the long term than more traditional fixed income investment strategies Low correlation to underwriting Liquid portfolio Use investment to gain optionality in both insurance and reinsurance opportunities Capture capital appreciation from early-stage inv
Slide 5: Greenlight Re Overview and Highlights
greenlightre.com 5 Greenlight Re Overview and Highlights Our strategic focus is driving underwriting excellence with respect to each and every decision we make 1. Multiline includes our Funds at Lloyd's and Syndicate 3456 business. 2. Gross premiums written is for the trailing 12 months. Business mi
Slide 6: Underwriting Platforms
A+ (Superior) (stable outlook) A.M. Best Financial Strength Rating United Kingdom Syndicate 3456 (Lloyd’s) A (Excellent) (stable outlook) A.M. Best Financial Strength Rating Cayman Islands Greenlight Reinsurance, Ltd. greenlightre.com 6 Underwriting Platforms Our lean, flexible platform provides glo
Slide 7: Disciplined, Profitable Growth
Gross Premiums Written ($ in millions) Combined Ratio greenlightre.com 7 Disciplined, Profitable Growth 10% premium CAGR 2021–25; combined ratio below 100% in two of last three years and YTD $565 $563 $637 $698 $773 $612 $593 2021 2022 2023 2024 2025 9M 2025 9M 2026 CAGR: 10.0% 1 100.9% 102.3% 94.5%
Slide 8: Consistent Book Value Growth
greenlightre.com 8 Consistent Book Value Growth Positive net income every year since 2021 $18 $25 $87 $43 $75 $9 2021 2022 2023 2024 2025 9M 2026 $13.99 $14.33 $16.74 $17.95 $20.43 $20.78 2021 2022 2023 2024 2025 9M 2026 Net Income ($ in millions) Fully Diluted Book Value Per Share CAGR: 8.8%1 1. CA
Slide 9: Balance Sheet Strength
greenlightre.com 9 Balance Sheet Strength $476 $503 $596 $636 $708 $695 2021 2022 2023 2024 2025 Q3 2026 17% 16% 12% 9% 1% 1% 2021 2022 2023 2024 2025 Q3 2026 Shareholders' Equity ($ in millions) Debt Leverage Financial Strength Rating Upgrade: In November 2025, AM Best upgraded the financial streng
Slide 10: Third Quarter Highlights
Third Quarter Highlights greenlightre.com 10
Slide 11: Third Quarter Highlights
greenlightre.com 11 Third Quarter Highlights Q3 2025 Q3 2026 9M 2025 9M 2026 Gross Premiums Written $184.4 $181.9 $612.0 $592.9 Net Underwriting Income $22.3 $14.6 $22.6 $20.6 Combined Ratio 86.6% 90.5% 95.4% 95.6% Net Income (Loss) $(4.4) $3.2 $25.6 $9.4 Return on Equity (0.7)% 0.5% 3.7% 1.3% Fully
Slide 12: Segment Results
Segment Results greenlightre.com 12
Slide 13: Open Market Segment Key Highlights
$155 $139 $528 $471 Q3 2025 Q3 2026 9M 2025 9M 2026 84.5% 87.9% 94.4% 94.6% 53.0% 51.2% 62.8% 59.9% 27.7% 31.8% 28.0% 30.5% 3.8% 4.9% 3.6% 4.2% Q3 2025 Q3 2026 9M 2025 9M 2026 Key Highlights greenlightre.com 13 Open Market Segment Gross Premiums Written ($ in millions) Business Mix Combined Ratio St
Slide 14: Innovations Segment
greenlightre.com 14 Innovations Segment 2.9 point combined ratio improvement in YTD 2026 versus prior year period Maintain a whole account quota share on the segment’s underwriting portfolio, providing rated third-party capacity and validation Gross premiums written increased 46.4% to $43 million in
Slide 15: Innovations — Our Approach to Partnering
Our Selectivity Generally early-stage only — $250K–$2M checks Every deal must stand on its own underwriting merits — we do not subsidize unprofitable business to maintain relationships Every investment assessed on value proposition, people, technology, and market access Low concentration risk, with
Slide 16: Solasglas Investments Update
Solasglas Investments Update greenlightre.com 16
Slide 17: Solasglas Investments Overview and Returns
Annual Average Returns Since 2021: 10.2% Greenlight Capital, Inc., an affiliate of DME Advisors, Solasglas’ investment advisor, was founded in 1996 by our Chairman David Einhorn and is recognized for its disciplined, research-driven investment strategy DME Advisors conducts deep fundamental analysis
Slide 18: Investing in Greenlight Re
Investing in Greenlight Re 18greenlightre.com
Slide 19: Why Invest in Greenlight Re?
greenlightre.com 19 Why Invest in Greenlight Re? Seasoned and Refreshed Executive Leadership Focused on underwriting culture and results-driven decision-making Well-Positioned and Diversified Specialty property and casualty reinsurance portfolio with a diversified risk profile Innovations Business i
Slide 20: Executive and Underwriting Leadership
greenlightre.com 20 Executive and Underwriting Leadership AVERAGE INDUSTRY EXPERIENCE: 20+ Years Executive Team Comprised of Significant Greenlight Re Tenure and Fresh Perspectives Greg Richardson Chief Executive Officer Joined 2024 (formerly TransRe) Patrick O’Brien CEO Ireland & COO Joined 2016 (f
Slide 21: Appendix
Appendix 21greenlightre.com
Slide 22: Book Value Per Share Reconciliation (Annual)
December 31, 2020 December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 September 30, 2026 Numerator for basic and fully-diluted book value per share: Total equity as reported under U.S. GAAP $ 464,857 $ 475,663 $ 503,120 $ 596,095 $ 635,879 $ 707,977 $ 694,547 De
Slide 23: Fully Diluted Book Value Per Share (Quarterly)
greenlightre.com 23 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 Numerat
Slide 24: Segment Descriptions
Segment Descriptions greenlightre.com 24 Open Market Segment We provide treaty reinsurance to insurance companies on a global basis, written on a proportional or non-proportional (also known as excess of loss) basis. The Open Market segment has the following lines of business: • Financial: includes
Slide 25: Investor & Media Contact
INVESTOR & MEDIA CONTACT David E. Sigmon, General Counsel dsigmon@greenlightre.com GREENLIGHT CAPITAL RE, LTD. 65 Market Street, Suite 1207 Jasmine Court, Camana Bay P.O. Box 31110 Grand Cayman, KY1-1205 Cayman Islands
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