Greenlight Reinsurance, Ltd. · NASDAQ:GLRE
Greenlight Reinsurance — Greenlight Capital Re — Q4 2025 Earnings Presentation
22 slides from Greenlight Reinsurance's earnings presentation, Mar 9, 2026
Slide 1: Fourth Quarter and Year-end 2025 Investor Presentation
Fourth Quarter and Year-end 2025 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 (re)insurance opportunities Capture capital appreciation from early-stage investments Target a
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 Diverse Business Mix 1. This figure represents gross premiums in 2025. Business mix chart represents gross premiums written by line of busin
Slide 6: Group Structure
greenlightre.com 6 Group Structure Our lean, flexible platform provides global market access via three strategically located jurisdictions: Greenlight Capital Re, Ltd. NASDAQ: “GLRE” A (Excellent) (stable outlook) A.M. Best Financial Strength Rating • Irish regulated subsidiary enables efficient acc
Slide 7: Steady Premium Growth and Improving Underwriting Margin
Gross Premiums Written1 ($ in millions) Combined Ratio 69.5% 67.4% 61.7% 69.0% 62.3% 26.9% 30.5% 29.0% 28.5% 28.0% 4.5% 4.4% 3.8% 3.9% 4.4% 2021 2022 2023 2024 2025 100.9% 102.3% 94.5% 101.4% 94.6% $565 $563 $637 $698 $773 2021 2022 2023 2024 2025 greenlightre.com 7 Steady Premium Growth and Improvi
Slide 8: Building Financial Momentum
Net Income ($ in millions) Fully Diluted Book Value Per Share1 $13.99 $14.33 $16.74 $17.95 $20.43 2021 2022 2023 2024 2025 $18 $25 $87 $43 $75 2021 2022 2023 2024 2025 greenlightre.com 8 Building Financial Momentum Consistent positive net income and book value growth 1. CAGR in the chart is calculat
Slide 9: Fourth Quarter Highlights
Fourth Quarter Highlights greenlightre.com 9
Slide 10: Fourth Quarter Highlights
greenlightre.com 10 Fourth Quarter Highlights Q4 2024 Q4 2025 FY 2024 FY 2025 Gross Premiums Written $143.8 $161.3 $698.3 $773.3 Net Underwriting Income $(18.0) $13.0 $(8.2) $35.7 Combined Ratio 112.1% 92.1% 101.4% 94.6% Net Income (loss) $(27.4) $49.3 $42.8 $74.8 Return on Equity (4.2)% 7.2% 7.0% 1
Slide 11: Segment Results
Segment Results greenlightre.com 11
Slide 12: Open Market Segment Key Highlights
$123 $124 $604 $652 Q4 2024 Q4 2025 FY 2024 FY 2025 Key Highlights greenlightre.com 12 Open Market Segment Gross Premiums Written ($ in millions) Business Mix Combined Ratio 82.4% 60.5% 66.7% 62.2% 25.4% 25.9% 28.3% 27.5% 3.3% 4.3% 4.0% 3.7% Q4 2024 Q4 2025 FY 2024 FY 2025 Underwriting Expense Ratio
Slide 13: Innovations Segment Key Highlights
Key Highlights greenlightre.com 13 Innovations Segment Gross Premiums Written ($ in millions) $21 $37 $95 $122 Q4 2024 Q4 2025 FY 2024 FY 2025 Business Mix Combined Ratio 68.1% 59.7% 60.1% 60.1% 30.1% 32.5% 31.4% 31.3% 3.3% 9.5% 4.3% 8.8% Q4 2024 Q4 2025 FY 2024 FY 2025 Underwriting Expense Ratio Ac
Slide 14: Solasglas Investments Update
Solasglas Investments Update greenlightre.com 14
Slide 15: Solasglas Investments Investment Approach and Returns
Five-Year Annual Average Returns: 11.7% Annual Average Returns Since Inception: 5.6% 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
Slide 16: Investing in Greenlight Re
Investing in Greenlight Re 16greenlightre.com
Slide 17: Why Invest in Greenlight Re?
greenlightre.com 17 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 18: Executive and Underwriting Leadership
greenlightre.com 18 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 Trans Re) Patrick O’Brien CEO Ireland & COO Joined 2016 (
Slide 19: Appendix
Appendix 19greenlightre.com
Slide 20: Fully Diluted Book Value Per Share (Annual)
December 31, 2020 December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 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 Denominator for basic and fully dilut
Slide 21: Fully Diluted Book Value Per Share (Quarterly)
greenlightre.com 21 Fully Diluted Book Value Per Share (Quarterly) The following tables 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): Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Numerator for
Slide 22: Segment Descriptions
Segment Descriptions 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 primarily mortgage,
Greenlight Capital Re — Q4 2025 Earnings Presentation on 6ix