Greenlight Reinsurance, Ltd. · NASDAQ:GLRE
Greenlight Reinsurance — Q1 2026 Earnings Presentation
22 slides from Greenlight Reinsurance's earnings presentation, May 6, 2026
Slide 1: Q1 2026 Investor Presentation
Q1 2026 Investor Presentation NASDAQ: GLRE
Slide 2: Cautionary Note Regarding Forward-Looking Statements and Non-GAAP Measures and Investment Disclosures
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 Reinsurance Underwriting & Investments 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% $741M $2.3B $753M Q1 2026 Q1 2026 Gross Premiums Specialty 24% Shareholders’ Equity Total assets Written2 53.0% $14.5M 3 202
Slide 6: Group Structure
Group Structure 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 (Excel
Slide 7: Improving Underwriting Margin
Improving Underwriting Margin Continued progress toward sustained underwriting profitability CAGR: 10.0% Gross $773 Premiums $565 $563 $637 $698 Written ($ in millions) $248 $228 2021 2022 2023 2024 2025 Q1 2025 Q1 2026 100.9% 102.3% 101.4% 104.6% 94.5% 94.6% 3.9% 96.0% 4.5% 4.4% 3.9% Combined 3.8%
Slide 8: Building Financial Momentum
Building Financial Momentum Net income gains since 2021 have driven consistent book value growth $87 Net $75 Income ($ in millions) $43 $36 $25 $18 2021 2022 2023 2024 2025 Q1 2026 CAGR: 8.8% Fully Diluted $20.43 $21.40 $17.95 Book Value $13.99 $14.33 $16.74 Per Share1 2021 2022 2023 2024 2025 Q1 20
Slide 9: First quarter Highlights
First quarter Highlights greenlightre.com 9
Slide 10: First Quarter Highlights
First Quarter Highlights "We have had a good start to the year with both sides of our balance sheet contributing to growth in book value per share. Our underwriting book continues to demonstrate disciplined profitability with a combined ratio of 96.0%." - Greg Richardson, Chief Executive Officer Q1
Slide 11: Segment Results
Segment Results greenlightre.com 11
Slide 12: Open Market Segment
Open Market Segment Gross Premiums Written Q1 2026 Business Mix Combined Ratio ($ in millions) 106.0% Casualty 6% 3.3% 94.8% Financial $221 4.5% Specialty 14% 27.3% $180 31% 32.0% Underwriting 75.4% Expense Ratio 58.3% Acquisition Multiline Cost Ratio Property 35% Loss Ratio Q1 2025 Q1 2026 14% Q1 2
Slide 13: Innovations Segment
Innovations Segment Gross Premiums Written Q1 2026 Business Mix Combined Ratio ($ in millions) 102.3% 94.4% 8.2% Specialty 15% Casualty 21% 8.2% 30.8% $48 31.7% $27 Underwriting Expense Ratio 63.3% Financial 22% 54.4% Acquisition Cost Ratio Multiline 42% Loss Ratio Q1 2025 Q1 2026 Q1 2025 Q1 2026 Ke
Slide 14: Solasglas Investments Update
Solasglas Investments Update greenlightre.com 14
Slide 15: Solasglas Investments, LP: A Key Driver of Greenlight Re's Strong Book Value Growth
Solasglas Investments, LP: A Key Driver of Greenlight Re’s Strong Book Value Growth 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
Slide 16: Investing in Greenlight Re
Investing in Greenlight Re greenlightre.com 16
Slide 17: 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 segment with strong results-driven decision-making portfolio with a
Slide 18: Executive and Underwriting Leadership
Executive and Underwriting Leadership Greg Richardson Chief Executive Officer Average Industry Experience: 20+ Years Joined 2024 (formerly Trans Re) Executive Team Comprised of Significant Greenlight Re Tenure and Fresh Perspectives Faramarz Romer David Sigmon Patrick O’Brien Tom Curnock Brian O’Rei
Slide 19: Appendix
Appendix greenlightre.com 19
Slide 20: 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 21: Fully Diluted Book Value Per Share (Quarterly)
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 Q1 2026 Numerator for basic and fu
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,
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