Greenlight Reinsurance, Ltd. · NASDAQ:GLRE
Greenlight Reinsurance — Greenlight Capital Re — Q2 2025 Earnings Presentation
22 slides from Greenlight Reinsurance's earnings presentation, 2025
Slide 1: Investor Presentation
Q2 2025 Investor Presentation Greenlight Capital Re, Ltd. 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 second quarter earnings results of Gr
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 Mix Property $663M $2.2B $740M 11% 2Q 2025 2Q 2025 Gross Premiums Specialty Shareholders’ Equity Total assets Written1 27% 33.8% $12.5M 77 202
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- (Exce
Slide 7: Steady Premium Growth and Improving Underwriting Margins
Steady Premium Growth and Improving Underwriting Margins Combined ratio averaged 99.9% from 2020 to 2024 – a 6.5-point improvement over prior five-year average – reflecting progress toward sustained underwriting profitability Gross $637 $698 Premiums $480 $565 $563 $428 Written $386 ($ in millions)
Slide 8: Strong Financial Momentum
Strong Financial Momentum Net income growth since 2020 has driven gains in book value per share and ROE $87 Net Income $43 ($ in millions) $30 $25 $18 $4 2020 2021 2022 2023 2024 1H 2025 $17.95 $18.97 Fully Diluted Book $16.74 Value Per Share $13.99 $14.33 $13.42 2020 2021 2022 2023 2024 1H 2025 16%
Slide 9: Second Quarter Highlights
Second Quarter Highlights greenlightre.com 9
Slide 10: Second Quarter Highlights
Second Quarter Highlights “We are pleased with our underwriting results for the second quarter of 2025. Our book is well positioned for a strong second half of the year. We remain committed to creating long-term value for shareholders, as demonstrated by our ongoing capital management strategy and f
Slide 11: Segment Results
Segment Results greenlightre.com 11
Slide 12: Open Market Segment
Open Market Segment Gross Premiums Written Business Mix* Combined Ratio ($ in millions) Casualty 95.2% 99.2% $373 15% 94.1% 92.0% 3.4% $330 Specialty 3.6% 3.5% 4.2% 28.2% 32.2% 28.8% Underwriting 29% 29.1% Expense Ratio Financial 11% 67.6% 62.2% Acquisition 58.3% 59.4% $143 $152 Cost Ratio Loss Rati
Slide 13: Innovations Segment
Innovations Segment Gross Premiums Written Business Mix* Combined Ratio ($ in millions) 107.0% Specialty 101.1% 11% 90.9% 7.6% 94.6% Casualty 7.9% $55 $55 28.1% 4.1% Underwriting 25% 3.9% 31.7% 29.8% 33.2% Expense Ratio 71.3% Acquisition 63.4% $25 $28 53.8% 58.8% Cost Ratio Financial Loss Ratio Mult
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 Greenlight Capital, Inc., an affiliate of DME Advisors, Solasglas’ investment Annual Investment Returns* Annual Average 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): Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Numerator for basic and fully-dilu
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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