Greenlight Reinsurance, Ltd. · NASDAQ:GLRE
Greenlight Reinsurance — Greenlight Capital Re — Q4 2025 Earnings Presentation
22 slides from Greenlight Reinsurance's earnings presentation, 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 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 Mix Property $708M $2.2B $773M 11% 4Q 2025 4Q 2025 Gross Premiums Specialty Shareholders’ Equity Total assets Written1 24% 52.2% $9.8M 3 5-Yea
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: Steady Premium Growth and Improving Underwriting Margin
Steady Premium Growth and Improving Underwriting Margin Record underwriting income of $35.7 million in 2025 Gross Premiums $637 $698 $773 Written1 $565 $563 ($ in millions) 2021 2022 2023 2024 2025 100.9% 102.3% 101.4% 94.6% 4.5% 4.4% 94.5% 3.9% 3.8% 4.4% Combined 26.9% 30.5% 28.5% 29.0% 28.0% Ratio
Slide 8: Building Financial Momentum
Building Financial Momentum Consistent positive net income and book value growth $87 Net $75 Income ($ in millions) $43 $25 $18 2021 2022 2023 2024 2025 Fully Diluted Book Value Per Share1 $20.43 $17.95 $16.74 $13.99 $14.33 2021 2022 2023 2024 2025 1. CAGR in the chart is calculated from December 31
Slide 9: Fourth Quarter Highlights
Fourth Quarter Highlights greenlightre.com 9
Slide 10: Fourth Quarter Highlights
Fourth Quarter Highlights “We are proud of our fourth quarter 2025 underwriting results, which resulted in a combined ratio of 92.1%, allowing us to close the year with a record underwriting income and a combined ratio of 94.6%. Growth in gross premiums written and net premiums earned, coupled with
Slide 11: Segment Results
Segment Results greenlightre.com 11
Slide 12: Open Market Segment
Open Market Segment Gross Premiums Written Business Mix Combined Ratio ($ in millions) Casualty 111.1% $652 10% 3.3% 99.0% $604 Specialty 25.4% 90.7% 4.0% 93.4% 26% 4.3% 3.7% Underwriting Financial 28.3% 12% 25.9% 27.5% Expense Ratio 82.4% 66.7% Acquisition 60.5% 62.2% Cost Ratio $123 $124 Loss Rati
Slide 13: Innovations Segment
Innovations Segment Gross Premiums Written Business Mix Combined Ratio ($ in millions) Specialty 101.5% 101.7% 100.2% 10% 3.3% 95.8% $122 Casualty 9.5% 4.3% 8.8% Underwriting 26% 30.1% 32.5% 31.4% 31.3% Expense Ratio $95 Acquisition Cost 68.1% 59.7% 60.1% 60.1% Ratio $37 Financial Loss Ratio Multili
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 Investment Returns Five-Year Annual Greenlight Capital, Inc., an affiliate of DME Advisors, Solasglas’ investment Average Returns: advisor, was founded in 1996 by our Chairman David Einhorn
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 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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