Financial Statements of GREENLIGHT REINSURANCE, LTD. (..3022f396 cdd5 4a69 8b76 601bc5b3496a)

‌Financial Statements of‌

December 31, 2025 and 2024

Deloitte C Touche LLP 60 Nexus Way, 8thfloor Camana Bay

P.O. Box 1787

Grand Cayman KY1-1109 Cayman Islands

Tel: +1 345 949 7500

Fax: +1 345 949 8238

https://www.deloitte.com/ky

INDEPENDENT AUDITOR'S REPORT

To the Board of Directors of Greenlight Reinsurance, Ltd.

Opinion

We have audited the financial statements of Greenlight Reinsurance, Ltd., a wholly owned subsidiary of Greenlight Capital Re, Ltd. (the "Company"), which comprise the balance sheets as of December 31, 2025 and 2024, and the related statements of operations, shareholder's equity, and cash flows, for each of the two years in the period ended December 31, 2025, and the related notes to the financial statements (collectively referred to as the "financial statements").

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in accordance with accounting principles generally accepted in the United States of America.

We did not audit the financial statements of Solasglas Investments, LP, an equity method investment of the Company, as of December 31, 2025 and 2024 and for each of the two years in the period ended December 31, 2025. The Company's investment in Solasglas Investments, LP as of December 31, 2025 and 2024 was

$461.7 million and $359.0 million, respectively, and its equity in net income of Solasglas Investments, LP was

$32.6 million and $30.8 million for the years ended December 31, 2025 and 2024. The financial statements of Solasglas Investments, LP were audited by other auditors whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for Solasglas Investments, LP, is based solely on the report of the other auditors.

Basis for Opinion

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the incurred and paid claims development information for years preceding the most recent reporting period and the historical average annual percentage payout of incurred claims by age in Note 8 to the financial statements be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Financial Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the financial statements are available to be issued.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

Loss and loss adjustment expense reserves - Refer to Notes 2 and 8 to the financial statements Critical Audit Matter Description

The Company's estimate of loss and loss adjustment expense reserves is derived using expected trends in claim severity and frequency and other factors that may vary significantly as claims are settled. The estimate is sensitive to significant assumptions, including the initial expected loss ratio and loss development factors. The estimate is also sensitive to the selection of actuarial methods and weighting of these methods applied to project the ultimate losses, the estimation of ultimate reserves associated with catastrophic events, and other factors. Further, not all catastrophic events can be modeled using traditional actuarial methodologies, which increases the degree of judgment needed in estimating loss reserves for such events.

Auditing the Company's methods, assumptions and best estimate of the cost of the ultimate settlement and administration of claims represented by the incurred but not reported ("IBNR") claims included in recorded Loss and loss adjustment expense reserves involved especially subjective auditor judgment and an increased extent of effort, including the involvement of our actuarial specialists.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to loss and loss adjustment expense reserves included the following, among others

• We tested the effectiveness of controls over the valuation of the recorded loss and loss adjustment expense reserves, including the review and approval process that management has in place for significant actuarial methods and assumptions used and the approval of management's best estimate of loss and loss adjustment expense reserves.

• We tested the completeness and accuracy of the underlying data that served as the basis for the Company's actuarial analysis, including historical claims data, to test the reasonableness of key inputs to the actuarial estimate.

• With the assistance of our actuarial specialists:

− We independently developed an estimate of the reserves for selected contracts, compared our estimates to those booked by the Company, and evaluated the differences.

− We evaluated the Company's methodologies against recognized actuarial practices for the remaining contracts. We also evaluated the assumptions used by the Company using our industry knowledge and experience and other analytical procedures.

− We compared the results of the quarterly reserve studies prepared by independent external actuaries

to management's best estimate and evaluated the differences.

In performing an audit in accordance with GAAS, we:

• Exercise professional judgment and maintain professional skepticism throughout the audit.

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting

  estimates made by management, as well as evaluate the overall presentation of the financial statements.

• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

March 20, 2026

The accompanying Notes to the Financial Statements are an integral part of the Financial Statements.

The accompanying Notes to the Financial Statements are an integral part of the Financial Statements.

The accompanying Notes to the Financial Statements are an integral part of the Financial Statements.

Net income $ 69,866 $ 47,360

Income from investments in related party investment fund (32,550) (30,848)

Reinsurance recoverable on unpaid loss and loss adjustment expenses 6,012 (18,905)

Unearned premiums ceded (2,590) (4,301)

Loss and loss adjustment expense reserves 93,398 148,502

Reinsurance balances payable (21,824) 24,302

Other items, net 3,565 (4,331)

Net cash provided by operating activities

137,172

102,120

Contributions to investment in Solasglas (84,200) (128,648)

Purchases of fixed maturity investments (53,052) -

Purchases of other assets

(441)

(1,072)

Proceeds from sale of other investments 2,634 889

Net cash used in investing activities (124,967) (96,561)

Proceeds from additional paid-in capital from Parent - 10,000 Return of additional paid-in capital to Parent (61,000) (22,500)

Net cash used in financing activities (61,000) (12,500)

The accompanying Notes to the Financial Statements are an integral part of the Financial Statements.

1. ORGANIZATION AND BASIS OF PRESENTATION Organization

   Greenlight Reinsurance, Ltd. (the "Company") was incorporated as an exempted company under the Companies Act of the Cayman Islands on July 13, 2004 and has a Class "D" insurer license issued in accordance with the terms of The Insurance Act, 2010 (as amended) and underlying regulations thereto (the "Act"), and is subject to regulation by the Cayman Islands Monetary Authority ("CIMA"). Greenlight Re commenced underwriting in April 2006.

   The Company is a wholly-owned subsidiary of Greenlight Capital Re, Ltd. (the "Parent"). The Parent's ordinary shares are listed on the Nasdaq Global Select Market under the symbol "GLRE". Refer to Note 14 for Greenlight Re's quota share retrocession transactions with affiliates.

   Basis of Presentation

   These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

   The following amounts in the prior period financial statements have been reclassified to conform to the presentation of the current financial statements:

   • In 2025, the Company updated its definition of CAT event loss to be any individual CAT loss in excess of

   $5 million, net of reinsurance recoveries. For the various U.S. tornadoes (including severe convective storms), the Company has aggregated these and reported the total as CAT loss in Note 8. Accordingly, the comparative prior years' CAT loss disclosures have been recast to conform with this change.

   In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company's financial position and results of operations as at the end of December 31, 2025 and for the comparative periods presented.

   Tabular dollar amounts are in thousands, except otherwise noted. All amounts are reported in U.S. dollars.

2. ‌SIGNIFICANT ACCOUNTING POLICIES

   The Company's significant accounting policies are as follows:

   Use of Estimates

   The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from these estimates. The Company's significant estimates include:

   ●	loss and loss adjustment expense reserves;
   ●	premiums written and earned and related premium receivable, net of expected credit losses;
   ●	reinsurance recoverable on unpaid losses and loss adjustment expenses, net of expected credit losses; and
   ●	valuation of investments, including impairments.

   Investments

   Investment in related party investment fund

   The Company records its investment in the related party investment fund based on fair value using the net asset value ("NAV") practical expedient, with the Company's share of the fund's net income (loss) reported as "Income (loss) from investment in related party investment fund" in the statements of operations.

   Fixed Maturity Investments

   Investments in fixed maturity securities are classified as trading and are reported at fair value. Investment transactions are recorded on the trade date with balances pending settlement reflected in the balance sheets as other assets for investments sold or as other liabilities for investments purchased. Fair values of fixed maturity securities are based on pricing data received from third parties.

   The interest income, net realized gains (losses), and unrealized gains (losses) on fixed maturities are included in net investment income in the statements of operations. Realized gains or losses on the sale of fixed maturity investments are determined on the basis of the first in first out cost method.

   Other investments

   The Company's other investments consist of private investments.

   The Company measures its private equity investments without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from identical or similar investments of the same issuers (the "measurement alternative"), with such changes recognized in "Net investment income (loss)" in the statements of operations. The Company considers the need for impairment on a by-investment basis based on certain indicators. Under the measurement alternative, the Company makes two types of valuation adjustments:

   ●	When the Company observes an orderly transaction of an investee's identical or similar equity securities, the Company adjusts the carrying value based on the observable price as of the transaction date. Once the Company records such an adjustment, the investment is considered an "asset measured at fair value on a nonrecurring basis."
   ●	If the Company determines that the investment is impaired and the fair value is less than its carrying value, it writes down the investment to its fair value. Once the Company records such an adjustment, the investment is considered an "asset measured at fair value on a nonrecurring basis."

   The Company measures its private debt (including convertible debt) investments at amortized cost, which approximates fair value.

   Cash and Cash Equivalents

   Cash and cash equivalents consist of cash and short-term, highly liquid investments with original maturity dates of three months or less. Restricted cash and cash equivalents are presented separately in the balance sheets.

   Premium Revenue Recognition

   The Company writes excess of loss contracts and quota share contracts, and estimates the ultimate premiums for the contract period. The Company bases these estimates on actuarial pricing models and information received from ceding companies. For excess of loss contracts, the Company writes the total ultimate estimated premiums at the contract's inception. For quota share contracts, the Company writes premiums in the same periods in which the underlying insurance contracts are written, based on cession statements from cedents. The Company typically receives these statements monthly or quarterly, depending on the terms specified in each contract. For any reporting lag, the Company estimates premiums written based on the portion of the estimated ultimate premiums relating to the risks bound during the lag period.

   For multi-year contracts, reinsurance premiums are recorded at the inception of the contract based on management's best estimate of total premiums to be received. Premiums are recognized on an annual basis for multi-year contracts where the cedants have the ability to unilaterally commute or cancel coverage within the term of the contract.

   Management regularly reviews premium estimates. Such review includes the Company's experience with the ceding companies, managing general underwriters, familiarity with each market, the timing of the reported information, a comparison of reported premiums to expected ultimate premiums along with a review of the aging and collection of premiums. Management evaluates the appropriateness of the premium estimates on the basis of these reviews and records any adjustments to these estimates in the period in which they are determined. Changes in premium estimates, including premium receivable on both excess of loss and quota share contracts, are not unusual and may result in significant adjustments in any period. A portion of amounts included in "Reinsurance balances receivable" in the Company's balance sheets represent estimated premiums written, net of commissions and brokerage, that are not currently due based on the terms of the underlying contracts. Additional premiums due on a contract with no remaining coverage period are earned in full when written.

   Certain contracts allow for reinstatement premiums in the event of a loss. Reinstatement premiums are written and earned when a triggering loss event occurs, based on management's estimates of the ultimate reinstatement premiums. These estimates are subsequently adjusted when the actual reinstatement premiums are known.

   Premiums written are recognized as earned over the contract period in proportion to the risk covered. Unearned premiums represent the unexpired portion of reinsurance provided.

   Reinsurance Premiums Ceded

   The Company reduces the risk of future losses on business assumed by reinsuring certain risks and exposures with other reinsurers (referred to as "retrocessionaires"). The Company remains liable to the extent that any retrocessionaire fails to meet its obligations and to the extent the Company does not hold sufficient security for its unpaid obligations.

   Ceded premiums are written during the period in which the risks incept and the associated expense is recognized over the contract period in proportion to the protection provided. Unearned premiums ceded represent the unexpired portion of reinsurance obtained.

   Acquisition Costs

   Policy acquisition costs vary with, and are directly related to, the successful production of new and renewal business, and consist principally of commissions, taxes and brokerage expenses. The Company presents acquisition costs incurred on reinsurance assumed net of commissions earned on reinsurance ceded. However, if the sum of a contract's expected losses and loss expenses and deferred acquisition costs exceeds associated unearned premiums and expected investment income, a premium deficiency is determined to exist. In this event, the Company writes off deferred acquisition costs to the extent necessary to eliminate the premium deficiency. If the premium deficiency exceeds deferred acquisition costs the Company accrues a liability for the deficiency. The Company did not recognize any premium deficiency adjustments for the years presented in these financial statements.

   Policy acquisition costs also include profit commissions, which the Company recognized on a basis consistent with its estimate of losses and loss expenses.

   Loss and Loss Adjustment Expense Reserves and Recoverable

   The Company's loss and loss adjustment expense ("LAE") reserves are composed of:

   ●	case reserves for loss and LAE resulting from claims notified to the Company by its clients; and
   ●	additional case reserves in excess of the case reserves reported by cedents based on the Company's internal assessment; and
   ●	reserves for estimated loss and LAE incurred by insureds and reinsureds but not yet reported ("IBNR") to the Company, including unknown future developments on loss and LAE that are known to the Company.

   The Company estimates these reserves based on reports from ceding companies, industry data and historical experience analyzed using standard actuarial and statistical techniques.

   The analysis includes assessing currently available data, predictions of future developments, estimates of future trends and other factors. These estimates are reviewed by the Company's reserving committee at least quarterly and adjusted as necessary.

   The final settlement of losses may vary, perhaps materially, from the reserves recorded. The Company recognizes all adjustments to the estimates in the period they are determined. U.S. GAAP does not permit establishing loss reserves, which include case reserves and IBNR loss reserves, until the occurrence of an event that may give rise to a claim. As a result, only loss reserves applicable to losses incurred up to the reporting date are established. There is no allowance for the establishment of loss reserves to account for expected future loss events including for catastrophe and weather-related events (herein referred as "CAT" events).

   The "Loss and loss adjustment expenses recoverable" in the Company's balance sheets represents the amounts due from retrocessionaires for unpaid loss and LAE on retrocession agreements. Ceded IBNR recoverable amounts are estimated based on the Company's actuarial estimates. These estimates are reviewed periodically and adjusted when deemed necessary. The Company may be unable to recover the loss and LAE recoverable amounts due as a result of the retrocessionaires' inability to pay. The Company regularly evaluates the financial condition of its retrocessionaires and calculates an allowance for expected credit losses (see "Reinsurance Assets" below).

   For losses stemming from exposure to natural perils, loss reserves are generally established based on loss payments and case reserves reported by clients when, and if, received. Estimates for IBNR losses are added to the case reserves as the Company deems appropriate. See Note 8 for a summary of the Company's estimation process for CAT events.

   For contracts without significant exposure to-natural perils, initial reserves for each contract are determined based on a combination of (i) the pricing analysis performed prior to binding the contract; (ii) the underwriter's detailed knowledge of the cedent, its operations and future business plans; and (iii) the professional judgment and recommendation of the Chief Actuary. In the pricing analysis, the Company utilizes information from the client and industry data. This information typically includes, but is not limited to, data related to premiums, losses, exposure, business mix, industry performance, and associated trends covering as much history as deemed appropriate. The level of detail within the data obtained varies greatly depending on the underlying contract, line of business, client, and coverage provided. In all cases, the Company requests each client to provide data for each reporting period, which, depending on the contract, could be on a monthly or quarterly basis. The terms and conditions of each contract specify the data reporting requirements.

   Generally, the Company obtains regular updates of premium and loss-related information for the current and historical periods, and utilizes them to update the initially expected loss ratio. There may be a lag between (i) claims being reported by the underlying insured to the Company's cedent and (ii) claims being reported by the Company's cedent to the Company. This lag may impact the Company's loss reserve estimates. Client reports have predetermined due dates (for example, fifteen days after each month end). The timing of the reporting requirements is designed so that the Company receives premium and loss information as soon as practicable once the client has closed its books. Accordingly, there should be a short lag in such reporting. Additionally, most contracts that have the potential for large single event losses have provisions that such loss notifications are provided to the Company immediately upon the occurrence of an event.

   Once the updated information is received, the Company uses various standard actuarial methods for its quarterly analysis. Such methods typically include the following:

   ●	Paid loss development method: Ultimate losses are estimated by calculating past paid loss development factors and applying them to exposure periods with further expected paid loss development. This method assumes that losses are paid in a consistent pattern. It provides an objective test of reported loss projections because paid losses contain no reserve estimates.
   ●	Reported loss development method: Ultimate losses are estimated by calculating past reported loss development factors and applying them to exposure periods with further expected reported loss development. This method incorporates changes in payments and case reserves.
   ●	Expected loss ratio method: Ultimate losses are estimated by multiplying earned premiums by an expected loss ratio. The expected loss ratio is often determined using industry data, historical company data, past pricing or reserving analysis performed, and actuarial judgment. This method is typically used for lines of business and contracts where there are no (or insignificant) historical losses or where past loss experience is not considered applicable to the current period.
   ●	Bornhuetter-Ferguson paid loss method: Ultimate losses are estimated by modifying expected loss ratios to the extent losses paid to date differ from what would have been expected based upon the selected paid loss development pattern. This method avoids some distortions that could result from a large development factor being applied to a small base of paid losses to calculate ultimate losses.
   ●	Bornhuetter-Ferguson reported loss method: Ultimate losses are estimated by modifying expected loss ratios to the extent losses reported to date differ from what would have been expected based upon the selected reported loss development pattern. This method avoids some distortions that could result from a large development factor being applied to a small base of reported losses to calculate ultimate losses.
   ●	Frequency / Severity method: Ultimate losses are estimated by multiplying the ultimate number of claims (i.e., the frequency multiplied by the exposure base) by the estimated average cost per claim (i.e., the severity). This approach enables trends and patterns in the rates of claims emergence (i.e., reporting) and settlement (i.e., closure) and the average cost of claims to be analyzed separately.

   In addition, the Company may supplement its analysis with other reserving methodologies that it deems relevant to specific contracts.

   For each contract, the Company utilizes reserving methodologies it considers appropriate to calculate a best estimate of reserves. Whether the Company uses a single methodology or a combination depends upon the portfolio segment being analyzed and the actuary's judgment. The Company's reserving methodology does not require a fixed weighting of the various methods used. Certain methods are considered more appropriate than others depending on the type, structure, age, maturity and duration of the expected losses on the contract. For example, the Bornhuetter-Ferguson reported loss method might be more appropriate than a paid loss development method for relatively new contracts that have experienced little paid loss development.

   The Company's gross aggregate reserves are the sum of the best estimate reserves of all portfolio exposures. Generally, IBNR loss reserves are calculated by estimating the ultimate incurred losses and subtracting cumulative paid claims and case reserves. Each quarter, the Company's Reserving Committee, led by the Chief Actuary, meets to assess the adequacy of our loss reserves based on the reserve analysis and recommendations prepared by the Company's reserving department.

   The Company does not typically experience material claims processing backlogs, although such backlogs may occur following a major catastrophic event. At December 31, 2025 and 2024, the Company did not have a material backlog in its claims processing.

   The Company did not make any significant changes to the actuarial methodology or assumptions relating to its loss and LAE reserves for the years presented in the financial statements.

   Reinsurance Assets

   The Company calculates an allowance for expected credit losses for its reinsurance balances receivable and loss and LAE recoverable by applying a Probability of Default ("PD") / Loss Given Default ("LGD") model. The PD / LGD approach considers the Company's collectibility history on its reinsurance assets and representative external loss history. In calculating the probability of default, the Company also considers the estimated duration of its reinsurance assets.

   The Company evaluates each counterparty's creditworthiness based on credit ratings that independent agencies assign to the counterparty. The Company manages its credit risk in its reinsurance assets by transacting only with insurers and reinsurers that it considers financially sound. Credit ratings of the counterparties are forward-looking

   and consider various economic scenarios. The Company's evaluation of the required allowance for reinsurance balances receivable and loss and LAE recoverable considers the current economic environment as well as potential macroeconomic developments.

   For its retrocessional counterparties that are unrated, the Company may hold collateral in the form of funds withheld, trust accounts, or irrevocable letters of credit. In evaluating credit risk associated with reinsurance balances receivable, the Company considers its right to offset loss obligations against premiums receivable. The Company regularly evaluates its net credit exposure to assess the ability of cedents and retrocessionaires to honor their respective obligations.

   Net investment income (loss)

   The Company records interest income and interest expense on an accrual basis.

   Any realized and unrealized gains or losses from private investments (included in other investments) are determined on the basis of the specific identification method (by reference to cost or amortized cost, as appropriate). Additionally, net investment income (loss) includes realized and unrealized gains (losses) on derivative instruments.

   In connection with the Company's participation interest in Lloyd's syndicates, the Lloyd's syndicates invest a portion of the premiums withheld in investment funds and fixed-maturity securities. The Company records its share of income (or loss) from these assets as net investment income (loss) when reported by the syndicates, which is generally on a quarterly lag basis due to the timing of the availability of these quarterly financial reports.

   Foreign Exchange

   The reporting and functional currency of the Company and all its significant subsidiaries is the U.S. dollar. The Company records foreign currency transactions at the exchange rates in effect on the transaction date. Monetary assets and liabilities in foreign currencies are converted at the exchange rate in effect at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are carried at their historical exchange rate.

   Other Assets

   The Company's other assets consist primarily of prepaid expenses, right-of-use lease assets and leasehold improvements.

   Other Liabilities

   The Company's other liabilities consist primarily of accruals for legal and other professional fees, employee bonuses, and lease liabilities.

   Comprehensive Income (Loss)

   The Company has no comprehensive income or loss other than the net income or loss disclosed in the statements of operations.

   Taxation

   Under current Cayman Islands law, no corporate entity, including the Company, is obligated to pay taxes in the Cayman Islands on either income or capital gains. The Company has an undertaking from the Governor-in-Cabinet of the Cayman Islands, pursuant to the provisions of the Tax Concessions Act, as amended, that, in the event that the Cayman Islands enacts any legislation that imposes a tax on profits, income, gains or appreciations, or any tax in the nature of estate duty or inheritance tax, such tax will not be applicable to the Company before January 22, 2045.

   Recent Accounting Pronouncements

   Recently Issued Accounting Standards Not Yet Adopted

   In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"). This ASU 2024-03 requires more detailed disclosures about the type of expenses (including purchases of inventory, employee compensation, and depreciation / amortization) in commonly presented expense captions in the income statements (e.g. cost of sales, general and administrative expenses, and research and development). ASU 2024-03 is effective for public business entities for fiscal years beginning after December 15, 2026, and interim periods within fiscal years after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the disclosure impact of this guidance.

3. ‌INVESTMENT IN RELATED PARTY INVESTMENT FUND

   The Company has entered into the Second Amended and Restated Exempted Limited Partnership Agreement (the "Solasglas LPA") of Solasglas Investments, LP ("Solasglas"), as amended from time to time, with DME Advisors II, LLC ("DME II"), as General Partner, Greenlight Re, and Greenlight Reinsurance Ireland, Designated Activity Company ("GRIL"), (together, the "GLRE Limited Partners"). Effective January 1, 2023, the Company increased the maximum Investment Portfolio to 60% of GLRE Surplus from 50%, as defined in the Solasglas LPA, which was further increased to 70% on August 1, 2024.

   Solasglas has entered into a Solasglas investment advisory agreement ("IAA") with DME Advisors. LP ("DME Advisors"), pursuant to which DME Advisors is the investment manager for Solasglas. DME II and DME Advisors are related to the Company, and each is an affiliate of David Einhorn, Chairman of the Company's Board of Directors (the "Chairman").

   The Company has concluded that Solasglas qualifies as a variable interest entity ("VIE") under U.S. GAAP. In assessing its interest in Solasglas, the Company noted the following:

   • DME II serves as Solasglas' general partner and has the power to appoint the investment manager. The Company does not have the power to appoint, change or replace the investment manager or the general partner except "for cause." Neither of the GLRE Limited Partners can participate in the investment decisions of Solasglas as long as Solasglas adheres to the investment guidelines provided within the Solasglas LPA. For these reasons, the GLRE Limited Partners are not considered to have substantive participating rights or kick-out rights.

   • DME II holds an interest in excess of 10% of Solasglas' net assets, which the Company considers to represent an obligation to absorb losses and a right to receive benefits of Solasglas that are significant to Solasglas.

     Consequently, the Company has concluded that DME II's interests, not the Company's, meet both the "power" and "benefits" criteria associated with VIE accounting guidance. Therefore DME II is Solasglas' primary beneficiary. The Company presents its investment in Solasglas in its balance sheets in the caption "Investment in related party investment fund."

     The Company's maximum exposure to loss relating to Solasglas is limited to the Company's share of Partners' capital in Solasglas. At December 31, 2025, the Company's share of Partners' capital in Solasglas was $461.7 million (December 31, 2024: $359.0 million), representing 74.5% (December 31, 2024: 72.2%) of Solasglas's total capital, and 75.1% (December 31, 2024: 59.2%) of the Company's total shareholder's equity. DME II and GRIL held the remaining 25.5% (December 31, 2024: 27.8%) of Solasglas' total capital. The investment in Solasglas is recorded at the Company's share of Solasglas' capital as reported by Solasglas' third-party administrator. The Company can redeem its investment from Solasglas for operational purposes by providing 3 business days' notice to DME II. At December 31, 2025, the majority of Solasglas' long investments were composed of cash and publicly-traded equity securities, which could be readily liquidated to meet the Company's redemption requests.

     The Company's share of Solasglas' income from operations for the years ended December 31, 2025 and 2024 was

     $32.6 million and $30.8 million, respectively, and shown in the caption "Income from investment in related party investment fund" in the Company's statements of operations.

     The summarized financial statements of Solasglas are presented below.

     Summarized Statements of Financial Condition of Solasglas Investments, LP

     	December 31, 2025	December 31, 2024
     Assets
     Investments, at fair value	$ 600,837	$ 504,828
     Derivative contracts, at fair value	22,384	8,925
     Due from brokers	281,505	188,296
     Cash and cash equivalents	-	40,354
     Interest and dividends receivable	1,463	1,536
     Total assets	906,189	743,939
     Liabilities
     Investments sold short, at fair value	(275,794)	(234,977)
     Derivative contracts, at fair value	(6,670)	(4,452)
     Capital withdrawals payable	(1,010)	(4,000)
     Interest and dividends payable	(2,528)	(3,218)
     Accrued expenses and other liabilities	(178)	(180)
     Total liabilities	(286,180)	(246,827)
     Partners' capital	$ 620,009	$ 497,112
     The Company's share of Partners' Capital	$ 461,740	$ 358,990

     Summarized Statements of Operations of Solasglas Investments, LP

     Year ended December 31,	2025	2024
     Investment income
     Dividend income (net of withholding taxes)	$ 5,830	$ 3,108
     Interest income	17,087	14,103
     Total Investment income	22,917	17,211
     Expenses
     Management fee	(6,928)	(6,074)
     Interest	(11,371)	(4,365)
     Dividends	(3,264)	(4,593)
     Research and operating	(1,726)	(1,568)
     Total expenses	(23,289)	(16,600)
     Net investment income (loss)	(372)	611
     Realized and change in unrealized gains (losses)
     Net realized gain (loss)	(5,275)	97,865
     Net change in unrealized appreciation (depreciation)	57,016	(46,316)
     Net gain on investment transactions	51,741	51,549
     Net increase in Partners' capital (1)	$ 51,369	$ 52,160
     The Company's share of the increase in Partners' capital	$ 32,550	$ 30,848

     1 The net increase in Partners' capital is net of management fees and performance allocation presented below:

     Year ended December 31,	2025	2024
     Management fees	$ 6,928	$ 6,074
     Performance allocation	3,968	3,734
     Total	$ 10,896	$ 9,808
     Company's share:
     Management fees	$ 6,437	$ 5,561
     Performance allocation	3,617	3,428
     Total	$ 10,054	$ 8,989

     See Note 14 for further details on management fees and performance allocation.

4. ‌FIXED MATURITY INVESTMENTS

   For certain regulatory trust accounts used as collateral for reinsurance clients, the funds were invested in fixed maturity securities. Accordingly, these investments are restricted for reinsurance clients.

   The following table summarizes the fair value of fixed maturity investments:

   	December 31, 2025
   U.S. government and agencies	$ 17,979
   Agency residential mortgage-backed securities ("RMBS")	18,258
   Corporate bonds	9,769
   Asset-back securities ("ABS")	5,565
   Non-agency RMBS	600
   Municipal bonds	857
   Total fixed maturity investments, at fair value	$ 53,028

   There were no fixed maturity securities at December 31, 2024.

   The following table summarizes the net realized and unrealized gains (losses) for the fixed maturity investments:

   Year ended December 31,	2025
   Net realized gains (losses)	$ -
   Change in net unrealized gains (losses)	49
   Net realized and unrealized gains (losses) for fixed maturity investments	$ 49

5. ‌OTHER INVESTMENTS Portfolio

   The Company's other investments primarily consist of Innovations-related private investments supporting technology innovators in the (re)insurance market.

   At December 31, 2025	Cost	Unrealized gains	Unrealized losses	Accrued interest	Fair value / carrying value
   Private equity securities	$ 27,653	$ 38,034	$ (5,957)	$ -	$ 59,730
   Private debt securities	1,464	-	(573)	79	970
   Total other investments	$ 29,117	$ 38,034	$ (6,530)	$ 79	$ 60,700

   At December 31, 2024	Cost	Unrealized gains	Unrealized losses	Accrued interest	Fair value / carrying value
   Private equity securities	$ 25,977	$ 50,913	$ (7,261)	$ -	$ 69,629
   Private debt securities	2,713	-	(1,500)	80	1,293
   Total other investments	$ 28,690	$ 50,913	$ (8,761)	$ 80	$ 70,922

   Private equities

   Measurement alternative

   During the years ended December 31, 2025 and 2024, the Company made further investments in equity securities in privately held entities that do not have readily determinable fair values. In accordance with ASC 321-10-35-2, the Company has elected to apply the measurement alternative to these new investments.

   Adjustments for observable price changes and impairments

   The Company recognized the following adjustments to the carrying values of the private investments and unlisted equity securities, resulting from observable price changes in orderly transactions and impairments:

   	2025	2024
   Upward adjustments (1)	$ 8,072	$ 2,826
   Downward adjustments and impairments (2)	$ 21,619	3,311

   (1) The cumulative upward adjustments from inception to December 31, 2025, for outstanding holdings totaled $59.4 million.

   2) The cumulative downward adjustments and impairments from inception to December 31, 2025, for outstanding holdings totaled $28.8 million.

   For certain impairment charges in the above table, the Company used valuation models to estimate the fair value, which incorporated significant unobservable inputs including projected cash flows provided by the investee's management, discount rates, growth rates, volatility assumptions, and current market multiples.

   Debt securities

   During the year ended December 31, 2025, the Company recognized impairment charges of $0.6 million (2024:

   $1.1 million, 2023: $0.5 million) relating to private debt securities.

   Net investment income

   The following table summarizes the change in unrealized gains (losses) and the realized gains (losses) for the Company's other investments, which are included in "Net investment income" in the statements of operations (see Note 12):

   Years ended December 31,	2025	2024
   Gross realized gains	$ 2,148	$ 346
   Gross realized losses	(3,065)	(1,332)
   Net realized losses	$ (917)	$ (986)
   Change in unrealized gains	(10,649)	(20)
   Net realized and unrealized losses on other investments	$ (11,566)	$ (1,006)

6. ‌RESTRICTED CASH AND CASH EQUIVALENTS

   The following table shows the breakdown of the Company's restricted cash and cash equivalents, along with a reconciliation of the total cash, cash equivalents, and restricted cash reported in the statements of cash flows:

   	December 31, 2025	December 31, 2024
   Restricted cash and cash equivalents:
   Cash securing trust accounts	$ 195,489	$ 312,855
   Cash securing letters of credit issued	310,688	256,121
   Total restricted cash and cash equivalents	506,177	568,976
   Cash and cash equivalents	54,045	40,845
   Total cash, cash equivalents, and restricted cash	$ 560,222	$ 609,821

   Where the Company operates as a non-admitted carrier in certain foreign jurisdictions, regulatory trust accounts and letters of credit are issued to cedents.

7. ‌FAIR VALUE MEASUREMENTS Fair Value Hierarchy

   The fair value of a financial instrument is the amount that would be received in an asset sale or paid to transfer a liability in an orderly transaction between unaffiliated market participants. Assets and liabilities measured at fair value are categorized based on the extent to which the inputs are observable in the market. The categorization of financial instruments within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The hierarchy is prioritized into three levels (with Level 3 being the lowest) defined as follows:

   ●	Level 1: Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.
   ●	Level 2: Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data.
   ●	Level 3: Unobservable inputs supported by little or no market activity and significant to the fair value of the assets and liabilities. The term "unobservable inputs" includes certain pricing models, discounted cash flow methodologies, and similar techniques.

   There have been no material changes in the Company's valuation techniques, nor have there been any transfers between Level 1 and Level 2, or Level 2 and Level 3 for the years presented in these financial statements.

   Assets measured at fair value on a nonrecurring basis

   At December 31, 2025 and 2024, the Company held $52.7 million and $62.6 million, respectively, of private equities measured at fair value on a nonrecurring basis. At December 31, 2025, the Company held $7.0 million (2024: $7.0 million) of private equities measured at cost. The Company classifies these investments as Level 3 within the fair value hierarchy.

   The following table summarizes the periods between the most recent fair value measurement dates and December 31, 2025, for the private equities measured at fair value on a nonrecurring basis:

   	Less than 6 months	6 to 12 months	Over 1 year	Total
   Fair values measured on a nonrecurring basis	$ 25,198	$ 4,024	$ 23,474	$ 52,696

   Assets measured at fair value on a recurring basis

   Fixed maturity investments

   The following table summarizes the fair value hierarchy for the Company's fixed maturity portfolio.

   At December 31, 2025	Level 1	Level 2	Level 3	Total
   U.S. government and government	$ 11,988	$ 5,991	$ -	$ 17,979
   Agency RMBS	-	18,258	-	18,258
   Corporate bonds	-	9,769	-	9,769
   ABS	-	5,565	-	5,565
   Non-agency RMBS	-	600		600
   Municipal bonds	$ -	$ 857	$ -	857
   Total	$ 11,988	$ 41,040	$ -	$ 53,028

   The following describes the valuation methodologies used to determine the fair value of the fixed maturity securities by asset class:

   • U.S. government and government agencies: include bonds issued by the U.S. Treasury and mortgage pass-through agencies such as the Federal National Mortgage Association ("FNMA"), the Federal Home Loan Mortgage Corporation ("FHLMC") and the Government National Mortgage Association ("GNMA"). The fair value of U.S. Treasury securities is based on unadjusted quoted market prices in active markets; accordingly, these are classified as Level 1. The fair value of U.S. government agency securities is determined using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads are observable market inputs, these are classified as Level 2.

   • RMBS: consist of bonds issued by FNMA, FHLMC, and GNMA. The fair value of these securities is priced using a mortgage pool specific model which uses daily inputs from the active to be announced market and the spread associated with each mortgage pool based on vintage. As the significant inputs used to price these securities are observable market inputs, these are classified as Level 2.

   • Corporate bonds: consist of investment grade debt of a variety of corporate issuers and industries. The fair value for these securities is generally determined using the spread above the risk-free yield curve. These spreads are generally obtained from the new issue market, secondary trading and broker-dealer quotes. As the yields for the risk-free yield curve and the spreads are observable market inputs, these are classified as Level 2.

   • ABS: include investment grade bonds backed by pools of loans with a variety of underlying collateral, including auto loans, credit card receivables, and collateralized loan obligations, originated by a variety of financial institutions. The fair value of these securities is determined using a model which uses prepayment speeds and spreads sourced primarily from the new issue market. As the significant inputs used to price these securities are observable market inputs, these are classified as Level 2.

   • Municipal bonds: consist revenue bonds and general obligation bonds by U.S. domiciled state and municipal entities. The fair value for these securities is determined using spreads obtained from the new issue market, trade prices, and broker-dealers quotes. As the significant inputs used to price these securities are observable market inputs, these are classified as Level 2.

     Financial Instruments Disclosed, But Not Carried, at Fair Value

     At December 31, 2025, the carrying value of private debt securities (see Note 5) approximates their fair values. The Company classifies these financial instruments as Level 2 within the fair value hierarchy.

8. ‌LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES

   The Company's loss and LAE reserves were composed of the following:

   	December 31, 2025	December 31, 2024
   Case reserves	$ 205,757	$ 207,709
   IBNR	633,553	538,203
   Total	$ 839,310	$ 745,912

   Reserve Roll-forward

   The following provides a reconciliation of the Company's beginning and ending gross and net reserves for loss and LAE:

   Year ended December 31,	2025	2024
   Gross balance at January 1	$ 745,912	$ 597,410
   Less: Losses recoverable	(36,661)	(17,756)
   Net balance at January 1	709,251	579,654
   Incurred losses related to:
   Current year	357,029	377,485
   Prior years	18,556	11,643
   Total incurred	375,585	389,128
   Paid losses related to:
   Current year	(38,109)	(55,715)
   Prior years	(253,120)	(199,090)
   Total paid	(291,229)	(254,805)
   Foreign exchange and translation adjustment	15,054	(4,726)
   Net balance at December 31	808,661	709,251
   Add: Losses recoverable (see Note 9)	30,649	36,661
   Gross balance at December 31	$ 839,310	$ 745,912

   Estimates for Catastrophe Events

   At December 31, 2025 and 2024, the Company's net reserves for losses and LAE include estimated amounts for several catastrophe and weather-related events (the "CAT losses").

   The determination of the net reserves for losses and LAE related to CAT events represent the Company's best estimate of losses and LAE that have been incurred at December 31, 2025, and 2024. The determination of these net reserves for losses and LAE is estimated by management after a catastrophe occurs by completing an in-depth analysis of individual contracts which could potentially have been impacted by the CAT event. This in-depth analysis may rely on several sources of information including:

   • catastrophe bulletins published by various independent statistical reporting agencies;

   • estimates of the size of insured industry losses from the CAT event and the Company's corresponding market share;

   • a review of the Company's reinsurance contracts to identify those contracts which may be exposed to the CAT event;

   • a review of modeled loss estimates based on information previously reported by customers and brokers, including exposure data obtained during the underwriting process;

   • discussions of the impact of the event with customers and brokers; and

   • a review of the coverage provided by the Company's retrocession contracts (ceded reinsurance).

     While the Company believes its estimate of net reserves for losses and LAE is adequate for CAT losses that have been incurred at December 31, 2025, and 2024 based on current facts and circumstances, the Company monitors changes in paid and incurred losses in relation to each catastrophe in subsequent reporting periods and adjustments are made to estimates of ultimate losses for each event if there are developments that are different from previous expectations. The magnitude and volume of losses arising from CAT events is inherently uncertain. Adjustments are recorded in the period in which they are identified. Accordingly, actual losses for CAT events may ultimately differ materially from the Company's current estimates.

     Prior Year Reserve Development

     The Company's net adverse prior year development arises from changes to estimates for losses and LAE related to loss events that occurred in previous calendar years.

     Year ended December 31, 2025

     The Company experienced $18.6 million in net adverse development on prior year loss and LAE reserves. This was comprised of:

   • $54.0 million of reserve strengthening predominantly on the casualty line (various accident years) due to current economic and social inflation trends; coupled with adverse development in the financial line (2021 to 2024 accident years) due to a higher volume of claims than expected and worse than expected loss emergence for transactional liability business.

   • Partially offset by $35.4 million of favorable reserve development on property stemming from benign catastrophe loss activity primarily on the 2024 accident year. Additionally, the multiline and specialty lines of business benefited from management's recognition of favorable reported loss emergence in the best estimate of its reserves. This was driven primarily by excess of loss reinsurance contracts covering accident years 2023 and 2024, where reported loss experience for events remained benign throughout the period in the portfolio.

     Year ended December 31, 2024

     The Company experienced $11.6 million in net adverse reserve development on prior year loss and LAE reserves. This was comprised of:

   • $18.8 million of reserve strengthening predominantly on the casualty line (various accident years) due to current economic and social inflation trends, coupled with adverse catastrophe related reserve development on the property line driven by the severe convective storms in the U.S. (mostly 2022 accident year) and Winter Storm Elliott (2022 accident year).

   • Partially offset by $7.1 million of favorable reserve development mostly on the financial line (2017-2020 accident years), health line (mostly 2021 accident year ), and specialty line (mostly 2021 and 2023 accident year) due to better than expected loss emergence.

   Net Incurred and Paid Claims Development Tables by Accident Year

   The following tables present net incurred and paid claims development by accident year, total IBNR liabilities plus expected development on reported claims, and average annual percentage payout of incurred claims by age for each line of business. The loss development tables are presented on an accident year basis for each line of business. For the quota share retrocession transactions with affiliates (Note 14), these are included in the multiline loss development table. The Company does not discount reserves for losses and LAE.

   For incurred and paid claims denominated in currencies other than U.S. dollars, the following tables are presented using the foreign exchange rate in effect at the current year-end date. As a result, all prior year information has been restated to reflect December 31, 2025, foreign exchange rates. This treatment prevents changes in foreign currency exchange rates from distorting the claims development between the years presented.

   Additionally, for assumed proportional contracts, the presentation of net incurred and paid claims development tables by accident year is challenging due to the need to allocate loss information to the appropriate accident years. The Company does not generally receive claims information by accident year from the ceding insurers but instead receives claims information by the treaty year of the contract. Claims reported by the ceding insurer to the Company may have the covered losses occurring in an accident year other than the treaty year. Some incurred and paid claims have been allocated to the accident years for the loss development tables based on the proportion of premiums earned for each contract during such accident year. To the extent that management's assumptions and allocation procedures differ from the actual loss development patterns, the actual loss development may differ materially from the net incurred and paid claims development presented in the tables below.

   The totals in the tables below may not sum due to rounding.

   Casualty
   	Incurred claims and allocated claim adjustment expenses, net of reinsurance										December 31, 2025
   				For the years ended December 31,							Total IBNR plus expected development on reported claims
   Accident year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
   (Unaudited - Supplementary Information)
   2016	$ 61,920	$ 68,729	$ 73,817	$ 74,106	$ 73,996	$ 79,043	$ 82,925	$ 87,131	$ 91,541	$ 97,403	$ 13,355
   2017		65,509	73,270	73,510	75,100	81,175	84,712	91,353	97,099	101,583	15,862
   2018			38,280	38,982	39,443	41,296	41,646	45,595	49,531	54,137	9,631
   2019				35,710	36,315	36,823	37,014	39,423	39,830	44,361	8,087
   2020					52,616	48,967	50,833	54,108	55,544	57,271	9,892
   2021						71,382	69,855	73,756	74,211	76,613	11,173
   2022							55,006	54,258	50,780	53,938	21,659
   2023								54,468	53,895	55,698	39,205
   2024									63,867	67,192	58,881
   2025										73,542	71,542
   									Total	$ 681,739	$ 259,287

   					Casualty
   Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
   For the years ended December 31,
   Accident year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
   (Unaudited - Supplementary Information)
   2016	$ 3,197	$ 12,014	$ 23,955	$ 34,689	$ 47,181	$ 55,056	$ 65,079	$ 71,473	$ 78,702	$ 84,048
   2017		5,361	16,141	25,996	38,873	49,998	60,696	69,393	78,970	85,721
   2018			4,992	12,538	18,796	26,033	30,026	34,698	40,483	44,506
   2019				6,235	15,283	21,635	25,481	29,157	32,572	36,275
   2020					11,443	24,107	33,374	40,088	44,504	47,379
   2021						23,210	43,058	54,643	61,315	65,441
   2022							9,273	17,641	25,038	32,279
   2023								2,992	8,209	16,493
   2024									3,140	8,312
   2025										2,000
   									Total	422,452
   					All outstanding liabilities before 2016, net of reinsurance					8,016
   		Liabilities for claims and claims adjustment expenses, net of reinsurance (Casualty)								$ 267,303

   Years	1	2	3	4	5	6	7	8	9	10
   (Unaudited - Supplementary Information)
   Casualty	11.6 %	16.9 %	14.8 %	11.9 %	11.0 %	12.3 %	7.0 %	4.5 %	3.7 %	6.3 %

   Financial
   	Incurred claims and allocated claim adjustment expenses, net of reinsurance										December 31, 2025
   				For the years ended December 31,							Total IBNR plus expected development on reported claims
   Accident year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
   (Unaudited - Supplementary Information)
   2016	$ 1,861	$ 1,861	$ 580	$ 872	$ 824	$ 501	$ 490	$ 488	$ 486	$ 484	$ 78
   2017		7,779	3,726	3,944	6,477	5,021	5,006	4,811	4,614	4,646	280
   2018			4,110	4,474	6,864	5,047	5,318	5,203	4,794	4,826	737
   2019				9,892	13,398	11,614	9,023	8,715	7,968	8,027	1,084
   2020					20,630	20,500	18,628	18,530	18,818	17,790	2,303
   2021						17,688	15,594	13,486	13,532	14,895	4,157
   2022							21,557	20,043	20,274	24,758	10,176
   2023								20,705	18,769	24,759	13,182
   2024									25,553	29,649	18,490
   2025										35,363	28,423
   									Total	$ 165,196	$ 78,910

   Financial
   Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
   For the years ended December 31,
   Accident year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
   (Unaudited - Supplementary Information)
   2016	$ 5	$ 23	$ 322	$ 576	$ 412	$ 405	$ 407	$ 406	$ 406	$ 406
   2017		100	1,830	3,339	4,278	4,283	4,413	4,413	4,305	4,366
   2018			665	4,005	3,825	3,957	4,354	4,353	4,029	4,089
   2019				3,064	4,286	5,239	6,780	6,953	6,623	6,942
   2020					2,830	5,329	9,511	11,296	13,518	15,487
   2021						500	2,184	5,086	6,983	10,738
   2022							811	4,518	7,942	14,582
   2023								2,066	4,232	11,577
   2024									3,985	11,159
   2025										6,940
   									Total	86,286
   					All outstanding liabilities before 2016, net of reinsurance
   		Liabilities for claims and claims adjustment expenses, net of reinsurance (Financial)								$ 78,910

   Years	1	2	3	4	5	6	7	8	9	10
   (Unaudited - Supplementary Information)
   Financial	14.6 %	27.0 %	24.2 %	17.9 %	11.6 %	4.0 %	0.3 %	0.2 %	0.2 %	- %

   Health
   	Incurred claims and allocated claim adjustment expenses, net of reinsurance										December 31, 2025
   				For the years ended December 31,							Total IBNR plus expected developmen t on reported claims
   Accident year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
   (Unaudited - Supplementary Information)
   2016	$ 6,689	$ 8,779	$ 8,466	$ 8,168	$ 8,143	$ 8,143	$ 8,143	$ 8,090	$ 8,090	$ 8,090	$ -
   2017		10,524	12,475	12,994	12,753	12,843	12,714	12,673	12,673	12,671	-
   2018			23,432	25,684	25,316	24,652	24,486	24,386	24,386	24,342	-
   2019				24,533	25,085	24,906	24,898	24,634	24,528	24,492	1
   2020					28,172	28,190	28,216	27,690	27,598	27,584	2
   2021						21,588	21,249	20,755	20,607	20,600	5
   2022							7,253	7,238	6,670	6,691	26
   2023								1,337	1,086	1,135	49
   2024									1,181	1,155	137
   2025										1,545	620
   									Total	$ 128,305	$ 840

   					Health
   Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
   For the years ended December 31,
   Accident year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
   (Unaudited - Supplementary Information)
   2016	$ 2,984	$ 8,257	$ 8,372	$ 8,088	$ 8,090	$ 8,090	$ 8,090	$ 8,090	$ 8,090	$ 8,090
   2017		6,765	11,857	12,508	12,528	12,678	12,678	12,673	12,673	12,671
   2018			13,518	24,006	24,943	24,394	24,394	24,386	24,386	24,341
   2019				10,966	24,005	24,523	24,527	24,523	24,523	24,491
   2020					14,861	27,507	27,583	27,588	27,588	27,582
   2021						13,648	20,322	20,598	20,599	20,595
   2022							4,221	6,401	6,628	6,665
   2023								537	1,033	1,086
   2024									429	1,018
   2025										925
   									Total	127,465
   					All outstanding liabilities before 2016, net of reinsurance					(33)
   		Liabilities for claims and claims adjustment expenses, net of reinsurance (Health)								$ 807

   Years	1	2	3	4	5	6	7	8	9	10
   (Unaudited - Supplementary Information)
   Health	53.9 %	44.6 %	1.5 %	- %	- %	- %	- %	- %	- %	- %

   Multiline
   	Incurred claims and allocated claim adjustment expenses, net of reinsurance										December 31, 2025
   				For the years ended December 31,							Total IBNR plus expected development on reported claims
   Accident year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
   (Unaudited - Supplementary Information)
   2016	$195,055	$204,821	$208,018	$213,240	$211,339	$208,716	$209,653	$209,126	$209,243	$ 209,633	$ 212
   2017		248,873	246,922	257,848	263,373	257,075	257,333	255,496	255,877	257,180	2,000
   2018			201,629	216,730	211,758	209,442	209,626	212,368	212,473	212,907	911
   2019				206,670	224,207	225,682	221,422	217,126	217,305	217,482	1,560
   2020					159,115	165,230	164,774	163,202	162,708	163,158	7,680
   2021						190,206	181,383	189,257	202,686	202,929	13,190
   2022							174,404	166,104	166,364	182,634	18,217
   2023								182,523	168,331	175,285	46,609
   2024									207,272	161,068	99,635
   2025										183,935	165,131
   									Total	$1,966,211	$ 355,146

   					Multiline
   Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
   For the years ended December 31,
   Accident year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
   (Unaudited - Supplementary Information)
   2016	$ 101,961	$ 174,666	$ 193,742	$ 206,151	$ 205,194	$ 206,056	$ 207,891	$ 207,837	$ 208,703	$ 209,421
   2017		133,924	221,378	246,839	249,002	251,273	252,459	252,615	254,171	255,180
   2018			100,429	197,324	203,481	206,241	207,944	209,780	211,125	211,996
   2019				89,659	186,697	206,140	212,112	214,154	215,431	215,922
   2020					60,326	125,534	141,958	149,264	151,794	155,478
   2021						76,985	136,982	167,361	184,827	189,739
   2022							43,420	90,253	133,880	164,417
   2023								31,065	70,251	128,676
   2024									18,183	61,432
   2025										18,804
   									Total	1,611,065
   					All outstanding liabilities before 2016, net of reinsurance					1,352
   		Liabilities for claims and claims adjustment expenses, net of reinsurance (Multiline)								$ 356,497

   Years	1	2	3	4	5	6	7	8	9	10
   (Unaudited - Supplementary Information)
   Multiline	41.9 %	38.1 %	12.1 %	4.9 %	1.2 %	0.8 %	0.4 %	0.2 %	0.2 %	0.2 %

   Property
   	Incurred claims and allocated claim adjustment expenses, net of reinsurance										December 31, 2025
   				For the years ended December 31,							Total IBNR plus expected development on reported claims
   Accident year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
   (Unaudited - Supplementary Information)
   2016	$ 25,276	$ 25,372	$ 23,192	$ 22,664	$ 22,493	$ 22,481	$ 22,537	$ 22,443	$ 22,438	$ 22,431	$ -
   2017		77,573	73,858	64,755	64,986	64,950	64,317	64,135	63,900	63,785	557
   2018			26,947	23,457	23,681	23,069	22,463	22,052	21,901	21,261	1,544
   2019				27,734	15,042	14,538	12,714	12,924	12,823	12,682	878
   2020					30,194	26,061	22,304	21,993	21,936	21,049	1,593
   2021						23,638	20,866	19,723	19,302	18,972	1,609
   2022							43,435	45,769	47,783	48,208	2,261
   2023								53,964	58,067	58,086	2,665
   2024									53,916	48,271	14,064
   2025										38,610	31,475
   									Total	$ 353,356	$ 56,647

   					Property
   Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
   For the years ended December 31,
   Accident year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
   (Unaudited - Supplementary Information)
   2016	$ 9,894	$ 17,882	$ 20,576	$ 21,545	$ 21,872	$ 22,200	$ 22,289	$ 22,350	$ 22,421	$ 22,431
   2017		43,062	53,931	60,829	61,687	62,781	62,821	63,163	63,172	63,228
   2018			4,498	14,542	17,094	17,775	18,764	19,777	19,668	19,717
   2019				4,059	7,024	8,441	9,949	11,278	11,450	11,804
   2020					6,237	11,741	15,626	17,598	18,790	19,457
   2021						4,968	12,624	14,894	16,218	17,364
   2022							18,478	39,299	44,019	45,947
   2023								33,056	50,504	55,420
   2024									24,218	34,207
   2025										7,135
   									Total	296,709
   					All outstanding liabilities before 2016, net of reinsurance					326
   		Liabilities for claims and claims adjustment expenses, net of reinsurance (Property)								$ 56,973

   Years	1	2	3	4	5	6	7	8	9	10
   (Unaudited - Supplementary Information)
   Property	48.6 %	33.4 %	8.5 %	3.7 %	2.9 %	1.5 %	0.9 %	0.2 %	0.2 %	0.1 %

   Specialty
   	Incurred claims and allocated claim adjustment expenses, net of reinsurance										December 31, 2025
   				For the years ended December 31,							Total IBNR plus expected development on reported claims
   Accident year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
   (Unaudited - Supplementary Information)
   2016	$ -	$ -	$ -	$ -	$ -	$ -	$ -	$ -	$ -	$ -	$ -
   2017		4,146	3,582	3,537	3,672	3,046	2,860	2,568	2,551	2,770	211
   2018			3,145	3,260	3,385	2,959	2,963	2,777	2,708	2,799	155
   2019				4,954	5,784	5,397	5,782	6,044	6,187	6,374	914
   2020					13,720	12,365	12,440	12,192	12,410	13,073	955
   2021						14,463	13,780	13,637	11,987	13,294	1,907
   2022							9,838	8,211	10,170	13,259	2,091
   2023								12,862	9,415	9,643	2,222
   2024									30,924	19,981	10,971
   2025										26,074	23,769
   									Total	$ 107,268	$ 43,194

   Specialty
   Cumulative paid claims and allocated claim adjustment expenses, net of reinsurance
   For the years ended December 31,
   Accident year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
   (Unaudited - Supplementary Information)
   2016	$ -	$ -	$ -	$ -	$ -	$ -	$ -	$ -	$ -	$ -
   2017		68	889	1,543	2,018	2,238	2,387	2,455	2,510	2,559
   2018			543	1,351	1,874	2,070	2,342	2,463	2,560	2,644
   2019				464	2,307	3,001	4,058	4,888	5,302	5,461
   2020					991	10,156	11,066	11,431	11,966	12,118
   2021						7,485	7,703	8,796	10,505	11,387
   2022							543	2,202	3,947	11,167
   2023								1,833	6,272	7,421
   2024									4,451	9,009
   2025										2,306
   									Total	64,073
   					All outstanding liabilities before 2016, net of reinsurance					-
   		Liabilities for claims and claims adjustment expenses, net of reinsurance (Specialty)								$ 43,194

   Years	1	2	3	4	5	6	7	8	9	10
   (Unaudited - Supplementary Information)
   Specialty	17.8 %	30.5 %	18.0 %	15.6 %	7.4 %	3.5 %	2.9 %	2.6 %	1.7 %	- %

   Reconciliation of Loss Development Tables to Balance Sheet

   The following reconciles the reserve for losses and LAE at December 31, 2025, included in the loss development tables to the loss and LAE reserves reported in the balance sheet:

   Net loss and LAE reserves by line of business:
   Casualty	$ 267,303
   Financial	78,910
   Health	807
   Multiline	356,497
   Property	56,973
   Specialty	43,194
   Total for lines of business	803,684
   Unallocated claims adjustment expenses	4,446
   Other	531
   Total loss and LAE reserves, net	808,661
   Add: Reinsurance recoverable on unpaid claims	30,649
   Total loss and LAE reserves	$ 839,310

9. ‌RETROCESSION

   From time to time, the Company purchases retrocessional coverage for one or more of the following reasons: to manage its overall exposure, reduce its net liability on individual risks, obtain additional underwriting capacity and balance its underwriting portfolio. The Company records loss and LAE recoverable from retrocessionaires as assets.

   The following table provides a breakdown of ceded reinsurance:

   Year ended December 31,	2025	2024
   Gross ceded premiums	$ 39,979	$ 42,937
   Earned ceded premiums	$ 37,375	$ 38,637
   Loss and loss adjustment expenses ceded	$ 9,522	$ (30,538)

   Retrocession contracts do not relieve the Company from its obligations to its cedents. Failure of retrocessionaires to honor their obligations could result in losses to the Company. The following table shows a breakdown of losses recoverable on a gross and net of collateral basis:

   December 31, 2025			December 31, 2024
   	Gross	Net of Collateral(1)	Gross	Net of Collateral(1)
   A- or better by A.M. Best	$ 28,131	$ 8,074	$ 33,051	$ 15,189
   Not rated	3,035	2,222	4,110	2,082
   Total before provision	31,166	$ 10,296	$ 37,161	$ 17,271
   Provision for credit losses	(517)		(500)
   Total reinsurance recoverable, net	$ 30,649		$ 36,661

   (1) Collateral is in the form of cash, letters of credit, funds withheld, and/or cash collateral held in trust accounts. This excludes any excess collateral in order to disclose the aggregate net exposure for each retrocessionaire.

   At December 31, 2025, we had 4 reinsurers (2024: 1) that accounted for 10% or more of the total loss and loss adjustment expenses recoverable, net of the credit loss provision, for an aggregate gross amount of $19.6 million (2024: $20.6 million).

10. ‌CREDIT FACILITIES

    In the normal course of business, the Company enters into agreements with financial institutions to obtain secured credit facilities. At December 31, 2025, the Company had letters of credit ("LC") facilities with the following financial institutions:

    	Capacity	LCs issued
    HSBC	$ 100,000	$ -
    Citibank	275,000	173,618
    CIBC	200,000	136,805
    Total LCs in favor of cedants	$ 575,000	$ 310,423
    Citibank FAL	£ 50,000	£ 45,000

    Except for the above Citibank FAL, the LC facilities are cash collateralized (see Note 6) and are subject to various customary affirmative, negative and financial covenants. At December 31, 2025, the Company was in compliance with all LC facilities covenants.

    HSBC LC Facility

    On December 17, 2024, the Company entered into a Continuing Letter of Credit Agreement with HSBC Bank USA, National Association ("HSBC"), providing for an uncommitted $100 million LC facility (the "Uncommitted HSBC LC Facility"). The Uncommitted HSBC LC facility may be terminated by either the Company or HSBC upon written notice; provided that such termination shall not terminate any letters of credit then-outstanding under this facility.

    Citibank LC Facility

    On December 19, 2024, the Company amended its LC agreement with Citibank Europe plc ("Citibank") dated August 20, 2010 to an uncommitted $275 million LC facility (the "Uncommitted Citibank LC Facility"). The LC previously issued under the former facility have been transferred to the Uncommitted Citibank LC Facility, and additional LC or similar or equivalent instruments under the Uncommitted Citibank LC Facility may be issued at Citibank's sole discretion. The Uncommitted Citibank LC Facility may be terminated by Citibank upon written notice to the Company; provided that the termination date shall not be earlier than the expiry date of any then-outstanding under this facility.

    CIBC LC Facility

    On December 22, 2023, the Company entered into a credit agreement with CIBC Bank USA ("CIBC") for a

    $200.0 million committed LOC facility (the "CIBC LC Facility"), with a $30.0 million sublimit for unsecured LC (the "CIBC Revolving Credit Facility"). The CIBC LC Facility will terminate on December 21, 2026, subject to automatic 1-year extensions unless a termination noticed is provided by CIBC or the Company at least 120 days prior to the then-applicable termination date.

    Citibank FAL Facility

    In 2025, the Company, entered into an uncommitted and unsecured £50 million letter of credit facility arrangement with Citibank Europe plc ("Citibank"). This facility was established to support the Company's Funds at Lloyd's business (the "Citibank FAL"). Upon the issuance of a £45 million LC in favor of Lloyd's, Lloyd's released

    $60.7 million in cash to the Company (original FAL).

    Concurrently with this transaction, the Parent has provided a guarantee to Citibank, requiring the Parent to make payment in the event that the respective subsidiary fails to meet its obligations when due. At December 31, 2025, the maximum potential amount of future payments the Parent could be required to make under this guarantee was

    £45 million.

    The Citibank FAL LC facility may be terminated by Citibank upon written notice to Lloyd's and the Company; provided that the termination date shall not be earlier than December 31st of the fourth anniversary of such termination date.

11. ‌SHARE CAPITAL

    The holders of all ordinary shares are entitled to share equally in dividends declared by the Board of Directors. In the event of a winding-up or dissolution of the Company, the ordinary shareholders share equally and ratably in the Company's assets after payment of all debts and liabilities and after the liquidation of any issued and outstanding preferred shares. The Board of Directors is authorized to establish the rights and restrictions for preferred shares as they deem appropriate.

    The Amended and Restated Memorandum and Articles of Association provides that the holders of ordinary shares generally are entitled to one vote per share.

    Additional paid-in capital includes the premium per share paid by the subscribing shareholder for ordinary shares which have a par value of $0.10 each.

12. ‌NET INVESTMENT INCOME

    The following table provides a breakdown of net investment income:

    Years ended December 31,	2025	2024
    Interest and dividend income, net of withholding taxes and other expenses	$ 22,407	$ 28,633
    Investment income from Lloyd's syndicates	8,697	11,554
    Net realized and unrealized gains on fixed maturities (see Note 4)	49	0
    Net realized and unrealized gains (losses) on other investments (see Note 5)	(11,566)	(1,006)
    Net investment income	19,587	39,181
    Share of Solasglas' net income (see Note 3)	32,550	30,848
    Total investment income	$ 52,137	$ 70,029

13. ‌INCOME TAXES

    Under current Cayman Islands law, no corporate entity, including the Company and its Parent, is obligated to pay taxes in the Cayman Islands on either income or capital gains. The Company has an undertaking from the Governor-in-Cabinet of the Cayman Islands, pursuant to the provisions of the Tax Concessions Act, as amended, that, in the event that the Cayman Islands enacts any legislation that imposes a tax on profits, income, gains, or appreciations, or any tax in the nature of estate duty or inheritance tax, such tax will not be applicable to the Company and its Parent nor their respective operations, or to the ordinary shares or related obligations, before January 22, 2045.

    The Company intends to conduct all of its operations in a manner that will not cause it to be treated as engaging in a trade or business within the United States and will not cause it to be subject to current U.S. federal income taxation on its net income. However, because there are no definitive standards provided by the Internal Revenue Code, regulations or court decisions as to the specific activities that constitute "engaged in the conduct of a trade or business within the United States", and as any such determination is essentially factual in nature, there can be no assurance that the IRS will not successfully assert that the Company is engaged in a trade or business within the U.S.

14. ‌RELATED PARTY TRANSACTIONS Investment Advisory Agreement

    Each of DME, DME II, and DME Advisors is an affiliate of the Chairman and, therefore, is a related party to the Company.

    The Company has entered into the Solasglas LPA (as described in Note 3 of the financial statements). DME II receives a performance allocation equal to (with capitalized terms having the meaning provided under the Solasglas LPA) (a) 10% of the portion of the Positive Performance Change for each limited partner's capital account that is less than or equal to the positive balance in such limited partner's Carryforward Account, plus (b) 20% of the portion of the Positive Performance Change for each limited partner's capital account that exceeds the positive balance in such limited partner's Carryforward Account. The Carryforward Account for the Company includes the amount of investment losses to be recouped including any loss generated on the assets invested in Solasglas, subject to adjustments for redemptions. The loss carryforward provision in the Solasglas LPA allows DME II to earn a reduced performance allocation of 10% of profits in years subsequent to any year in which Solasglas has incurred a loss, until all losses are recouped and an additional amount equal to 150% of the loss is earned.

    In accordance with the Solasglas LPA, DME Advisors constructs a levered investment portfolio as agreed by the Company (the "Investment Portfolio" as defined in the Solasglas LPA). On September 1, 2018, Solasglas entered into the IAA with DME Advisors, which entitles DME Advisors to a monthly management fee equal to 0.125% (1.5% on an annual basis) of each limited partner's Investment Portfolio. The IAA has an initial term ending on August 31, 2023, subject to an automatic extension for successive three-year terms.

    For a detailed breakdown of management fees and performance compensation for the years ended December 31, 2025 and 2024, refer to Note 3.

    Pursuant to the Solasglas LPA and the IAA, the Company has agreed to indemnify DME, DME II, and DME Advisors for any expense, loss, liability, or damage arising out of any claim asserted or threatened in connection with DME Advisors serving as the Company's or Solasglas' investment advisor. The Company will reimburse DME, DME II, and DME Advisors for reasonable costs and expenses of investigating and defending such claims, provided such claims were not caused due to gross negligence, breach of contract, or misrepresentation by DME, DME II or DME Advisors. The Company incurred no indemnification amounts during the periods presented.

    Green Brick Partners, Inc.

    David Einhorn also serves as the Chairman of the Board of Directors of Green Brick Partners, Inc. ("GRBK"), a publicly-traded company. At December 31, 2025, Solasglas, along with certain affiliates of DME Advisors, collectively owned 23.7% of the issued and outstanding common shares of GRBK. Under applicable securities laws, DME Advisors may sometimes be limited in its ability to trade GRBK shares held in Solasglas. At December 31, 2025, Solasglas held 0.8 million shares of GRBK.

    Collateral Assets Investment Management Agreement

    Effective January 1, 2019, the Company (and its affiliates) entered into a collateral assets investment management agreement (the "CMA") with DME Advisors, pursuant to which DME Advisors manages certain assets of the Company that are not subject to the Solasglas LPA and are held by the Company to provide collateral required by the cedents in the form of trust accounts and letters of credit. In accordance with the CMA, DME Advisors receives no fees and is required to comply with the collateral investment guidelines. The CMA can be terminated by any of the parties upon 30 days' prior written notice to the other parties.

    Transactions with Affiliated Companies

    Amount due from (to) Parent and affiliates

    At December 31, 2025, and 2024, the amounts due from (to) affiliated companies were non-interest bearing, unsecured and repayable on demand.

    Retrocession agreements with affiliates

    The Company has entered into quota share retrocession agreements with GRIL and GCM whereby the Company assumes a quota share portion of certain specified reinsurance contracts written by GRIL and GCM. For the year ended December 31, 2025, the Company assumed $96.4 million (2024: $103.2 million) of written premiums from GRIL and $216.2 million (2024: $141.07 million) of written premiums from GCM.

    The Company also provides an aggregate stop loss reinsurance protection to GRIL and Syndicate 3456 (100% capital provided by the Company - see Note 15). For the year ended December 31, 2025, GRIL and Syndicate 3456 ceded $0.5 million (2024: $0.5 million) and $1.1 million (2024: $2.0 million), respectively, of written premiums relating to these aggregate stop loss contracts to the Company. During the year ended December 31, 2025, there were no losses incurred on the aggregate stop loss contracts (2024: nil).

    At December 31, 2025, included in the caption "Reinsurance Balances Receivable" on the Company's balance sheet was $52.8 million (December 31, 2024: $102.4 million) net receivable from GRIL on the above mentioned retrocession agreements; $291.2 million (December 31, 2024: $174.06 million) net receivable from GCM, and nil (December 31, 2024: $23.3 million) of funds provided by the Company to GRIL to support certain reinsurance contracts with Lloyd's syndicates. See Note 15.

15. ‌COMMITMENTS AND CONTINGENCIES
    1. Concentration of Credit Risk

       Cash and cash equivalents

       The Company monitors its concentration of credit risk with financial institutions and limits acceptable counterparties based on current rating, outlook and other relevant factors.

       Investments

       The Company's fixed maturities portfolio is exposed to potential losses arising from diminishing creditworthiness of issuers of bonds. The fixed maturities portfolio is managed by an external investment manager in accordance with the Company's investment guidelines and the underlying investment guidelines set by the respective regulatory trusts. At December 31, 2025, there was no fixed maturity security that exceeded 10% of the Company's shareholders' equity.

       The Company's credit risk exposure to private debt securities within its "Other investments" are immaterial (see Note 5).

       Reinsurance balances receivable, net

       The following table shows the breakdown of reinsurance balances receivable:

       December 31, 2025			December 31, 2024
       	Amount	%	Amount	%
       Funds withheld:
       Funds held by third party cedants	28,099	5.1 %	50,221	9.2 %
       Funds held by GCM	291,191	53.0	175,865	32.1
       Funds held by GRIL	2,931	0.5	52,766	9.6
       Funds at Lloyd's (1)	44,176	8.0	69,059	12.6
       Premium receivable:
       Premium receivable from third parties	128,505	23.4	149,924	27.3
       Premiums receivable from GRIL	49,896	9.1	49,652	9.1
       Profit commission receivable	5,964	1.1	1,808	0.3
       Total before provision	550,762	100.2	549,295	100.2
       Provision for expected credit losses	(1,349)	(0.2)	(1,019)	(0.2)
       Reinsurance balances receivable, net	$ 549,413	100.0 %	$ 548,276	100.0 %

       (1) Including nil for GRIL (December 31, 2024: $23.3 million) - see Note 14.

       The Company has posted deposits at Lloyd's to support underwriting capacity for certain syndicates, including Syndicate 3456. Lloyd's has a credit rating of "A+" (Superior) from A.M. Best, as revised in August 2024.

       Premiums receivable includes a significant portion of estimated premiums not yet due. Brokers and other intermediaries are responsible for collecting premiums from customers on the Company's behalf. The Company monitors its concentration of credit risks from brokers. The diversity in the Company's client base limits credit risk associated with premiums receivable and funds (premiums) held by cedents. Further, under the reinsurance contracts the Company has contractual rights to offset premium balances receivable and funds held by cedants against corresponding payments for losses and loss expenses.

       Loss and loss adjustment expenses recoverable, net

       The Company regularly evaluates its net credit exposure to the retrocessionaires and their abilities to honor their respective obligations. See Note 9 for analysis of concentration of credit risk relating to retrocessionaires.

    2. Lease Obligations

       The Company's operating lease agreement relates to office space in the Cayman Islands. The Company's weighted-average remaining operating lease term is approximately 4.75 years at December 31, 2025.

       For operating leases that have a lease term of more than 12 months, the Company recognizes a lease liability and a right-of-use asset in the Company's consolidated balance sheets at the present value of the lease payments at the lease commencement date. As the lease contracts generally do not provide an implicit discount rate, the Company used its incremental borrowing rate to determine the present value of lease payments. The Company's incremental borrowing rate represents the borrowing rate for a term similar to that of the associated lease based on information available at the commencement date. The Company has made an accounting policy election not to include renewal, termination, or purchase options that are not reasonably certain of exercise when determining the borrowing term.

       At December 31, 2025, included in other assets and other liabilities in the balance sheets are the right-of-use assets of $2.6 million and lease liabilities of $2.6 million, respectively, relating to the operating lease (2024: $0.8 million and $0.8 million, respectively). For the year ended December 31, 2025, the Company recognized operating lease expense of $0.4 million (2024: $0.6 million).

       At December 31, 2025, the commitment for operating lease liabilities for future annual periods was as follows:

       Year ending December 31,	Amount
       2026	599
       2027	617
       2028	635
       2029	654
       2030	559
       Total lease payments	3,064
       Less present value discount	(482)
       Present value of lease liabilities	$ 2,582

    3. Litigation

       From time to time, in the ordinary course of business, the Company may be involved in formal and informal dispute resolution procedures, which may include arbitration or litigation. The outcomes of these procedures determine the rights and obligations under the Company's reinsurance contracts and other contractual agreements. In some disputes, the Company may seek to enforce its rights under an agreement or collect funds owed. In other matters, the Company may resist attempts by others to collect funds or enforce alleged rights. While the Company cannot predict the outcome of legal disputes with certainty, the Company does not believe that any existing dispute, when finally resolved, will have a material adverse effect on the Company's business, financial condition, or operating results.

    4. Unsecured Citibank FAL Facility

    At December 31, 2025, Citibank issued a £45 million unsecured LC in favor of Lloyd's, for which the Parent has provided a guarantee to Citibank. Refer to "Credit Facilities" in Note 10 for additional information.

16. ‌STATUTORY REQUIREMENTS

    The Company's reinsurance operations are subject to insurance laws and regulations in the Cayman Islands. These regulations include certain restrictions on the amount of dividends or other distribution, such as loans or cash advances, available to shareholders without prior approval of the respective regulatory authorities.

    The statutory capital and surplus and required minimum statutory capital and surplus of the Company is detailed below:

    At December 31,	2025	2024
    Statutory capital and surplus	$ 609,397	$ 603,095
    Required statutory capital surplus	354,618	307,875
    Excess statutory capital	$ 254,779	$ 295,220

    The Company is subject to the Cayman Islands' Insurance (Capital and Solvency) (Classes B, C, and D Insurers) Regulations, (2018 Revision) (the "Insurance Regulations"). Under these Insurance Regulations, the Company is required to maintain minimum statutory capital and surplus equal to the greater of: a) the Minimum Capital Requirement of $50.0 million and b) the Prescribed Capital Requirement ("PCR") as defined in the Insurance Regulations.

    The Company is not required to prepare statutory financial statements for filing with CIMA. There were no material differences between the Company's GAAP capital, surplus, and net income and its statutory capital, surplus, and net income at December 31, 2025 and 2024, and for the years then ended.

    Any dividends declared and paid from the Company to its parent requires CIMA's approval. During the year ended December 31, 2025, $61.0 million of dividends (2024: $22.5 million) were declared or paid by the Company to its parent. The dividends were approved by CIMA and resulted in the return of additional share capital from the Company. At December 31, 2025, $254.8 million (2024: $295.2 million) of the Company's capital and surplus was available for distribution as dividends.

    .

17. ‌SUBSEQUENT EVENTS

On February 28, 2026, the United States and Israel launched coordinated, large-scale military strikes on Iran, resulting in retaliatory strikes by Iran on several neighboring Middle Eastern countries. While the Company has reinsurance coverage exposure in these regions through its Specialty line of business, as the situation is developing and outcomes remain highly uncertain, it is too early to reasonably estimate the possible loss or range of loss, if any, that may result from this event. The Company also has retrocession excess of loss protections in place for the exposed Specialty lines to reduce the impact of an escalated or prolonged conflict in the region.