GLRE

Image source: The Motley Fool. Wednesday, Aug. 5, 2026 at 9:00 a.m. ET General Counsel - David Sigmon Chief Executive Officer - Greg Richardson Chairman of the Board - David Einhorn Chief Financial Officer - Faramarz Romer Operator: Thank you for joining the Greenlight Capital Re Second Quarter 2026 Earnings Conference Call. [Operator Instructions] It is now my pleasure to turn the call over to David Sigmon, Greenlight Re's General Counsel. You may begin. David Sigmon: Thank you, Kevin, and good morning. I would like to remind you that this conference call is being recorded and will be available for replay following the conclusion of the event. An audio replay will also be available under the Investors section of the company's website at www.greenlightre.com. Joining us on the call today will be our Chief Executive Officer, Greg Richardson; Chairman of the Board, David Einhorn; and Chief Financial Officer, Faramarz Romer. On behalf of the company, I'd like to remind you that forward-looking statements may be made during this call and are intended to be covered by the safe harbor provisions of the federal securities laws. These forward-looking statements reflect the company's current expectations, estimates and predictions about future results and are subject to risks and uncertainties. As a result, actual results may differ materially from those expressed or implied. For more information on risks and other factors that may impact future performance, investors should review the periodic reports that are filed by the company with the SEC from time to time. Additionally, management may refer to certain non-GAAP financial measures. The reconciliations to these measures can be found in the company's filings with the SEC, including the company's Form 10-K for the year ended December 31, 2025. The company undertakes no obligation to publicly update or revise any forward-looking statements. With that, it is now my pleasure to turn the call over to Greg. Greg Richardson: Thank you, David. Good morning, everyone, and thank you for joining us. Q2 2026 was challenging for Greenlight Re. We reported a net loss of $29.6 million for the quarter, driven by investment income losses from the Solasglas portfolio and a modest underwriting loss. It is worth noting that the second quarter investment loss has essentially reversed in July. Our underwriting result in the second quarter includes a $20 million provision linked to losses related to the Middle East conflict, plus a $6.5 million provision linked to an oil refinery explosion in Qatar, which was not war related. Our specialty book is a core part of our overall portfolio and has been profitable historically. The specialty book is susceptible to severity events such as the Middle East war. Reserving for this ongoing conflict has been challenging with limited available information. We have posted a reserve in relation to events up to June 30, 2026, which we believe is prudent, although there is a high degree of uncertainty. We are not aware of any major Q3 losses as we continue to closely monitor the situation. Furthermore, our exposure to potential loss from the war going forward is decreasing as our cedents are actively reducing their exposures in the region, and we have nonrenewed several accounts. On a more positive note, our Innovations segment recorded a solid underwriting result in the quarter, generating $2.6 million of underwriting profit and a combined ratio of 89.7%. We have been excited for some time about the potential of our Innovations segment, and it is gratifying to see this reflected in the underwriting results. The softening market trends across most lines that we saw in Q1 continued in Q2. We are committed to maintaining our underwriting discipline in the market. And while our gross written premium was up 2% in the quarter due to Innovations growth, our net written premium was down 11% as we reduced net exposure in response to softening conditions. Finally, I would like to highlight that in July, we received approval in principle from the Council of Lloyd's to transition our Syndicate-in-a-Box, Greenlight Re Innovations Syndicate 3456, to a full syndicate effective January 1, 2027. Syndicate 3456 has been a successful part of the growth in our Innovations business over the last 4 years. The transition to a full syndicate for 2027 will enable further growth of this segment at Lloyd's and further diversification into 2 new channels, an MGA channel focused on more traditional business and a treaty reinsurance channel. Lloyd's is a key part of our overall strategy and the transition to a full syndicate status cements our strong position in the Lloyd's market. Now I'd like to turn the call over to David. David Einhorn: Thanks, Greg, and good morning, everyone. The Solasglas fund returned negative 5.4% in the second quarter. The long portfolio contributed 12% and the short portfolio detracted 12.3% and macro detracted 5.4%. During the quarter, the S&P 500 Index advanced 15.2%. The largest positive contributors were long investments in Centene, Green Brick Partners and PENN Entertainment. The largest detractors include a short basket of AI adjacent stocks and our macro positions in SOFR futures and gold. Following an earnings beat, Centene shares rose 96% during the quarter. Industry data released during the period also suggested that health care utilization has likely peaked, supporting the view that the industry is entering a durable profit upcycle. Green Brick Partners shares appreciated 24% during the quarter as the mood around homebuilding stocks improved. PENN Entertainment shares appreciated 42% as its regional casino portfolio returned to modest growth driven by strong performance from newer properties. Promotional activity also moderated and acquisition bids for 2 peer companies pointed to a higher valuation for PENN. The largest detractor was a short basket of AI adjacent companies that appreciated significantly as investors continue to chase anything AI related. Our second largest detractor was our long SOFR futures position. As inflation expectations picked up following the outbreak of the conflict in the Middle East, the market priced in multiple rate hikes by year-end. Portion of these losses was offset by gains in our inflation swaps position. Gold was the third largest detractor as its price declined 14% over the quarter. Earlier in the year, we took profits on most of our call options, reducing our overall exposure and mitigating part of the impact from gold's steep decline following its peak in the first quarter. Net exposure ended the quarter at around 33% compared to about 41% at the end of the first quarter. Solasglas returned 4.9% in July, bringing the 2026 year-to-date return to 6.1%. Net exposure in the investment portfolio was approximately 39% at the end of July. Now I'd like to turn the call over to Faramarz to discuss the financial results in more detail. Faramarz Romer: Thank you, David. Good morning, everyone. During the second quarter of 2026, Greenlight Re reported a net loss of $29.6 million, or $0.89 per diluted share. The underwriting loss was marginal at $0.2 million, resulting in a combined ratio of 100.1%, which included 17.1 percentage points of cat and large losses during the quarter. By comparison, the cat and large loss ratio was 4% for the second quarter last year. The majority of the cat and large losses for the second quarter of this year related to our specialty book. As the Middle East war continued, we booked an additional $20 million of loss reserves in the second quarter on top of the $5 million reserved in the first quarter. The total $25 million reserves include one known full limit loss accounting for $7.6 million. Other specific event losses made up $9.9 million of the reserves and the remaining $7.5 million has been reserved as our best estimate of incurred but not reported losses from the conflict. However, there is still a high degree of uncertainty surrounding the insured loss estimates due to limited access to affected areas and restrictions imposed in certain territories. In addition, we incurred a $6.5 million loss from a fire at the QatarEnergy gas facility. We do not believe this was caused by a hostile act or attack connected to the Middle East war. Excluding the cat and large losses, we have a -- we had a solid underwriting quarter. If we dissect the loss ratio further, the attritional loss ratio during the second quarter improved by 4.3 percentage points to 51.7% versus 56% for the same period last year. The prior year reserve development was 0.4% during the second quarter of 2026 compared to 1.9% in the same period last year, improving the combined ratio by 1.4 percentage points. Most of the improvement came from the release of reserves related to the 2025 California wildfires. The 2026 second quarter combined ratio also benefited from 1.8 points of lower acquisition cost ratio and 0.4 points of lower expense ratio compared to the same period last year. Our net investment loss for the quarter was $23.8 million compared to $7.8 million in the second quarter last year. The majority of the investment loss was related to our investment in Solasglas, which posted a 5.4% loss in the quarter, but the investment loss was partially offset by other investment and interest income on our collateral and funds withheld balances, which contributed $4.1 million. Now let's look at our results for the quarter at the segment level. The Open Market segment reported a pretax income of $3.4 million, composed of underwriting loss of $1 million and investment income of $4.4 million. For the second quarter, the Open Market segment net written premiums decreased by 10% to $128.2 million, while net earned premiums decreased by 3%. A decrease in net earned premiums was mainly related to the casualty book, which we had decided to nonrenew early in 2025. The Open Market combined ratio for the second quarter was 100.7%, mainly driven by the Middle East conflict losses that I mentioned earlier. The cat and large losses accounted for 20.3 combined ratio points for the quarter. The acquisition cost ratio for the Open Market segment improved by 1.1 points compared to the same period last year. Moving to the Innovations segment. The Innovations segment reported a pretax income of $1.5 million composed of underwriting income of $2.6 million, investment loss of $0.5 million and other expenses of $0.6 million. During the quarter, Innovations' gross written premiums increased by $3.3 million, or 12%, to $30.9 million, mainly driven by new business and exposure growth from existing treaties in financial and specialty lines. Net earned premiums in the second quarter increased by $3.5 million or 16% to $24.9 million as the segment continues to show strong growth. The combined ratio for the Innovations segment was 89.7% during the second quarter compared to 107% for the same period last year. The loss ratio improved by 9.5 points, partially related to the lower attritional losses and partially due to improvement in prior year reserve development. Acquisition cost ratio for the Innovations segment improved by 5.4 points, while the expense ratio improved by 2.4 points. During the second quarter, we repurchased $14.2 million of shares. Subsequently, we repurchased an additional $3.9 million of shares. Since the beginning of this year, we have repurchased 4% of our outstanding shares for a total of $23.1 million. We have $36 million remaining under the current Board-approved repurchase plan, which will allow us to continue repurchasing shares opportunistically. At the end of the second quarter, our fully diluted book value per share was $20.61, an increase of 0.9% for the first 6 months of the year. That concludes our prepared remarks. The operator will now open the line for your questions. Operator: [Operator Instructions] Our first question today is coming from Ross Haberman from RLH Investments. Ross Haberman: Could you just elaborate, if you would, on your total Middle East exposure on direct or reinsurance facilities, if you could do that? Greg Richardson: I would say it is the Middle East and in general, marine and aviation is an area of concentration for us. We are not a major cat writer. We're not a major casualty writer, but we do focus on specialty as an area of strength. It's an area where Greenlight is not merely a following market but is a respected and important player in that market. So when we have events like this, the Ukraine war is another example, we do expect be -- have meaningful losses. And indeed, we've experienced that in the Middle East as we did in the Ukraine earlier. It is not as big as our cat exposures, but there's more frequency perhaps. So we're very comfortable with the losses that we've had. It's well within our risk management guidelines and expectations. Does that get at your question? Ross Haberman: Yes. Operator: Next question today is coming from Kevin English, a private investor. Kevin English: One quick question, just a numbers one. It's related to the increase in liquidity funds sort of relative to end of year versus June 30. Just was curious what sort of is driving that and what specifically that sort of includes? I know you sort of footnoted it's cash and cash equivalents and highly liquid investments, but wondering if there's just a little more color you could provide on that. Faramarz Romer: Sure. Kevin, this is Faramarz. The liquidity funds are the balances that we have at Funds at Lloyd's that backs our Lloyd's syndicate books. We have transferred them. They were sitting in cash and cash equivalents. We moved them into a Lloyd's approved liquidity fund. So the majority of the balance you're seeing was in transition at year-end. So we moved -- it was sitting at $12 million at the end of the year, and we moved the remaining balance during the first half of this year. So that's why you're seeing that increase. So it was previously sitting as cash at Lloyd's, but on our balance sheet, it would have been under our reinsurance balance receivable. So because those are funds that are sitting as either funds withheld by the cedents or providing capital for our FAL business. Kevin English: Got it. That's helpful. And the second sort of question I had is just related to one that I brought up a couple of quarters ago, but apologies to be repetitive here, but I was wondering if there are any sort of upcoming discussions with the Board about removing the sort of artificial investment ceiling that governs the Solasglas funds. I know I've asked this to the team. Last time, Greg, you gave a response relating to not wanting to move it around willy-nilly and sort of understanding that there's quarterly volatility. But one thing I continue to not understand is, one, why you care about the quarterly volatility of the Solasglas fund when it's returned pretty consistently 10% per year, not just since 2021, but if I start looking at the returns as of January 2019, after the kind of risk management shift. It seems to be the most consistent and highest returning part of the strategy. It seems to be mean reverting in terms of negative volatility as evidenced by the last couple of months. I could understand not wanting to be more invested at the wrong periods of time, given that markets are arguably frothy, but the fund seems to do its best when markets are doing their worst. You can look at 2022 as a guide to that. It's not like it's market dependent in terms of strong years, look at 2020. I mean it's pretty sort of muted as far as the correlation to market. So was hoping that we'd be seeing some update on the website there and hoping that, that's a discussion that's upcoming with the Board, but just wanted to raise that again and maybe ask pointedly, why do you care at this point about the quarterly volatility, especially given there's no debt on the balance sheet? The ratings seem to be as strong as ever. Yes, just curious to hear an update on that. Greg Richardson: Well, first of all, it's great to hear your impressions of that, and we agree with you. And we take capital allocation very seriously. It's core to what we do. And we agree with you that in terms of a return on our allocated AM Best capital, it is -- it has been very high performing. At the same time, we're just coming out -- we've come out of a very strong reinsurance market. It's now -- we're in a softer phase. So we're very actively thinking about how we redeploy capital. And absolutely, one of the options is to increase the allocation to Solasglas, and I would not be surprised if that happens. At the same time, we're actively buying back stock as well. And so without forecasting exactly what we're doing, your thoughts are harmonized well with my thoughts. Faramarz, do you want to add to that? Faramarz Romer: No. Look, I mean, we've increased the allocation over the last few years. And as Greg mentioned, we continue to look at it from how much excess surplus we have, how much excess capital we have relative to what we need to hold for our ratings and our growth in our surplus. And we have a number of options in managing that capital base. And buybacks is obviously one of them right now. Buying back at a deep discount to our book value is quite accretive to our shareholders as well. So we're looking at it from all angles, Kevin. But we appreciate your thoughts on this. Thank you. Kevin English: No, that's fantastic to hear. And I appreciate all of that context just because, again, just a closing comment here, it's just causation versus correlation is a dangerous thing to look at from a data perspective. But it's hard to ignore at this point the discount to book value and how that's coincided with the reduced exposure to the equity book. It makes no sense in the world that the stock should trade at a discount to book value today versus history when it traded at a premium when rates were 0 and the float was receiving no interest. And it seems that obviously, the insurance book has ebbed and flowed, but I think that it will probably go a long way to just kind of remove those restrictions and be a little bit more invested on that. Operator: There are no additional questions at this time. Should you have any follow-up questions, please direct them to Jeremy Hellman of the Equity Group at [email protected], and he'll be happy to assist you. This now concludes Greenlight Re's Second Quarter 2026 Earnings Conference Call. Thank you. You may now disconnect. Before you buy stock in Greenlight Capital Re, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Greenlight Capital Re wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $411,427!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,335,252!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 11, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Greenlight Capital Re (GLRE) Q2 2026 Earnings Call was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. The net loss of $29.6 million was primarily driven by investment losses in the Solasglas portfolio and specific severity events in the specialty underwriting book. Underwriting results were impacted by a $20 million provision for the Middle East conflict and a $6.5 million loss from a non-war-related refinery explosion in Qatar. Management is responding to softening market trends by maintaining underwriting discipline, evidenced by an 11% reduction in net written premium despite a 2% increase in gross premium. The Innovations segment demonstrated strategic progress, achieving an 89.7% combined ratio and generating $2.6 million in underwriting profit. The company received approval to transition its Lloyd's Syndicate 3456 to a full syndicate in 2027, which is expected to diversify revenue through new MGA and treaty reinsurance channels. Specialty lines remain a core focus despite recent volatility, as the company positions itself as a respected lead market rather than a following participant. Management expects decreasing exposure to the Middle East conflict as cedents reduce regional activity and the company non-renews specific accounts. The transition to a full Lloyd's syndicate effective January 1, 2027, is intended to cement the company's position in the Lloyd's market and enable further diversification. Capital allocation strategy remains flexible, with management considering increased allocations to the Solasglas fund alongside continued opportunistic share buybacks. Reserving for the ongoing Middle East conflict remains prudent but carries a high degree of uncertainty due to limited access to affected areas and reporting restrictions. A $25 million total reserve has been established for the Middle East conflict, including a $7.6 million full limit loss and $7.5 million in IBNR estimates. The company repurchased 4% of outstanding shares year-to-date, viewing buybacks at a discount to book value as a highly accretive use of capital. Investment losses from the second quarter essentially reversed in July, with the Solasglas fund returning 4.9% during that month. The casualty book non-renewals initiated in early 2025 continue to impact net earned premium levels in the Open Market segment. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that while they are not major property catastrophe or casualty writers, they have a strategic concentration in specialty marine and aviation lines. The company expects meaningful losses from geopolitical events like Ukraine or the Middle East due to its role as a lead market, but these remain within risk management guidelines. The increase was driven by moving cash and cash equivalents into Lloyd's-approved liquidity funds to back syndicate books. These funds were previously categorized under reinsurance balances receivable or cash at Lloyd's at year-end 2025. Management acknowledged that the investment portfolio has been a high-performing asset relative to allocated capital and is considering increasing the allocation. The decision involves balancing capital needs for ratings and growth against the accretion of buying back stock at a deep discount to book value.

This article first appeared on GuruFocus. Net Loss: Reported a net loss of $29.6 million, or $0.89 per diluted share, for Q2 2026. Underwriting Result: Marginal underwriting loss of $0.2 million, resulting in a combined ratio of 100.1%. Cat and Large Losses: Included 17.1 percentage points of cat and large losses during the quarter, compared to 4% in Q2 2025. Attritional Loss Ratio: Improved by 4.3 percentage points to 51.7% versus 56% in the prior-year quarter. Net Investment Loss: $23.8 million for the quarter, compared to a $7.8 million loss in Q2 2025, driven by the Solasglas portfolio. Gross Written Premium: Up 2% in the quarter due to innovations growth. Net Written Premium: Down 11% as the company reduced net exposure in response to softening conditions. Innovation Segment Underwriting Profit: $2.6 million with a combined ratio of 89.7%. Innovation Segment Gross Written Premium: Increased by $3.3 million or 12% to $30.9 million. Innovation Segment Net Earned Premiums: Increased by $3.5 million or 16% to $24.9 million. Open Market Segment Net Written Premiums: Decreased by 10% to $128.2 million. Open Market Segment Combined Ratio: 100.7%, driven by Middle East conflict losses. Share Repurchases: Repurchased $14.2 million of shares in Q2 and an additional $3.9 million subsequently; total of $23.1 million year-to-date. Book Value Per Share: Fully diluted book value per share was $20.61, an increase of 0.9% for the first six months of the year. Warning! GuruFocus has detected 6 Warning Sign with GLRE. Is GLRE fairly valued? Test your thesis with our free DCF calculator. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Greenlight Capital Re Ltd (NASDAQ:GLRE)'s innovations segment delivered a solid underwriting result with a combined ratio of 89.7% and $2.6 million in underwriting profit. The attritional loss ratio improved by 4.3 percentage points to 51.7% in Q2 2026, reflecting better underlying underwriting performance. The company received approval in principle to transition its Syndicate-in-a-Box to a full Lloyd's syndicate, enabling further growth and diversification into new channels. Greenlight Capital Re Ltd (NASDAQ:GLRE) repurchased 4% of its outstanding shares year-to-date, demonstrating a commitment to returning capital at a discount to book value. The Solasglas investment portfolio rebounded with a 4.9% return in July, partially offsetting Q2 losses and bringing year-to-date returns to 6.1%. Prior year reserve development improved, with releases related to the 2025 California wildfires contributing positively to the combined ratio. Greenlight Capital Re Ltd (NASDAQ:GLRE) reported a net loss of $29.6 million in Q2 2026, driven by investment losses and a modest underwriting loss. The company booked an additional $20 million in loss reserves related to the Middle East conflict, with high uncertainty and limited information for accurate reserving. A $6.5 million loss from a QatarEnergy gas facility fire added to underwriting losses, though it was not war-related. The Solasglas fund posted a negative 5.4% return in Q2, with significant losses from short AI-adjacent stocks, SOFR futures, and gold. Net written premiums decreased by 11% as the company reduced net exposure in response to softening market conditions across most lines. The combined ratio for the open market segment was 100.7%, impacted by 20.3 points of cat and large losses, primarily from the specialty book. Q: Could you elaborate on your total Middle East exposure on direct or reinsurance to facilities?A: Greg Richardson (CEO): The Middle East, and marine and aviation in general, is an area of concentration for us. We are not a major CAT or casualty writer, but we focus on specialty as an area of strength where we are a respected player. We expect meaningful losses from events like this, as we experienced in the Ukraine war. The losses are well within our risk management guidelines and expectations. Q: Are there any upcoming discussions with the board about removing the artificial investment ceiling that governs the Solasglas funds, given its consistent returns and the stock's discount to book value?A: Greg Richardson (CEO): We take capital allocation very seriously. We agree that Solasglas has been a high-performing asset on our allocated capital. As we come out of a strong reinsurance market into a softer phase, we are actively thinking about redeploying capital. Increasing the allocation to Solasglas is one of the options, and I would not be surprised if that happens. We are also actively buying back stock. Q: Can you provide more color on the increase in liquidity funds relative to year-end versus June 30?A: Faramarz Romer (CFO): The liquidity funds are balances we hold at Lloyd's that back our Syndicate books. We moved them from cash and cash equivalents into a Lloyd's-approved liquidity fund. The balance was in transition at year-end; we moved the remaining balance during the first half of this year. Previously, it was sitting as cash at Lloyd's under our reinsurance balance receivable. Q: Regarding the capital allocation strategy, could you elaborate on the options being considered for managing excess capital?A: Faramarz Romer (CFO): We have increased the allocation to Solasglas over the last few years. We continue to evaluate how much excess surplus we have relative to what we need for our ratings and growth. We have a number of options, and buybacks are one of them. Buying back at a deep discount to book value is quite accretive to shareholders. We are looking at it from all angles. Q: Can you provide more detail on the underwriting results for the innovation segment?A: Faramarz Romer (CFO): The innovation segment reported a pre-tax income of $1.5 million, with underwriting income of $2.6 million. Gross written premiums increased by 12% to $30.9 million, driven by new business and exposure growth in financial and specialty lines. The combined ratio improved to 89.7% from 107% in the same period last year, with improvements in the loss ratio, acquisition cost ratio, and expense ratio. Q: What were the main drivers of the investment losses in the second quarter?A: David Einhorn (Trades, Portfolio) (Chairman): The Solasglas fund returned negative 5.4% in the second quarter. The long portfolio contributed 12%, the short portfolio detracted 12.3%, and macro detracted 5.4%. The largest detractors included a short basket of AI-adjacent stocks, long SOFR futures positions, and gold. The losses were partially offset by gains in inflation swaps. Q: What is the outlook for the Middle East conflict losses and the company's exposure going forward?A: Greg Richardson (CEO): We have posted reserves for events up to June 30, 2026, which we believe are prudent, though there is high uncertainty. We are not aware of any major Q3 losses. Our exposure to potential loss from the war is decreasing as cedents actively reduce their exposures in the region, and we have non-renewed several accounts. Q: Can you provide details on the transition of Syndicate 3456 to a full syndicate?A: Greg Richardson (CEO): In July, we received approval in principle from the Council of Lloyd's to transition our Syndicate-in-a-Box, Greenlight Innovation Syndicate 3456, to a full syndicate effective January 1, 2027. This transition will enable further growth and diversification into two new channels: an MGA channel focused on more traditional business and a treaty reinsurance channel. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Greenlight Capital Re, Ltd.? Here are five stocks we like better. Greenlight Re posted a $29.6 million second-quarter net loss, or $0.89 per diluted share, as a $23.8 million investment loss and catastrophe provisions pushed the combined ratio to 100.1%. Middle East conflict reserves reached $25 million cumulatively, including a $20 million second-quarter provision, while a Qatar refinery explosion added $6.5 million; management said exposure is declining but loss estimates remain highly uncertain. The innovation segment delivered a $2.6 million underwriting profit with an 89.7% combined ratio, while Greenlight Re repurchased $18.1 million of shares during and after the quarter and ended with $20.61 in diluted book value per share. Greenlight Capital Re (NASDAQ:GLRE) reported a second-quarter net loss of $29.6 million, or $0.89 per diluted share, as investment losses in its Solasglas portfolio and catastrophe and large-loss provisions weighed on results. Chief Executive Officer Greg Richardson described the quarter as challenging, citing a $20 million provision for losses related to the Middle East conflict and a $6.5 million provision tied to an oil refinery explosion in Qatar. The company said the Qatar facility fire was not believed to have resulted from a hostile act or attack connected to the conflict. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control The company’s underwriting loss was $0.2 million and its combined ratio was 100.1%, including 17.1 percentage points of catastrophe and large losses. Chief Financial Officer Faramarz Romer said the comparable catastrophe and large-loss ratio was 4% in the prior-year quarter. Greenlight Re booked an additional $20 million in reserves during the second quarter related to the Middle East war, following $5 million reserved in the first quarter. The $25 million total includes one known full-limit loss of $7.6 million, $9.9 million in other specific event losses and $7.5 million for estimated incurred-but-not-reported losses. → 3 Drone Stocks That Should Soar After the Summer Slump Romer said insured-loss estimates remain uncertain because of limited access to affected areas and restrictions in certain territories. Richardson said the company has reserved for events through June 30 that it considers prudent, although “there is a high degree of uncertainty.” Management said it was not aware of any major third-quarter losses from the conflict at the time of the call. Richardson also said Greenlight Re’s potential exposure is declining as cedents reduce regional exposures and the company has non-renewed several accounts. → The Bitcoin Comeback May Already Be Underway—2 ETFs for Exposure Responding to an analyst question, Richardson said marine and aviation are areas of concentration within Greenlight Re’s specialty business. While the company is not a major catastrophe or casualty writer, he said it is an established participant in specialty markets and expects meaningful losses from events such as the Middle East conflict and the earlier war in Ukraine. He said the reported losses were within the company’s risk-management guidelines and expectations. Greenlight Re reported a net investment loss of $23.8 million, compared with a $7.8 million investment loss in the second quarter of 2025. The loss was primarily attributable to the Solasglas investment portfolio, which declined 5.4% during the quarter. Other investment and interest income from collateral and funds-withheld balances partially offset the decline, contributing $4.1 million. Chairman David Einhorn said Solasglas’ long portfolio contributed 12% during the quarter, while the short portfolio detracted 12.3% and macro positions detracted 5.4%. The S&P 500 Index rose 15.2% over the same period. The portfolio’s largest positive contributors were long positions in Centene, Green Brick Partners and Penn Entertainment. Its largest detractor was a short basket of AI-adjacent stocks, which appreciated as investor interest in artificial intelligence-related companies continued. Long SOFR futures and gold also detracted from performance, though gains in inflation swaps offset part of the losses from the SOFR futures position. Einhorn said Solasglas returned 4.9% in July, bringing its year-to-date return to 6.1%. Net exposure ended the second quarter at approximately 33%, down from about 41% at the end of the first quarter, before increasing to approximately 39% at the end of July. The company’s innovation segment produced $2.6 million in underwriting income and a combined ratio of 89.7%, compared with a combined ratio of 107% in the prior-year quarter. The segment reported pre-tax income of $1.5 million, reflecting the underwriting profit, a $0.5 million investment loss and $0.6 million in other expenses. Innovation gross written premiums rose 12% to $30.9 million, driven by new business and greater exposure in existing financial and specialty-line treaties. Net earned premiums increased 16% to $24.9 million. Romer said the segment’s loss ratio improved by 9.5 percentage points, helped by lower attritional losses and improved prior-year reserve development. Richardson said Greenlight Re received approval in principle from the Council of Lloyd’s to transition Greenlight Innovation Syndicate 3456 from a Syndicate-in-a-Box to a full syndicate effective Jan. 1, 2027. The change is intended to support further growth at Lloyd’s and expansion into an MGA channel focused on traditional business and a treaty reinsurance channel. Greenlight Re’s gross written premiums increased 2% in the quarter due to innovation-business growth, while net written premiums declined 11% as the company reduced net exposure amid softening market conditions. Open-market net written premiums fell 10% to $128.2 million, and the segment’s combined ratio was 100.7%, with catastrophe and large losses accounting for 20.3 percentage points. Excluding catastrophe and large losses, the company reported improvements in underwriting metrics. The attritional loss ratio improved 4.3 percentage points to 51.7%, while prior-year reserve development improved the combined ratio by 1.4 percentage points, largely due to releases associated with the 2025 California wildfires. During the quarter, Greenlight Re repurchased $14.2 million of shares and subsequently bought another $3.9 million. Since the start of 2026, the company has repurchased 4% of its outstanding shares for $23.1 million and had $36 million remaining under its board-authorized repurchase program. Fully diluted book value per share stood at $20.61 at the end of the second quarter, up 0.9% for the first six months of 2026. Greenlight Capital Re Ltd. (NASDAQ: GLRE) is a Bermuda‐incorporated reinsurer externally managed by Greenlight Capital Re Services Ltd., a subsidiary of Greenlight Capital, Inc Since its formation in 2016 and subsequent initial public offering in 2017, the company has focused on providing customized reinsurance solutions to insurers worldwide. Greenlight Capital Re operates as an independent, publicly traded entity, leveraging the investment expertise and underwriting rigor that underpin its parent's investment platform. The company's core business activities encompass both treaty and facultative reinsurance across a broad spectrum of property and casualty lines. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Greenlight Capital Re Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Repurchases $14.2 million of ordinary shares GRAND CAYMAN, Cayman Islands, Aug. 04, 2026 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the second quarter and six months ended June 30, 2026. Second quarter 2026 Highlights (all comparisons are to second quarter 2025 unless noted otherwise): Gross premiums written increased 2% to $183.1 million; Net premiums earned increased $0.2 million to $161.8 million; Net underwriting loss of $0.2 million, compared to underwriting income of $8.1 million; Combined ratio of 100.1%, compared to 95.0%, driven by CAT losses; Total investment loss of $23.8 million, compared to loss of $7.8 million; Net loss of $29.6 million, or $0.89 per diluted ordinary share, compared to net income of $0.3 million, or $0.01 per diluted ordinary share; Repurchased $14.2 million of ordinary shares at an average cost of $17.69 per share; and Fully diluted book value per share decreased 3.7% to $20.61, from $21.40 at March 31, 2026. Six months ended June 30, 2026 Highlights (all comparisons are to the same period in 2025): Gross premiums written decreased 4% to $411.1 million; Net premiums earned decreased 4% to $316.0 million; Net underwriting income of $6.0 million compared to underwriting income of $0.3 million; Combined ratio of 98.1%, compared to 99.9%; Total investment income of $16.6 million, compared to $32.7 million; Net income of $6.2 million, or $0.18 per diluted ordinary share, compared to $30.0 million, or $0.87 per diluted ordinary share; Repurchased $19.2 million of shares at an average cost of $17.42 per share; and Fully diluted book value per share increased 0.9% to $20.61, from $20.43 at December 31, 2025. From July 1, 2026, to August 3, 2026, the Company has repurchased an additional $3.9 million of ordinary shares at an average price of $16.42 per share. Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “Volatility is inherent in our business, and this quarter is a good reminder of the important role we play in helping our clients when they need us most. We have taken a prudent approach to our Middle East exposure and have set up appropriate reserves this quarter. I am pleased with our portfolio as we continue to demonstrate discipline and manage capital in a softening market.” David Einhorn, Chairman of the Board of Directors, said, “The second quarter was a challenging investment period. Gains from our long portfolio offset losses in our short portfolio, and we had drag from macro, which detracted about 5%. Solasglas remains conservatively positioned during this uncertain environment, while the overall equity market remains very expensive.” Greenlight Capital Re, Ltd. Second Quarter 2026 Earnings Call Greenlight Re will host a live conference call to discuss its financial results on Wednesday, August 5, 2026, at 9:00 a.m. Eastern Time. Dial-in details:        U.S. toll free    1-877-407-9753 International    1-201-493-6739 The conference call can also be accessed via webcast at: https://event.webcasts.com/starthere.jsp?ei=1731033&tp_key=3e1d0e751f A telephone replay will be available following the call through August 11, 2026. The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13755437. An audio file of the call will also be available on the Company’s website, www.greenlightre.com. Non-GAAP Financial Measures In presenting the Company’s results, management has included fully diluted book value per share as a financial measure that is not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). This measure is referred to as a non-GAAP measure. The non-GAAP measure may be defined or calculated differently by other companies. Management believes the measure allows for a more thorough understanding of the Company’s performance. The non-GAAP measure may not be comparable to similarly titled measures reported by other companies and should be used to monitor our results and should be considered in addition to, and not viewed as a substitute for those measures determined in accordance with GAAP. Reconciliation of the measure to the most comparable GAAP figures is included in the attached financial information in accordance with Regulation G. Forward-Looking Statements This news release contains forward-looking statements concerning Greenlight Capital Re, Ltd. and/or its subsidiaries (the “Company”) within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on the Company’s behalf. These risks and uncertainties include any suspension or revocation of any of our licenses; losses from catastrophes; the loss of significant brokers; the performance of Solasglas Investments, LP; a downgrade or withdrawal of our A.M. Best ratings; the carry values of our investments made under our Greenlight Re Innovations segment may differ significantly from those that would be used if we carried these investments at fair value; and other factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as to the date of this release, whether as a result of new information, future events, or otherwise, except as provided by law. About Greenlight Capital Re, Ltd.Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network. Investor Relations ContactJeremy HellmanVice President, The Equity Group Inc. (212) [email protected] The following tables present the Company’s results by segment and on a consolidated basis: *Not Meaningful *Not Meaningful *Not Meaningful *Not Meaningful GREENLIGHT CAPITAL RE, LTD.KEY FINANCIAL MEASURES AND NON-GAAP MEASURES Management uses certain key financial measures, some of which are not prescribed under U.S. GAAP rules and standards (“non-GAAP financial measures”), to evaluate our financial performance, financial position, and the change in shareholder value. Generally, a non-GAAP financial measure, as defined in SEC Regulation G, is a numerical measure of a company’s historical or future financial performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented under U.S. GAAP. We believe that these measures, which may be calculated or defined differently by other companies, provide consistent and comparable metrics of our business performance to help shareholders understand performance trends and facilitate a more thorough understanding of the Company’s business. Non-GAAP financial measures should not be viewed as substitutes for those determined under U.S. GAAP. We use the following non-GAAP financial measure in this news release. Fully Diluted Book Value Per Share Our primary financial goal is to increase fully diluted book value per share over the long term. We use fully diluted book value as a financial measure in our incentive compensation plan. We believe that long-term growth in fully diluted book value per share is the most relevant measure of our financial performance because it provides management and investors a yardstick to monitor the shareholder value generated. Fully diluted book value per share may also help our investors, shareholders, and other interested parties form a basis of comparison with other companies within the property and casualty reinsurance industry. Fully diluted book value per share should not be viewed as a substitute for the most comparable U.S. GAAP measure, which in our view is the basic book value per share. We calculate basic book value per share as (a) ending shareholders' equity, divided by (b) the total ordinary shares issued and outstanding, as reported in the consolidated financial statements. Fully diluted book value per share represents basic book value per share combined with any dilutive impact of in-the-money stock options and all outstanding restricted stock units, or “RSUs”. We believe these adjustments better reflect the ultimate dilution to our shareholders. The following table presents a reconciliation of the fully diluted book value per share to basic book value per share (the most directly comparable U.S. GAAP financial measure): (1) Assuming net exercise by the grantee.

Strong Q1 results: Greenlight Capital Re reported Q1 net income of $35.8 million and a 4.7% increase in fully diluted book value per share to $21.40, driven by a 6.8% quarterly return in its Solasglas portfolio and underwriting income that produced a combined ratio of 96.0% (including a $5 million provision tied to the Middle East conflict). Business mix and premiums: Management stayed disciplined amid softening reinsurance rates, causing open-market re-net written premiums to fall 22.7% to $151.3 million and prompting non-renewal of certain Japanese catastrophe business, while the Innovation segment grew gross written premiums 73% to $47.6 million but posted an underwriting loss with a 102.3% combined ratio. Investments and capital return: The Solasglas fund returned 6.8% in Q1 (shorts contributed most of the gain), net exposure was about 41% at quarter-end, and the company repurchased ~$14.5 million of shares YTD and authorized a new $40 million buyback program. Interested in Greenlight Capital Re, Ltd.? Here are five stocks we like better. Greenlight Capital Re (NASDAQ:GLRE) reported first-quarter 2026 net income of $35.8 million, as strong investment performance and an underwriting profit drove a 4.7% increase in fully diluted book value per share to $21.40, management said on the company’s earnings call. Chief Executive Officer Greg Richardson said results were supported by a 6.8% quarterly return in the company’s Solasglas investment portfolio and underwriting income of $6.2 million, which produced a combined ratio of 96.0%. → 3 Emerging Markets ETFs to Maximize Exposure to High-Potential Countries Richardson said the first-quarter underwriting result included a $5 million provision “linked to the Middle East conflict,” which he said added 3.2 points to the combined ratio. He described the situation as “fluid,” noting that while a ceasefire was in place, “significant uncertainty remains.” Richardson said the company received “an immaterial amount of formal loss notifications” in the quarter and elected to set a general provision given the uncertainty. Chief Financial Officer Faramarz Romer said total underwriting income was $6.2 million, and the combined ratio was 96%, which he said was 8.6 points better than the first quarter of 2025. Romer attributed the year-over-year improvement primarily to lower catastrophe and event losses and favorable loss development, partly offset by higher acquisition and expense ratios. Lower cat and event losses: Romer said the first-quarter 2026 combined ratio benefited from “10.5 points of improvement due to lower cat and event losses,” with cat and event losses contributing 5.8 combined ratio points versus 18.1 points in the prior-year quarter, which included California wildfire losses. Favorable development: Romer said favorable loss development contributed 4.1 points of improvement in the combined ratio. Higher costs: He said the benefit was “offset by 4 points of higher acquisition cost ratio and 1.2 points of higher expense ratio.” → The Real SpaceX Play: 5 Chip Stocks Powering the IPO Before It Launches Richardson said broader market trends were “unchanged with softening across most lines.” Although April 1 is not a major renewal date for the company, he noted it is a primary renewal date for Japanese business and said Greenlight Re chose to non-renew its direct Japanese catastrophe business due to “significant rate decreases,” citing limited margin potential given the portfolio’s size. Looking ahead, Richardson said the company expects open market reinsurance written premium for 2026 to be lower than the prior year given the “soft reinsurance market,” while expecting innovation segment premium to increase due to organic growth, new opportunities, more favorable rate trends, and the company’s ability to “monitor and influence terms and conditions.” → Tyson Foods' Total Returns: Tasty Treats for Income Investors? Romer reported that the open market segment posted pre-tax income of $11.9 million, composed of underwriting income of $6.8 million and investment income of $5.1 million. Open market segment re-net written premiums declined 22.7% to $151.3 million, while net earned premiums fell 13.8%. Romer said the earned premium decline was expected in part because it related to a casualty book the company decided to non-renew early in 2025. He added that the remaining decrease was “mostly related to downward premium adjustments on quota share specialty, property, and multi-line contracts.” The open market combined ratio improved 11.2 points year over year to 94.8%, which Romer attributed to favorable loss development and lower catastrophe losses. He said first-quarter favorable reserve development was 2.2 percentage points versus adverse development of 3.3% in the prior-year quarter. Cat losses were $5 million tied to the Middle East conflict in the first quarter of 2026, compared with $27 million related to California wildfires in the first quarter of 2025. Romer said the improvement was partially offset by a higher acquisition cost ratio due to higher commissions on FAL programs and a higher expense ratio associated with performance-based long-term incentive compensation. Romer said the innovation segment recorded an underwriting loss of $0.6 million and investment income of $1.1 million. Gross written premiums in the segment increased $20.1 million, or 73%, to $47.6 million, driven by new business and exposure growth across casualty, financial, and specialty lines, along with growth in Syndicate 3456 (presented under multi-line), according to Romer. Greenlight Re renewed its innovation whole account retrocession program on Jan. 1, 2026, increasing the ceded share from 28.5% to 33%, Romer said. Net earned premiums for the segment rose $6.2 million, or 32%, to $25.2 million. The innovation segment combined ratio was 102.3% in the quarter. Romer said results included 1.4 points of adverse prior development compared with 3 points of favorable development in the first quarter of 2025. He added that the attritional loss ratio was 4.4 points higher, “mainly related to a financial lines program where the past loss experience warranted a higher current year loss ratio.” The segment’s expense ratio was unchanged at 8.2% despite the increase in earned premiums, and Romer said the company continues investing in talent and technology in preparation for future growth. Chairman David Einhorn discussed investment performance, saying the Solasglas fund returned 6.8% in the quarter, with the long portfolio contributing 1%, the short portfolio 5.7%, and macro 1.2%. During the same period, Einhorn noted the S&P 500 declined 4.4%. Einhorn said the largest positive contributors included long positions in gold, Acadia Healthcare, and DHT Holdings, while the largest detractors included a macro position in short-term interest rates and long positions in Kyndryl Holdings and Graphic Packaging. Gold: Einhorn said gold was the largest positive contributor as its price advanced 8% in the quarter, citing gains in both physical holdings and call options. He said the fund took some profits, lowering exposure and preserving most gains as gold declined in March. Acadia Healthcare: Einhorn said shares advanced 65% after the company replaced its CEO and brought back a former CEO. He said if the company improves occupancy to target levels, “we believe annual earnings per share can double.” DHT Holdings: Einhorn said shares rose 53% as tanker day rates increased, and he said elevated rates “we expect will allow the company to pay a dividend that is nearly quadruple this year.” SOFR futures: Einhorn said the largest detractor was a long SOFR futures position, as the market questioned the Federal Reserve’s ability to cut rates after oil prices spiked. He said the firm maintained the position, viewing the oil shock as a headwind to growth that could ultimately create “a viable pathway” to lower rates under the incoming Fed chair. Kyndryl: Einhorn said the stock declined 58% and that the firm exited its remaining position during the quarter after it became more difficult for the company to win new business. Graphic Packaging: Einhorn said shares declined 33% after the company missed earnings expectations and lowered guidance, and he cited cost overruns at a new paper mill and CEO changes. He said the shares appeared “extremely cheap” relative to “reasonable mid-cycle operating results.” Einhorn also said the fund initiated a medium-sized position in Versant Media Group after its spin-off from Comcast, describing selling pressure from distribution and index removals. He said the stock traded at “under 4x adjusted EBITDA” and at an implied cash flow yield that “we believe will allow the company to return almost all its entire market cap to shareholders within four years.” On positioning, Einhorn said the portfolio was cautiously set ahead of the war with relatively low gross and net exposure. He said net exposure ended the quarter at about 41% (roughly flat versus about 40% at year-end 2025). He added that Solasglas returned 0.4% in April, bringing the year-to-date 2026 return to 7.2%, with net exposure at approximately 30% at the end of April. Einhorn said the firm continued to prioritize capital preservation and maintain “some dry powder.” Richardson said the company had returned $15 million of capital to shareholders year to date via share repurchases and reiterated management’s view that sustained underwriting and investment performance should ultimately be reflected in the share price. Romer said Greenlight Re repurchased 298,701 shares for $5 million in the first quarter at an average price of $16.70 per share, and then repurchased an additional $9.5 million of shares in April, bringing year-to-date repurchases to $14.5 million. Romer also said the board approved a new $40 million share repurchase authorization on April 28, effective May 15, 2026, and expiring at the end of May 2027. No analyst questions were asked during the call’s question-and-answer session. Greenlight Capital Re Ltd. (NASDAQ: GLRE) is a Bermuda‐incorporated reinsurer externally managed by Greenlight Capital Re Services Ltd., a subsidiary of Greenlight Capital, Inc Since its formation in 2016 and subsequent initial public offering in 2017, the company has focused on providing customized reinsurance solutions to insurers worldwide. Greenlight Capital Re operates as an independent, publicly traded entity, leveraging the investment expertise and underwriting rigor that underpin its parent's investment platform. The company's core business activities encompass both treaty and facultative reinsurance across a broad spectrum of property and casualty lines. The article "Greenlight Capital Re Q1 Earnings Call Highlights" was originally published by MarketBeat.

Net income was primarily driven by a 6.8% return in the Solasglas investment portfolio, which outperformed during a period where the S&P 500 declined 4.4%. Underwriting profitability was maintained with a 96.0% combined ratio, despite a $5 million general provision established for potential Middle East conflict losses due to high situational uncertainty. Management is intentionally non-renewing direct Japanese catastrophe business and other Open Market lines where significant rate decreases have eroded margin potential. The Innovations segment is being positioned as a primary growth engine, benefiting from organic client expansion and the ability to influence terms in more favorable rate environments. A strategic shift in the Open Market segment led to a 22.7% decrease in net written premiums as the company exited underperforming casualty books and adjusted specialty property contracts. The company is prioritizing capital preservation and maintaining 'dry powder' in the investment portfolio, ending April with a reduced net exposure of approximately 30%. Open Market reinsurance written premiums are expected to trend lower throughout the year as management maintains discipline in a softening global market. Innovations segment premium is projected to continue increasing, supported by a strong pipeline of new business and exposure growth in existing casualty and financial lines. Investment strategy remains cautious with a focus on dedollarization hedges like gold and specific equity turnarounds where management sees potential for earnings to double. Capital allocation will remain deliberate, utilizing a new $40 million share repurchase authorization to address the stock's discount to book value. Management expects elevated dividend income from maritime holdings like DHT Holdings, driven by day rates reaching five times long-term averages. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. A $5 million general provision was recorded for the Middle East conflict; while formal loss notifications are currently immaterial, the fluid nature of the conflict remains a headwind. The company increased its Innovations whole account retrocession ceded share from 28.5% to 33% to manage risk amid rapid segment growth. While Kyndryl Holdings was a top detractor for the quarter as management exited the remaining position due to challenges in securing new business, the company had previously taken profits at higher prices during its four-year holding period. Operational expenses in the Open Market segment were impacted by higher performance-based long-term incentive compensation. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.

GRAND CAYMAN, Cayman Islands, May 05, 2026 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the first quarter March 31, 2026. First quarter 2026 Highlights (all comparisons are to first quarter 2025 unless noted otherwise): Gross premiums written decreased 8% to $227.9 million; Net premiums earned decreased 8% to $154.1 million; Net underwriting income of $6.2 million, compared to an underwriting loss of $7.8 million; Combined ratio of 96.0%, compared to 104.6%; Total investment income of $40.4 million, compared to $40.5 million; Net income of $35.8 million, or $1.05 per diluted ordinary share, compared to net income of $29.6 million, or $0.86 per diluted ordinary share; Repurchased $5 million of ordinary shares at an average cost of $16.70 per share; and Fully diluted book value per share increased 4.7% to $21.40, from $20.43 at December 31, 2025. During April 2026, the Company repurchased an additional $9.5 million of ordinary shares at an average price of $18.38 per share. Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “We have had a good start to the year with both sides of our balance sheet contributing to growth in book value per share. Our underwriting book continues to demonstrate disciplined profitability with a combined ratio of 96.0%.” David Einhorn, Chairman of the Board of Directors, said, “The Solasglas investment portfolio gained a solid 6.8% in the first quarter during a choppy period for the market. The Company continues its capital allocation discipline and repurchased, through April, approximately 2.4% of its shares to capture the discount being offered in the market.” Greenlight Capital Re, Ltd. First Quarter 2026 Earnings Call Greenlight Re will host a live conference call to discuss its financial results on Wednesday, May 6, 2026, at 9:00 a.m. Eastern Time. Dial-in details: U.S. toll free 1-877-407-9753 International 1-201-493-6739 The conference call can also be accessed via webcast at: https://event.webcasts.com/starthere.jsp?ei=1731021&tp_key=f4c1d589f0 A telephone replay will be available following the call through May 12, 2026. The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13755435. An audio file of the call will also be available on the Company’s website, www.greenlightre.com. Non-GAAP Financial Measures In presenting the Company’s results, management has included fully diluted book value per share as a financial measure that is not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). This measure is referred to as a non-GAAP measure. The non-GAAP measure may be defined or calculated differently by other companies. Management believes the measure allows for a more thorough understanding of the Company’s performance. The non-GAAP measure may not be comparable to similarly titled measures reported by other companies and should be used to monitor our results and should be considered in addition to, and not viewed as a substitute for those measures determined in accordance with GAAP. Reconciliation of the measure to the most comparable GAAP figures is included in the attached financial information in accordance with Regulation G. Forward-Looking Statements This news release contains forward-looking statements concerning Greenlight Capital Re, Ltd. and/or its subsidiaries (the “Company”) within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on the Company’s behalf. These risks and uncertainties include any suspension or revocation of any of our licenses; losses from catastrophes; the loss of significant brokers; the performance of Solasglas Investments, LP; a downgrade or withdrawal of our A.M. Best ratings; the carry values of our investments made under our Greenlight Re Innovations segment may differ significantly from those that would be used if we carried these investments at fair value; and other factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as to the date of this release, whether as a result of new information, future events, or otherwise, except as provided by law. About Greenlight Capital Re, Ltd. Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network. Investor Relations Contact Jeremy Hellman Vice President, The Equity Group Inc. (212) 836-9626 [email protected] The following tables present the Company’s results by segment and on a consolidated basis: Management uses certain key financial measures, some of which are not prescribed under U.S. GAAP rules and standards (“non-GAAP financial measures”), to evaluate our financial performance, financial position, and the change in shareholder value. Generally, a non-GAAP financial measure, as defined in SEC Regulation G, is a numerical measure of a company’s historical or future financial performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented under U.S. GAAP. We believe that these measures, which may be calculated or defined differently by other companies, provide consistent and comparable metrics of our business performance to help shareholders understand performance trends and facilitate a more thorough understanding of the Company’s business. Non-GAAP financial measures should not be viewed as substitutes for those determined under U.S. GAAP. We use the following non-GAAP financial measure in this news release. Fully Diluted Book Value Per Share Our primary financial goal is to increase fully diluted book value per share over the long term. We use fully diluted book value as a financial measure in our incentive compensation plan. We believe that long-term growth in fully diluted book value per share is the most relevant measure of our financial performance because it provides management and investors a yardstick to monitor the shareholder value generated. Fully diluted book value per share may also help our investors, shareholders, and other interested parties form a basis of comparison with other companies within the property and casualty reinsurance industry. Fully diluted book value per share should not be viewed as a substitute for the most comparable U.S. GAAP measure, which in our view is the basic book value per share. We calculate basic book value per share as (a) ending shareholders' equity, divided by (b) the total ordinary shares issued and outstanding, as reported in the consolidated financial statements. Fully diluted book value per share represents basic book value per share combined with any dilutive impact of in-the-money stock options and all outstanding restricted stock units, or “RSUs”. We believe these adjustments better reflect the ultimate dilution to our shareholders. The following table presents a reconciliation of the fully diluted book value per share to basic book value per share (the most directly comparable U.S. GAAP financial measure):