Greenlight Capital Re — Third Quarter 2026 Earnings Summary

Financial Performance:

• Gross premiums written decreased 1% to $181.9 million in Q3 2026 and 3% to $592.9 million for the nine months ended September 30, 2026.
• Net premiums earned decreased 7% to $153.4 million in Q3 2026 and 5% to $469.4 million for the nine-month period.
• Net underwriting income was $14.6 million in Q3 2026 (down from $22.3 million) and $20.6 million for the nine months (down from $22.6 million).
• Combined ratio was 90.5% in Q3 2026 (up from 86.6%) and 95.6% for the nine months (up from 95.4%).
• Total investment loss was $4.6 million in Q3 2026 (improving from a $17.4 million loss) and total investment income was $12.0 million for the nine months (down from $15.3 million).
• Net income was $3.2 million ($0.10 per diluted share) in Q3 2026, compared to a net loss of $4.4 million ($0.13 per diluted share) in the prior year period; for the nine months, net income was $9.4 million ($0.28 per diluted share) compared to $25.6 million ($0.74 per diluted share).
• Total investments increased to $731.7 million as of September 30, 2026, from $633.1 million as of December 31, 2025.
• Total liabilities increased to $1.596 billion as of September 30, 2026, from $1.462 billion as of December 31, 2025.
• Shareholders' equity was $694.5 million as of September 30, 2026, down from $708.0 million as of December 31, 2025.
• Debt was $4.8 million as of September 30, 2026, compared to $4.7 million as of December 31, 2025.

Guidance and Future Outlook:

• Management stated that the year-to-date underwriting result is trending in line with expectations.
• The conservative reserving approach taken on Middle East–related exposures developed favorably.
• No specific forward-looking financial guidance or quantitative targets for future periods were provided in the release.

Business Segments and Product Lines:

• Open Market Segment: Generated $15.2 million in underwriting income in Q3 2026 with a combined ratio of 87.9%; for the nine months, it generated $20.9 million in underwriting income with a combined ratio of 94.6%.
• Innovations Segment: Generated $0.5 million in underwriting income in Q3 2026 with a combined ratio of 98.2%; for the nine months, it generated $2.5 million in underwriting income with a combined ratio of 96.7%.
• Corporate Segment: Reported a loss of $1.1 million in underwriting income in Q3 2026 and a loss of $2.8 million for the nine months.
• Solasglas: Reported a loss of $15.1 million in Q3 2026 and $9.3 million for the nine months; the fund returned -3.3% in the third quarter.
• Innovations Portfolio: Contributed gains that helped offset investment losses in the third quarter.

Market and Competitive Landscape:

• The third quarter was characterized by a relatively benign catastrophe and large loss environment.
• The investment portfolio faced challenges during the third quarter.
• The company operates through licensed entities in the Cayman Islands and Ireland, and the Lloyd's platform, Greenlight Innovation Syndicate 3456.

Risks and Challenges:

• Risks include potential suspension or revocation of licenses, losses from catastrophes, loss of significant brokers, and performance of Solasglas Investments, LP.
• There is a risk of a downgrade or withdrawal of A.M. Best ratings.
• Carry values of investments under the Greenlight Re Innovations segment may differ significantly from fair value.
• Foreign exchange losses were $0.5 million in Q3 2026 and $6.0 million for the nine months.

Management Commentary and Tone:

• CEO Greg Richardson expressed pleasure with the strong underwriting income in the third quarter, citing the benign catastrophe environment and favorable development of Middle East exposures.
• Chairman David Einhorn noted that while the investment portfolio was challenging and Solasglas returned -3.3%, the combination of good underwriting results, gains in the Innovations portfolio, and share buybacks contributed to an increase in fully diluted book value per share.
• Management emphasized that fully diluted book value per share is the primary financial goal.

Other Key Points:

• The company repurchased $8.0 million of ordinary shares during the third quarter at an average cost of $15.77 per share.
• From October 1, 2026, to October 30, 2026, the company repurchased an additional $3.3 million of ordinary shares at an average price of $14.95 per share.
• Fully diluted book value per share increased 0.8% to $20.78 in Q3 2026 and 1.7% to $20.78 for the nine months ended September 30, 2026.
• Ordinary shares outstanding decreased from 33,897,709 at December 31, 2025, to 32,460,395 at September 30, 2026.
• The company will host an earnings conference call on November 3, 2026, at 9:00 a.m. Eastern Time.