Greenlight Capital Re, Ltd. (NASDAQ:GLRE) Q2 2025 Earnings Call August 5, 2025 9:00 AM ET Company Participants David E. Sigmon - General Counsel, Corporate Secretary & Chief Compliance Officer David Michael Einhorn - Chairman of the Board Faramarz Romer - Chief Financial Officer Greg Richardson - CEO & Directors Operator Thank you for joining the Greenlight Capital Re, Ltd. Second Quarter 2025 Earnings Conference Call. [Operator Instructions] It's now my pleasure to turn the call over to David Sigmon, Green ...

Financial Data and Key Metrics Changes - The company reported a net income of $300,000 for Q2 2025, bringing the year-to-date net income to $30,000,000 [5] - Fully diluted book value per share increased by 0.5% in the quarter and 5.7% for the first half of the year [5] - The combined ratio for the quarter was 95%, translating to $8,100,000 of underwriting income [5][16] - The net financial impact of prior year adverse loss development was $2,600,000, contributing 1.6 combined ratio points [6] Business Line Data and Key Metrics Changes - The Open Market segment grew net written premiums by 8% to $142,100,000, primarily driven by growth in the FAL business [17] - The Innovation segment saw net written premiums increase by 2.3% to $22,700,000, mainly due to Syndicate 3456 and some specialty programs [18] - The Open Market combined ratio improved by 2.1 points to 92% compared to 94.1% for the same period in 2024 [17] - The Innovation segment's combined ratio was 107, compared to 90.9% in Q2 last year, with adverse reserve development contributing 11.8 points [19] Market Data and Key Metrics Changes - Overall market conditions remained similar to previous quarters, with flat to mild single-digit decreases in risk-adjusted rate change [8] - Foreign exchange gains in the quarter were $6,300,000, primarily driven by British pound sterling denominated balances as the pound strengthened against the U.S. dollar [20] Company Strategy and Development Direction - The company has started to non-renew a significant portion of its open market casualty book, which began to affect top-line results in Q2 [7] - The company is repositioning away from open market casualty into other better risk-adjusted lines, expecting this to contribute positively to results over the intermediate term [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in being well-positioned to weather any storms as they head into the peak of the catastrophe season [8] - The company noted that Q2 was a benign quarter from a catastrophe activity perspective [6] - Management highlighted that the economic environment may be worse than generally understood, as many companies are reporting weak results [13] Other Important Information - The company repurchased $5,000,000 worth of its stock at an average cost of $13.99 per share during the quarter [8] - An investor presentation summarizing results and strategy was prepared and made available in the Investor Relations section of the corporate website [8] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating that the Q&A session may not have occurred or was not included in the transcript [22][23]

Financial Performance - Greenlight Re's total assets reached $2.2 billion in Q2 2025[11] - Shareholders' equity stood at $663 million in Q2 2025[11] - The company repurchased shares worth $12.5 million over the past 12 months[11,42], including 357,278 ordinary shares at an average price of $13.99 per share in Q2 2025[12] - Fully diluted book value per share increased to $18.97 in Q2 2025[25], compared to $17.65 in Q2 2024[25] Underwriting Performance - Gross premiums written for the trailing twelve months ended June 30, 2025, were $740 million[11] - Gross premiums written increased from $169 million in Q2 2024 to $179.6 million in Q2 2025[25] - The combined ratio improved to 95% in Q2 2025[25], compared to 99.8% in Q2 2024[25] - Net underwriting income increased to $8.1 million in Q2 2025[25], compared to $0.3 million in Q2 2024[25] Investment Performance - Solasglas Investments, LP's annual average returns since 2020 is 9.8%[36] - Solasglas Investments, LP's annual average returns since inception is 5.5%[36]

GREENLIGHT RE ANNOUNCES FINANCIAL RESULTS FOR SECOND QUARTER AND SIX MONTHS ENDED JUNE 30, 2025 Greg Richardson, Chief Executive Officer of Greenlight Re, stated, "We are pleased with our second quarter 2025 underwriting results, which reflect the strength and discipline of our portfolio, and we believe our book is well positioned for a strong second half of the year. We remain committed to creating long-term value for shareholders, as demonstrated by our ongoing capital management strategy and focus on ope ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________ FORM 10-Q __________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-33493 _____________________________________________________________________ ...

Delivers 95.0% Combined Ratio and Returns $5 million to Shareholders Through Buybacks GRAND CAYMAN, Cayman Islands, Aug. 04, 2025 (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, 2025. Second Quarter 2025 Highlights (all comparisons are to second quarter 2024 unless noted otherwise): Gross premiums written increased 6.3% to $179.6 million;Net premiums earned increased 2. ...

GRAND CAYMAN, Cayman Islands, July 29, 2025 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (the "Company" or "Greenlight Re"), a multiline property and casualty insurer and reinsurer, today announced that it expects to release financial results for the second quarter and six-months ended June 30, 2025, after the market closes on Monday, August 4, 2025. A live conference call to discuss the financial results will be held on Tuesday, August 5, 2025, at 9:00 a.m. Eastern Time. Conference Call D ...

Group 1 - The individual has a background in engineering and has filed 7 patents, indicating a strong technical foundation [1] - The individual started a hedge fund from scratch and has maintained a long-term presence in the investment community for 20 years [1] - The investment philosophy focuses on identifying top-tier management and businesses with sustainable competitive advantages and catalysts for earnings growth [1] Group 2 - The individual is a regular guest speaker at the finance department of Iowa State University, suggesting engagement with the academic community [1]

Financial Data and Key Metrics Changes - The company reported net income of $29.6 million in Q1 2025, an increase from $27 million in Q1 2024, equating to $0.86 per diluted share compared to $0.78 per diluted share in the previous year [19] - Fully diluted book value per share increased by 8.5% to $18.87 from the first quarter of 2024 [23] - The underwriting loss was $7.8 million, resulting in a combined ratio of 104.6% [6][19] Business Line Data and Key Metrics Changes - The open market segment grew net written premiums by 16.6%, but suffered a pretax loss of $3.2 million primarily due to California wildfires, leading to a combined ratio of 106% compared to 96.2% in the same period last year [20][21] - The innovation segment reported a pretax income of $900,000 with a combined ratio improving to 94.3% from 99.3% year-over-year, although net written premiums decreased by 8.7% [22] Market Data and Key Metrics Changes - The Solace class portfolio returned 7.2% in Q1 2025, outperforming the S&P 500 Index, which declined by 4.3% [6][13] - The largest positive contributors to the portfolio included investments in Gold, Brighthouse Financial, and LANXESS, while Core Natural Resources and Penn Entertainment were the largest detractors [13][16] Company Strategy and Development Direction - The company is shifting its approach to casualty business, focusing on the innovations channel for better data access and control, which may lead to a temporary contraction in the casualty book [10] - The company is also overhauling its portfolio mix to advance its dual-engine strategy [18] Management's Comments on Operating Environment and Future Outlook - Management noted that inflationary pressures could increase loss costs, while an economic slowdown might reduce exposure [8] - There is concern about a significant economic slowdown in the U.S. driven by reduced consumer spending, prompting a pivot from conservative to bearish positioning [17] Other Important Information - The company recorded a net wildfire loss of $23.6 million related to California wildfires, contributing 14 combined ratio points [7] - A change in financial statement disclosures was highlighted, breaking out the innovations segment for the first time [11] Q&A Session Summary Question: No questions were raised during the Q&A session - The operator noted that there were no questions at this time and provided contact information for follow-up inquiries [24]

Financial Data and Key Metrics Changes - The company reported a net income of $29.6 million in Q1 2025, an increase from $27 million in Q1 2024, resulting in a fully diluted book value per share increase of 5.1% in the quarter [5][19] - The underwriting loss for the quarter was $7.8 million, leading to a combined ratio of 104.6% [5][19] - Catastrophe losses from the California wildfires added 14 percentage points to the combined ratio [19] Business Line Data and Key Metrics Changes - The open market segment grew net written premiums by 16.6%, but suffered a pretax loss of $3.2 million primarily due to the California wildfires [20] - The open market combined ratio was 106% compared to 96.2% for the same period in 2024, with the current year attritional loss ratio improving by 1.3 percentage points to 54% [21] - The innovation segment reported a pretax income of $900,000 with a combined ratio improving to 94.3% from 99.3% year-over-year [22] Market Data and Key Metrics Changes - The Solace Glass Fund returned 7.2% in Q1 2025, outperforming the S&P 500 Index, which declined by 4.3% [12] - The largest positive contributors to the fund were investments in Gold, Brighthouse Financial, and LANXESS, while Core Natural Resources and Penn Entertainment were the largest detractors [12][15] Company Strategy and Development Direction - The company is shifting its approach to accessing casualty MGA business, focusing on the innovations channel for better data access and control, which may lead to a short-term contraction in the casualty book [8] - The company is overhauling its portfolio mix to advance its dual-engine strategy [17] Management's Comments on Operating Environment and Future Outlook - Management noted that inflationary pressures could increase loss costs, while an economic slowdown might reduce exposure [6] - There is a concern about a significant economic slowdown in the U.S. due to reduced consumer spending, prompting a pivot from conservative to bearish positioning [16] Other Important Information - The company strengthened its historical casualty reserves by $22 million during the quarter, mainly related to underwriting years 2014 to 2019 [10] - The company ended Q1 2025 with a fully diluted book value per share of $18.87, an increase of 8.5% from Q1 2024 [23] Q&A Session Summary Question: No questions were raised during the Q&A session - The operator noted that there were no questions at this time and provided contact information for follow-up inquiries [24]