Greenlight Capital Re, Ltd. (NASDAQ:GLRE) Q1 2022 Earnings Conference Call April 4, 2022 9:00 AM ET Company Participants Simon Burton - CEO David Einhorn - Chairman Neil Greenspan - CFO Conference Call Participants Operator Thank you for joining the Greenlight Re Conference Call for the First Quarter of 2022 Earnings. The company reminds you that forward-looking statements may be made on this call are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 19 ...

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 March 31, 2022 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 ____________________________________________________________________ ...

Greenlight Capital Re, Ltd. (NASDAQ:GLRE) Q4 2021 Earnings Conference Call March 9, 2022 9:00 AM ET Company Participants David Einhorn - Chairman Simon Burton - CEO Neil Greenspan - CFO Conference Call Participants David Bell - Bell Brands Desmond Kinch - OAM Operator Good day, and thank you for joining the Greenlight Re Conference Call for the Fourth Quarter of 2021 Earnings. All participants will be in a listen-only mode. [Operator instructions]. Please note, this event is being recorded. The Company remi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbol(s) | Name of exchange | | --- | --- | --- | | Class A ordinary shares | GLRE | The Nasdaq Stock Market LLC | ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...

Financial Data and Key Metrics Changes - The company reported a net loss of $13.9 million or $0.42 per share for the third quarter, with a reduction in fully diluted book value per share to $13.25, a 2.6% decrease from June 30 [23][24]. - The underwriting loss for the quarter was $12.6 million, resulting in a combined ratio of 109.3%, which included $26 million of catastrophe losses contributing 19.1 percentage points to the combined ratio [24][7]. - Gross premiums written were $128.7 million, down 5% from the third quarter of 2020, primarily due to reduced participation in motor contracts [25]. Business Line Data and Key Metrics Changes - The company observed a reduction in motor liability premiums due to increased accident frequency and claims severity, with plans to further reduce auto exposure in 2022 [8]. - In the financial class, written premiums increased due to a rebound in demand for reps and warranty insurance from M&A activity [9]. - The innovations unit reported an investment gain of $9.6 million, a 31% increase from the prior quarter, representing approximately 6% of total written premium year-to-date [11]. Market Data and Key Metrics Changes - The reinsurance industry faced challenges from high incidences of large losses related to catastrophic events, impacting overall market conditions [7]. - The company expressed skepticism about the market's response to another loss-making year in the property catastrophe class, indicating that rate increases were disappointing due to new capital replenishing supply [10]. Company Strategy and Development Direction - The company aims to enhance underwriting products and quality of return through proprietary strategic partnerships, particularly in the innovations unit [11]. - Management indicated a moderate approach to catastrophe exposure, suggesting that while current exposure is reasonable, they do not expect to take an outsized position in the catastrophe business [39][40]. - The company is focused on repositioning its portfolio away from auto insurance while maintaining a balanced approach to catastrophe risks [40][71]. Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of economic inflation on the auto segment, noting proactive measures taken to reduce exposure [62]. - The company remains optimistic about the underlying reinsurance trends despite recent underwriting losses, emphasizing improvements in business quality [19][72]. - Management is closely monitoring the potential implications of global minimum tax regulations but does not view it as a significant concern at this time [66][67]. Other Important Information - The company completed its annual review with A.M. Best, resulting in the reaffirmation of its A rating and an uplift in outlook to stable [12]. - Total general and administrative expenses increased by 18% year-over-year, driven by the growth of the innovations unit and higher professional fees [26]. Q&A Session Summary Question: Clarification on the $9.6 million innovation gain - Management clarified that the gain was not realized but marked up based on a new valuation from a capital raise [30]. Question: Future growth expectations for innovations - Management indicated that innovations represent 6% of written premiums and expect significant growth potential, though specific guidance was withheld [36]. Question: Portfolio repositioning details - Management confirmed a focus on reducing auto exposure while maintaining a reasonable level of catastrophe risk [40][71]. Question: Breakdown of catastrophe losses - The largest loss was attributed to Hurricane Ida at approximately $18 million, with additional losses from European floods and South African riots [64]. Question: Discussion on winding down the insurance operation - Management emphasized that the core operational objective remains reinsurance, and while alternatives were considered, the current strategy is deemed the best for shareholders [73][74].

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 September 30, 2021 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 ________________________________________________________________ ...

Greenlight Capital Re, Ltd. (NASDAQ:GLRE) Q2 2021 Earnings Conference Call August 4, 2021 9:00 AM ET Company Representatives Simon Burton - Chief Executive Officer David Einhorn - Chairman Neil Greenspan - Chief Financial Officer Conference Call Participants Kyle LaBarre - Dowling & Partners Operator Thank you for joining the Greenlight Re Conference Call for the Second Quarter of 2021 Earnings. The company reminds you that forward-looking statements that may be made in this call are intended to be covered ...

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, 2021 (Exact name of registrant as specified in its charter) ____________________________________________________________________________________ Cayman Islands N/A (State or other jurisdiction of incorporation or organization) (I.R.S. ...

Financial Data and Key Metrics Changes - The company's book value per share grew by 0.5% in Q1 2021, ending at $13.49 per share [26] - Net income for the quarter was $6.5 million, or $0.19 per share, primarily driven by investment gains [26] - The underwriting loss for the quarter was $2.0 million, with a combined ratio of 101.5% [26] Business Line Data and Key Metrics Changes - Gross written premiums increased by 55% to $170 million compared to Q1 2020, largely due to multi-line quota share contracts covering several Lloyd's syndicates [4][27] - The property catastrophe class saw disappointing results at the January 1 renewals, with rates not increasing sufficiently to compensate for risks [6] - The company intends to reduce exposure in motor liability and workers' compensation classes as business renews over the coming year [5] Market Data and Key Metrics Changes - The reinsurance market showed improved conditions, particularly in marine and specialty classes, while the property catastrophe class faced challenges due to new capital influx [5][6] - The company observed a slight slowing of rate momentum in the Florida market, which may affect affordability for carriers [33] Company Strategy and Development Direction - The company is focused on growing and repositioning its underwriting business to capitalize on improved market conditions [4] - There is a strong emphasis on capital deployment across various strategies, including innovation and core reinsurance business [39] - The company has identified opportunities for investments in innovative companies, such as Nimbla and Player's Health [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the underwriting portfolio's performance despite a small underwriting loss related to Storm Uri [15] - Concerns about social inflation were noted, but management believes their exposure is less than that of many peers [37] - The relationship with A.M. Best is strong, and management is optimistic about future ratings based on improved underwriting performance [41] Other Important Information - The company reported total general and administrative expenses of $7.5 million, an 11% increase over Q1 2020, primarily due to additional incentive compensation costs [28] - A new share repurchase plan has been approved, allowing the company to buy back up to $25 million of ordinary shares [29] - The company is committed to improving corporate governance following disappointing voting outcomes at the annual meeting [16][22] Q&A Session Summary Question: Insights on rate trends and loss cost trends - Management noted that while rates have moderated, they are observing similar trends to peers, with disappointment in the property catastrophe class [32] - There are concerns about affordability in the Florida market due to slowing rate momentum [33] Question: Capital deployment strategy - Management sees numerous opportunities for capital deployment across various strategies, including innovation and core reinsurance [39] Question: A.M. Best rating discussions - Management maintains a productive relationship with A.M. Best and is optimistic about future ratings based on improved underwriting performance [41]

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 March 31, 2021 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 ____________________________________________________________________ ...