Greenlight Reinsurance, Ltd.

Thank you for joining the Greenlight Capital Re-Limited second quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. A question and a session will follow the prepared remarks. You may press star one at any time to be placed in the question queue. It's now my pleasure to turn the call over to David Sigman, Greenlight Re's General Counsel. You may begin.

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. And audio replay will also be available under the investors section of the company's website at .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, Farmers Roemer. 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 the 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 reconciliation to these measures can be found in the company's filings with the SEC, including the company's Form 10K. 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.

Thank you, David. Good morning, everyone, and thank you for joining us. We reported net income of 0.3 million in Q2 2025, which brings our year to date net income to 30 million dollars. Fully diluted book value per share increased .5% in the quarter and .7% for the first half of the year. We reported a combined ratio of .0% for the quarter, translating to 8.1 million dollars of underwriting income. Our investment in Solarglass portfolio was down 4% in the quarter, reversing a portion of the Q1 outperformance. David will provide more color on this in his remarks. Q2 was a benign quarter from a cat activity perspective. We have updated the definition of cat event loss to be individual catastrophe loss to us of 5 million or more net of reinsurance recoveries. We also started reporting known large loss events defined as losses between 1 million and 5 million dollars. The net financial impact of prior year adverse loss development was 2.6 million dollars or 1.6 combined ratio points. Farmers will elaborate on the loss development for each segment momentarily. Our underwriting result in the second quarter was largely unaffected by our previous reserving actions unrelated to the California wildfires and Russia, Ukraine, 80% of the year. And the second quarter was a result of our previous nonrenewal and nonrenewal aviation losses. On the latter, we had strengthened our reserves in Q4 of last year and the long awaited outcome of a UK trial in the second quarter validated our early decisive action on this. As mentioned on our previous quarter code, we have started to nonrenew a significant portion of our open market casualty book. The impact of these non renewals started to flow through our top line and Q2, which was offset by growth in other areas, including foul and the specialty book. We don't have a large renewal book for 7-1, but we are seeing overall market conditions remaining similar to 1-1 and 4-1 with flat to mild single digit decreases and risk adjusted rate change. As we head into the peak of cat season, we feel good about our exposures and are well positioned to weather any storms. During the second quarter, we repurchased $5 million worth of our stock and average cost of $13.99 per share. We continue to monitor our capital position in light of our various capital metrics and will carefully evaluate opportunities for further share repurchases as part of our overall capital management. Finally, this quarter, we have prepared an investor presentation summarizing our results and strategy, which is available in the investor relations section of our corporate website. We hope it provides additional context as we continue our efforts to communicate more broadly with shareholders. Now, I'd like to turn the call over to David.