Greenlight Reinsurance, Ltd.

Thank you for joining the Greenlight Capital RE-LTD fourth quarter 2025 earnings conference call. At this time, participants are in listen-only mode. A question and answer session will follow with prepared comments. You may press star 1 at any time to be placed in the question queue. It is now my pleasure to turn the call over to David Sigmund, 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. An audio replay will also be available under the Investors section of the company's website at www.greenlightree.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, Farmars 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 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 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.

Thank you, David. Good morning, everyone, and thank you for joining us. I am pleased to report strong results for both Q4 2025 and full year 2025. We have been indicating for some time the confidence we have in our strategy and our positioning. It is gratifying to see this reflected in our results. In particular, we are making significant progress in generating underwriting profits. Q4 2025 is the 10th quarter out of the last 12 quarters in which we have delivered an underwriting profit. I'm excited about Greenlight REI's potential as we enter 2026. The fourth quarter of 2025 was an excellent quarter for Greenlight REI with strong performance in both the underwriting and investment components of our strategy. We reported a net underwriting profit of $13 million, or a combined ratio of 92.1%, and a strong investment return from Solus Glass of 36 million, or a 7.9% gain, driving net income for the quarter of $49.3 million. Our underwriting profit was driven by strong performance on our open market book, which delivered a 90.7 combined ratio. This was driven by strong core profitability assisted by relatively benign CAT and large loss activity, partially offset by some prior year reserve development. On a large loss size, we booked $2 million of losses in the fourth quarter related to Hurricane Melissa, which made landfall in Jamaica in late October. and $2.7 million related to an oil refinery fire loss. With regard to prior year development, we strengthened reserves on our open market book by $5.5 million, driven primarily by casualty programs that are in runoff. Our innovations book recorded a modest underwriting loss for the quarter of $0.4 million, or a combined ratio of 101.7%. This was primarily driven by a large loss of two point one million on a surety account. For the full year twenty twenty five we demonstrated solid underwriting performance with profitable underwriting each quarter except the first quarter which was hit by the California wildfires. Overall we delivered record underwriting income for twenty twenty five with an underwriting profit of thirty five point seven million dollars or combined ratio of 94.6. Net income for the year was $74.8 million, which drove a 13.8% increase in fully diluted book value per share, $20.43. Turning to the 1-1 renewal season. It is a key renewal season for GreenLight Re with approximately 60% of our business incepting on January 1st. We are very pleased with how this key renewal period progressed. While market conditions showed softening across most lines, we believe pricing in general remains adequate and we executed broadly in line with our business plan. I'll provide an overview of our 1-1 book in key areas. Generally, our Funds at Lloyds book incepts at 1-1. We have written a significant foul book for several years and we are optimistic for the prospects of Lloyd's in 2026, despite the softening market. Lloyd's is committed to maintaining underwriting discipline and we support this focus. There has been an influx of capital seeking to target the Lloyd's market after several years of strong profitability. As we have been active in this market for several years, we have strong relationships and we are able to maintain and grow our relationships with key partners, despite the increased capital entering the market. This year, we grew our file book by approximately 21% due to attractive opportunities that were available to us. A material portion of our specialty book also renews at 1.1. In general, the specialty market saw some significant softening We estimate rates were down 11%, although terms and conditions generally held firm. With many of our competitors looking to grow their specialty books, the market was very competitive on signings. Our standing in the market and our timely upgrade to an AA Invest rating helped protect our specialty book, which grew by 6%. The third element of our book with a strong 1-1 focus is property. We saw some significant weakening in the property line, and estimate rates are down 12%. Our property book was broadly flat year over year, indicating exposure is up given the rate decreases. Our North Atlantic hurricane exposure on a 1 in 250 occurrence basis increased by 7% to 139 million, reflecting this increased exposure. Our innovations portfolio renewals are not heavily weighted towards 1-1. Rather, they are more evenly spread throughout the year. For the business that did renew at 1-1, we saw strong growth with premium up 83%. Our innovations business is less susceptible to market trends. This can be seen in the risk-adjusted rate change at 1-1, which was relatively flat. Importantly, we renewed our Outwards Innovations Whole Account Quota Share Treaty at 1-1 with an increased session from 28% to 33% and materially improved terms. In addition, we accepted third-party capital into Syndicate 3456 for the first time. This provides a strong external validation of our syndicate performance to date. In recent days, we have seen an increase in tensions in the Middle East, with the US and Israel launching attacks on Iran, and Iran retaliating by bombing several other neighboring countries. Our thoughts are with the people in this region. It is difficult to comment on this fluid situation other than to say we hope that the war ends soon, thereby minimizing physical damage and loss of life. At this stage, while there have been media reports of isolated insured losses, we have not been, excuse me, we have not been notified of any large losses. In general, our policies contain a war exclusion. However, we do have some exposure to the conflict from specific marine war, aviation war, and war on land covers that we offer as part of our specialty book. We continue to closely monitor developments in the region. As we look ahead towards 2026, we are optimistic about the opportunities ahead and Greenlight Re's positioning. Now I'd like to turn the call over to David.