Greenlight Reinsurance, Ltd.

Greetings, and welcome to the Greenlight Capital Reef first quarter 2026 earnings conference call. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. You may be placed into question queue at any time by pressing star 1 under telephone keypad. As a reminder, this conference is being recorded. If anyone should require operator assistance, please press star 0. It's now my pleasure to turn the call over to David Sigmund, Greenlight Re's General Counsel. David, please go ahead.

Thank you, 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 that 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. We reported net income of $35.8 million in Q1, 2026, driving an increase in fully diluted book value per share of 4.7%. Our net income was driven by a combination of strong investment performance, with the Solace class portfolio returning 6.8% in the quarter, an excellent result in a challenging market, and an underwriting profit of $6.2 million, which equates to a combined ratio of 96.0%. Our underwriting results in the first quarter includes a $5 million provision linked to the Middle East conflict. This added 3.2 points to our combined ratio. As we referenced on our earnings call in early March, the Middle East conflict remains a fluid situation. While a ceasefire is currently in place and we hope the conflict will end soon, significant uncertainty remains. In Q1, we received an immaterial amount of formal loss notifications. However, given the high degree of uncertainty, we felt it was prudent to establish a $5 million general provision for potential losses. On our Q4 2025 call, I provided an update on our 1-1-26 renewal season and the market environment at the time. While April 1 is not a major renewal date for us, market trends are unchanged with softening across most lines. April 1 is the primary renewal date for Japanese business. Due to significant rate decreases this year, we decided to non-renew our direct Japanese cat business. Given the relatively small amount of premium, the limited margin potential no longer made sense for the portfolio. We remain disciplined. We expect open market reinsurance written premium this year to be lower than in the prior year given the soft reinsurance market. On the other hand, we expect our innovation segment premium to continue to increase given the organic growth of our existing client portfolio, a strong flow of new business opportunities, more favorable rate trends, and our ability to monitor and influence terms and conditions. As a management team, we are focused on delivering consistent profitability over the long term. While our shares have been trading at a discount to our growing book value, we have all along maintained that strong underwriting and investment results will ultimately be reflected in our share price. We have started to see this recently following the release of our full year 2025 results. Meanwhile, we have returned $15 million of capital to our shareholders year-to-date via share repurchases under our board-approved share repurchase plan. As I have noted previously, we're optimistic about the opportunities ahead and GreenLight Re's positioning. Now I'd like to turn the call over to David.