Greenlight Reinsurance, Ltd.

Thank you for joining the Greenlight Capital RE second quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the 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 Sigmon, 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, Faramarz 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. Q2 2026 was challenging for Greenlight Re. We reported a net loss of $29.6 million for the quarter, driven by investment income losses from the Solus Glass portfolio and a modest underwriting loss. It is worth noting that the second quarter investment loss has essentially reversed in July. Our underwriting result in the second quarter includes a $20 million provision linked to losses related to the Middle East conflict, plus a $6.5 million provision linked to an oil refinery explosion in Qatar, which was not war related. Our specialty book is a core part of our overall portfolio and has been profitable historically. The specialty book is susceptible to severity events such as the Middle East War. Reserving for this ongoing conflict has been challenging with limited available information. We have posted a reserve in relation to events up to June 30, 2026, which we believe is prudent, although there is a high degree of uncertainty. We are not aware of any major Q3 losses as we continue to closely monitor the situation. Furthermore, our exposure to potential loss from the war going forward is decreasing as our students are actively reducing their exposures in the region and we have non-renewed several accounts. On a more positive note, our innovations segment recorded a solid underwriting result in the quarter generating $2.6 million of underwriting profit and a combined ratio of 89.7%. We have been excited for some time about the potential of our innovation segment and it is gratifying to see this reflected in the underwriting results. The softening market trends across most lines that we saw in Q1 continued in Q2. We are committed to maintaining our underwriting discipline in the market and while our gross written premium was up 2% in the quarter due to innovations growth, our net written premium was down 11% as we reduced net exposure in response to softening conditions. Finally, I would like to highlight that in July, we received approval in principle from the Council of Lloyds to transition our Syndicate in a Box Greenlight Re-Innovations Syndicate 3456 to a full syndicate effective January 1, 2027. Syndicate 3456 has been a successful part of the growth in our innovations business over the last four years. The transition to a full syndicate for 2027 will enable further growth of this segment at Lloyd's and further diversification into two new channels, an MGA channel focused on more traditional business and a treaty reinsurance channel. Lloyd's is a key part of our overall strategy and the transition to a full syndicate status cements our strong position in the Lloyd's market. Now I'd like to turn the call over to Greg.