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Here are 1-2 analogies for Greenlight Capital Re (GLRE):

• Like a smaller Berkshire Hathaway, focused on reinsurance but with its investment portfolio managed by famed hedge fund manager David Einhorn.
• A reinsurance company that also serves as a public investment vehicle for David Einhorn's Greenlight Capital.

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• Property and Casualty Reinsurance: Greenlight Capital Re provides risk transfer solutions to primary insurance companies for various property and casualty exposures, including property damage, liability, and specialty lines.
• Structured Reinsurance Solutions: The company develops customized reinsurance contracts designed to address unique risk management and capital requirements for its diverse client base.

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Greenlight Capital Re (GLRE) operates as a property and casualty reinsurance company. As such, it sells its services primarily to other insurance companies, rather than directly to individuals.

Due to the nature of the reinsurance business and confidentiality agreements, Greenlight Capital Re does not publicly disclose the names of its specific client companies. Furthermore, the company explicitly states in its annual reports (e.g., 2023 10-K) that no single customer accounted for more than 10% of its gross premiums written in 2023, 2022, or 2021. This indicates that GLRE maintains a diversified customer base, and therefore, does not have "major customers" in the sense of a few specific entities dominating its revenues.

Its customers are generally other insurance companies (ceding companies) that are seeking to transfer a portion of their insurance risk to reinsurers like GLRE to manage their capital, reduce volatility, and increase underwriting capacity. These customers vary from large multinational insurers to smaller niche players across various lines of business and geographies.

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• Greenlight Capital, Inc.
• Willis Towers Watson (WTW)
• S&P Global (SPGI)
• Moody's Corporation (MCO)

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Greg Richardson, Chief Executive Officer

Mr. Richardson joined Greenlight Re as Chief Executive Officer in January 2024. He previously served as Chief Risk and Strategy Officer at TransRe from 2014 to 2023. Prior to that, he held strategic planning and underwriting roles and was Chief Underwriting Officer at Harbour Point Re (which merged with Max Re Capital to form Alterra Re) from 2006 to 2013.

Faramarz Romer, Chief Financial Officer

Mr. Romer has served as Chief Financial Officer since April 2023, and prior to that, was Chief Accounting Officer and Treasurer since September 2020. He joined Greenlight Re in July 2007 as the Reporting and Compliance Officer. Before joining Greenlight Re, he was a Senior Manager at KPMG's audit practice.

David Einhorn, Chairman of the Board

Mr. Einhorn co-founded Greenlight Capital, Inc. in January 1996, where he has served as President. He is also the founder of Greenlight Capital Re, Ltd., established in 2004, and has been its Chairman since then. He serves as President of DME Advisors, LP, the investment advisor to Greenlight Re, and is Chairman of the board of Green Brick Partners, Inc.

Thomas Curnock, Group Chief Underwriting Officer

Mr. Curnock has served as Group Chief Underwriting Officer since October 2024. He previously served as Chief Risk Officer, overseeing Greenlight Re's enterprise risk management functions. He has over 20 years of experience in the property and casualty reinsurance industry, including roles as Senior Vice President of Aon Benfield Securities as an investment banker and Senior Vice President of Aon Benfield as a structured reinsurance broker.

David Sigmon, General Counsel, Chief Compliance Officer & Corporate Secretary

Mr. Sigmon was appointed as General Counsel in April 2023. Prior to joining Greenlight Re, he was Vice President, Associate General Counsel within Everest Group, Ltd. from August 2017 until April 2023. Before that, he served as General Counsel, Unique Risk Underwriting at AmTrust Financial Services, Inc. from November 2013 until July 2017.

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1. Weak Underwriting Performance and Catastrophe Losses: Greenlight Capital Re has demonstrated a history of weak underwriting performance, with significant losses attributed to frequent catastrophe events such as hurricanes, wildfires, and other large-scale incidents, as well as adverse prior-year claim development. This has often resulted in a combined ratio above 100%, indicating unprofitable underwriting operations. The company has been described as a "weak reinsurance carrier" that writes risks at "inadequate prices" compared to larger, more resilient peers.
2. Volatile Investment Performance: A significant portion of Greenlight Capital Re's overall profitability is tied to the performance of its investment portfolio, managed by David Einhorn's funds (e.g., Solasglas). Historically, poor investment returns have led to substantial losses and a decline in capital levels, impacting the company's financial condition. While there have been efforts to recalibrate the investment strategy, the potential for underperformance in the investment portfolio remains a critical risk to its financial results.
3. Intense Competition and Market Position: The reinsurance industry is highly competitive, with Greenlight Capital Re competing against larger, better-capitalized, and more established companies. Consolidation among competitors, clients, and brokers could further intensify competitive pressures, potentially leading to squeezed margins and reduced business opportunities for GLRE. A downgrade or withdrawal of its A.M. Best ratings would also materially and adversely affect its ability to execute its business strategy.

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The following clear emerging threats have been identified for Greenlight Capital Re (GLRE):

• Accelerating and Less Predictable Impacts of Climate Change: This threat challenges GLRE's core reinsurance underwriting business by increasing the frequency and severity of natural catastrophes and extreme weather events. Traditional actuarial models, which rely on historical data, are becoming less reliable for predicting future losses, making accurate risk pricing and reserving more difficult. This can lead to increased earnings volatility and potentially outsized losses for the company.
• Persistent Social Inflation and Worsening Litigation Trends: Particularly impactful on long-tail casualty reinsurance lines, social inflation refers to the rising costs of claims driven by factors such as larger jury awards, increased litigation, and broader interpretations of liability. This trend directly erodes profitability, complicates reserve adequacy, and increases the volatility of claims development for GLRE's casualty reinsurance portfolio.
• Intensified Competition from Alternative Capital and Technology-Driven Entrants: The reinsurance market faces ongoing pressure from the increasing sophistication and scale of alternative capital providers (e.g., insurance-linked securities, catastrophe bonds) and new insurtech companies leveraging advanced analytics. These forces introduce more capacity into the market and can exert downward pressure on reinsurance pricing, potentially challenging GLRE's market share and profitability, especially in more commoditized lines of business.

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Global Reinsurance Market

Global Property and Casualty Reinsurance Market

U.S. Reinsurance Market

Global Specialty Reinsurance Market

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Greenlight Capital Re (GLRE) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and favorable market conditions:

1. Growth in the Open Market Segment: The company has demonstrated tangible growth in its open market segment, with net written premiums increasing by 9.5% in the third quarter of 2025. Management anticipates continued growth, particularly in non-casualty business, indicating a focused effort to expand this traditional reinsurance area.

2. Expansion of the Innovations Segment: Greenlight Re's Innovations segment is a significant driver of future revenue, having seen net written premiums grow by 57.5% in Q3 2025. This segment focuses on supporting technology innovators in the reinsurance space by providing investment capital, risk capacity, and access to an insurance network. The company expects strong organic growth from existing Innovations clients and new business opportunities.

3. Favorable Reinsurance Market Conditions and Pricing: The broader reinsurance market continues to present attractive pricing opportunities, especially in property catastrophe and casualty lines, where rates remain elevated compared to historical averages despite some moderation. Greenlight Re's management has expressed confidence in these market conditions, attributing them to disciplined underwriting and limited reinsurance capacity, which allows for strong underwriting results and potentially higher premiums.

4. Strategic Use of Third-Party Capital and ILS Opportunities: Greenlight Re is actively exploring the development of third-party capital partners and investigating opportunities with Insurance-Linked Securities (ILS) investors. This strategy aims to leverage external capital to expand its underwriting capabilities, particularly within the Innovations division, and generate fee or spread income without issuing new equity. The company has also implemented a quota share partnership program to support its growing Innovations book.

5. Technological Advancements and AI-Driven Risk Modeling: The company's focus on innovation includes leveraging advancements like AI-driven risk modeling and tokenized reinsurance. These technological adoptions are expected to enhance underwriting precision, optimize risk assessment, and improve capital efficiency, positioning Greenlight Re to capitalize on long-term trends and gain an underwriting edge, which could contribute to revenue growth.

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