A.M. Best's Rating Report

BEST’S RATING REPORT BEST’S RATING REPORT

GREENLIGHT CAPITAL RE, LTD. Domiciliary Address: 65 Market Street, Suite 1207, Jasmine Court, Camana Bay, Grand Cayman E9, Cayman Islands Mailing Address: P.O. Box 31110, Grand Cayman, KY1-1205, Cayman Islands AMB #: 055430 NAIC #: N/A FEIN #: N/A Phone: 345-943-4573 Fax: 345-745-4576 Website: www.greenlightre.com

GREENLIGHT REINSURANCE IRELAND, DESIGNATED ACTIVITY COMPANY A- Domiciliary Address: La Touche House, IFSC, Ground Floor, Dublin 1, Ireland AMB #: 091169 NAIC #: N/A FEIN #: N/A Phone: 353-1687-0534 Fax: Website: www.greenlightre.com

GREENLIGHT REINSURANCE, LTD. A- Domiciliary Address: 65 Market Street, Jasmine Court, Camana Bay, Grand Cayman, Cayman Islands Mailing Address: P.O. Box 31110, Camana Bay, Grand Cayman KY1-1205, Cayman Islands AMB #: 076873 NAIC #: N/A AIIN#: AA-3770280 Phone: 345-943-4573 Fax: 345-745-4576 Website: www.greenlightre.com

Financial Str ength Rating A

M BEST

A- Excellent

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Best's Credit Rating Effective Date Greenlight Capital Re, Ltd. July 22, 2020 AMB #: 055430 Ultimate Parent: AMB # 055430 - Greenlight Capital Re, Ltd. Analytical Contacts Darian Ryan Senior Financial Analyst Best's Credit Ratings – for the Rating Unit Members [email protected] Financial Strength Rating Issuer Credit Rating +1(908) 439-2200 Ext. 5449 (FSR) (ICR) Steven M. Chirico, CPA Director [email protected] A- a- +1(908) 439-2200 Ext. 5087 Excellent Excellent

Outlook: Negative Outlook: Negative Information Action: Affirmed Action: Affirmed Best's Credit Rating Methodology Understanding Best's Credit Ratings Assessment Descriptors Market Segment Outlooks

Financial Data Presented Balance Sheet Strength Very Strong The financial data in this report reflects the most current data available to the Analytical Operating Performance Marginal Team at the time of the rating. Updates to Business Profile Neutral the financial exhibits in this report are available here: Best's Financial Report. Enterprise Risk Management Appropriate

Rating Unit - Members Rating Unit: Greenlight Capital Re, Ltd. | AMB #: 055430

AMB # Rating Unit Members AMB # Rating Unit Members 091169 Greenlight Re Ireland, DAC 076873 Greenlight Reinsurance, Ltd.

Best's Credit Rating - for the Holding Company Issuer Credit Rating (ICR)

bbb- Outlook: Negative Good Action: Affirmed

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AMB #: 055430 - Greenlight Capital Re, Ltd.

Rating Rationale – for the Rating Unit Members

The Issuer Credit Ratings and Financial Strength Ratings of the member operating companies of the rating unit are determined in accordance with Best's building block rating methodology as applied to the consolidated group's financial statements, and the supporting analytics and results are described in the following sections of this report.

Balance Sheet Strength: Very Strong • Balance sheet strength is assessed at very strong. Balance sheet strength is supported by the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR). • Greenlight Capital Re, Ltd. (GLRE), has experienced adverse reserve development across multiple lines of business over the past ten years, which creates uncertainty over the adequacy of its current reserve position. • The risk associated with the group's higher investment risk appetite relative to many peers has been somewhat moderated following the 2019 de-risking of the portfolio. • The group has improved its liquidity position with sizable positions in cash and short-term investments following the de-risking of the portfolio.

Operating Performance: Marginal • Volatile and negative operating results over the cycle, resulting in a five-year average return on equity of -19.2% (2015-2019). • Record of marginal underwriting performance, as highlighted by a five-year average combined ratio of 108.6% (2015-2019). • Historically volatile and lower than expected investment returns arising from the hedge fund investment portfolio. In 2018, GLRE reported net investment losses of USD 323 million (investment yield of -17%). In 2019, the investment yield improved to 5%. • AM Best expects the group's operating performance to benefit from recent reunderwriting actions.

Business Profile: Neutral • Global property and casualty reinsurer that operates through two licensed and regulated reinsurance entities: Greenlight Reinsurance, Ltd. (Cayman Islands), and Greenlight Reinsurance Ireland, Designated Activity Company (Ireland). • GLRE maintains strong relationships with global reinsurance brokers, which source the majority of its business. • Competitive advantage is negatively affected by the group's relatively small share of the reinsurance market compared to other established global reinsurers. Business is somewhat concentrated by line of business (motor liability) and geography (U.S. and Caribbean). Moderating this risk is the group's focus on diversifying its business from a geographic, product and client basis. • AM Best is concerned over the group’s business profile given its historically lackluster return measures and surplus volatility.

Enterprise Risk Management: Appropriate • Risk management capabilities are considered appropriate and in line with GLRE's risk profile. • Developed risk management framework that has well-defined internal controls and risk tolerances, which are set and monitored by the board of directors. • GLRE's subsidiaries maintain sufficient capital in order to comply with the solvency requirements set by their local regulator.

Outlook • The negative outlooks reflect AM Best’s expectation that the group will be challenged to improve its underwriting performance in the short term given its historical results; however, the group's operating performance should continue to benefit from the recent reunderwriting and investment actions taken to improve overall performance and limit volatility. There have been very recent indications of broad-based reinsurance rate hardening and partial investment recovery following the investment losses recorded in the first quarter of 2020.

Rating Drivers • Positive rating actions may occur if Greenlight Capital Re, Ltd. (GLRE), manages to bolster its shareholders' funds through a sustained level of internal capital generation driven by improved underwriting and investment performance, which may be an indication of an improving business profile. • The ratings could be negatively impacted by turmoil in the capital markets that could negatively impact GLRE's balance sheet assessment and investment performance. • Negative rating action could also occur if underwriting performance remains relatively adverse compared to most peers. www.ambest.com Page 3 Page 3 of 22 Printed October 08, 2020 Printed for Bcrs on August 14, 2020 www.ambest.com BEST’S RATING REPORT

AMB #: 055430 - Greenlight Capital Re, Ltd. Rating Rationale - for the Holding Company

The rating of the holding company is determined by reference to the Issuer Credit Rating (ICR) of the operating insurance company members. It reflects consideration of holding company sources and uses of cash, the competing demands placed upon holding company resources and normal subordination of holding company creditors to claims of the policyholders of the operating insurance companies. In general, therefore, the holding company's Issuer Credit Rating is notched from those assigned to the operating companies of the rating unit.

Key Financial Indicators

Best's Capital Adequacy Ratio (BCAR) Scores (%) Confidence Level 95.0 99.0 99.5 99.6 BCAR Score 57.1 43.3 38.4 37.0 Source: Best's Capital Adequacy Ratio Model - Universal

2019 2018 2017 2016 2015 Key Financial Indicators USD (000) USD (000) USD (000) USD (000) USD (000) Net Premium Written: Non-Life 475,310 464,743 636,064 526,057 493,123 Composite 475,310 464,743 636,064 526,057 493,123 Net Income -3,986 -350,054 -44,952 44,881 -326,425 Total Assets 1,355,193 1,435,445 3,357,393 2,664,693 2,712,522 Total Capital and Surplus 477,183 479,464 851,426 891,687 848,773 Source: BestLink ® - Best's Financial Suite

Weighted 5 Year Key Financial Ratios (%) 2019 2018 2017 2016 2015 Average Profitability: Net Income Return on Revenue -0.7 -99.9 -7.0 7.6 -99.9 -32.6 Net Income Return on Capital and Surplus -0.8 -52.6 -5.2 5.2 -32.0 -19.2 Balance on Non-Life Technical Account (USD 000) -51,813 -26,158 -64,496 -28,039 -48,351 ... Non-Life Combined Ratio 110.7 105.2 110.3 105.5 111.8 108.6 Net Investment Yield 5.8 -2.8 -1.0 -0.9 -1.4 -0.8 Leverage: Net Premium Written to Capital and Surplus 99.6 96.9 74.7 59.0 58.1 ... Source: BestLink ® - Best's Financial Suite Credit Analysis

Balance Sheet Strength The very strong balance sheet strength of Greenlight Capital Reinsurance Ltd. (GLRE) is supported by risk-adjusted capitalization that is at the strongest level, as measured by Best's Capital, Adequacy Ratio (BCAR), favorable liquidity and financial flexibility.

The BCAR scores presented under the Best's Capital Adequacy Ratio Summary section of this report are based on the year-end 2019 audited consolidated financial statements of the company.

Capitalization GLRE’s risk-adjusted capitalization, as measured by the BCAR, was at the strongest level in 2019, and AM Best expects it to remain at a similar level in the midterm.

Over the years from 2015 to 2019, the surplus of GLRE has trended down at an annual compound rate of -20.4%, from $848 million to $477 million, with 2018 registering the worst annual decline on record, at -43.7%. Mainly contributing to the deterioration in shareholders' funds were the company's material investment losses, poor underwriting results recorded over the cycle and to a lesser extent share buybacks. Share buybacks have totaled $37 million over the five year period. Despite the decline in surplus, GLRE's risk- adjusted capitalization remains at the strongest level, as has improved somewhat over the past few years. The improvement has been driven by the de-risking of the group’s investment portfolio and to a lesser extent the reduction in premiums.

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AMB #: 055430 - Greenlight Capital Re, Ltd. Balance Sheet Strength (Continued...) The strongest BCAR level is supported by its significant holdings in cash and short term investments which helps moderate the volatility, over the past five years, in the group's surplus levels, reserve development and investment results.

The group’s reserve position has been impacted recently by adverse development on motor liability and property reserves. The development stems from a program the group’s main nonstandard auto program which was place into runoff mid-2019.

2019 2018 2017 2016 2015 Capital Generation Analysis USD (000) USD (000) USD (000) USD (000) USD (000) Beginning Capital and Surplus 479,464 851,426 891,687 848,773 1,194,041

Net Income after Non-Controlling Interests -3,986 -350,054 -44,952 44,881 -326,425

Change in Paid-In Capital 3,882 -3,688 2,978 3,970 -4,187 Other Changes in Capital and Surplus -2,177 -18,220 1,713 -5,937 -14,656 Net Change in Capital and Surplus -2,281 -371,962 -40,261 42,914 -345,268 Ending Capital and Surplus 477,183 479,464 851,426 891,687 848,773

Net Change in Capital and Surplus (%) -0.5 -43.7 -4.5 5.1 -28.9 Source: BestLink ® - Best's Financial Suite

2019 2018 2017 2016 2015 Liquidity Analysis USD (000) USD (000) USD (000) USD (000) USD (000) Net Operating Cash Flow (USD 000) 1,631 -59,308 94,419 -35,787 -57,445 Liquid Assets to Total Liabilities (%) 87.5 77.4 109.4 119.0 123.1 Source: BestLink ® - Best's Financial Suite

Asset Liability Management - Investments GLRE's investment portfolio is managed by DME Advisors which is controlled by David Einhorn who is also Chairman of the Board of Directors and the president of Greenlight Capital, Inc. The investment strategy used is a value-oriented strategy that identifies undervalued and overvalued securities by analyzing companies' available financial data. The portfolio is somewhat naturally hedged with both long and short positions. DME Advisors goal is to achieve higher rates of return while minimizing the risk of capital losses. The investment guidelines are adopted by the Board of Directors.

Prior to the adoption of the new fund structure in 2019, GLRE used to report its long and short investment positions as balance sheet gross assets and liabilities, respectively. The net asset value (NAV) of the investment in Solasglas is now reported as a single line among the balance sheet's investments. GLRE has the right to withdraw funds with three days notice from Solasglas to pay claims and expenses, to meet regulatory capital requirements and to satisfy financing obligations.

The underlying investments of Solasglas mainly include common stock and cash.

2019 2018 2017 2016 2015 Composition of Cash and Invested Assets USD (000) USD (000) USD (000) USD (000) USD (000) Total Cash and Invested Assets (USD 000) 1,024,346 987,159 2,894,082 2,265,046 2,412,915 Composition Percentages (%): Unaffiliated: Cash and Short Term Investments 75.0 71.2 52.9 54.9 55.9 Bonds ...... 0.3 1.0 1.6 Stocks ... 3.7 41.6 37.3 37.6 Other Invested Assets 23.4 23.9 5.3 6.9 4.9 Total Unaffiliated Cash and Invested Assets 98.4 98.8 100.0 100.0 100.0 Investments in Affiliates 1.6 1.2 ...... Total Cash and Invested Assets 100.0 100.0 100.0 100.0 100.0 Source: BestLink ® - Best's Financial Suite

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AMB #: 055430 - Greenlight Capital Re, Ltd. Balance Sheet Strength (Continued...)

Reserve Adequacy GLRE's reserving process includes a bottom up review of all accounts. Reserves are set on a transaction by transaction basis. The company establishes reserves for contracts based on estimates of the ultimate cost of all losses including IBNR. These estimated ultimate reserves are based on internal actuarial estimates derived from reports received from ceding companies, industry data and historical experience. These estimates are reviewed periodically and revised when necessary. Additionally, independent actuarial firm, Pinnacle, provides quarterly review and an annual opinion for regulatory purposes.

GLRE has reported some adverse reserve development in recent years on most lines of business, the most material amounts relating to a certain non-standard auto program which the group terminated in mid-2019 following sizable amounts of adverse development.

Holding Company Assessment

Greenlight Capital Re, Ltd. (GLRE) was incorporated as an exempted company under the Companies Law of the Cayman Islands on July 13, 2004 and was initially capitalized with $213 million. Effective May 30, 2007, GLRE completed an initial public offering of 11,787,500 Class A ordinary shares at $19.00 per share and they are listed on the NASDAQ under the symbol "GLRE". The IPO added an additional $256 million to the company’s capitalization.

GLRE conducts re/insurance operations through its wholly owned subsidiaries Greenlight Reinsurance, Ltd. (Greenlight Re) and Greenlight Reinsurance Ireland, Designated Activity Company (GRIL).

GLRE's liquidity and financial flexibility is considered neutral. The company is publicly traded company and thus has access to capital markets. In August of 2018, the company issued $100 million of convertible senior notes, due in 2023, with a 4% coupon. Concurrently with the offering, GLRE repurchased 1 million shares for $13.75 million. Net proceeds of $82.5 million are available to the operating subsidiaries, as needed. GLRE has not paid dividends since inception. Management fees and performance fees are paid to its investment adviser, which is wholly owned by David Einhorn, one of the company's founding shareholders. Interest coverage improved in 2019 to 1.3 times, but is still low relative to peers. The financial leverage is manageable at 17.3 times.

Financial Leverage Summary - Holding Company Financial Leverage Ratio (%) 17.30 Adjusted Financial Leverage Ratio (%) 17.30 Interest Coverage (x) 1.20

2019 2018 2017 2016 2015 Holding Company Analytics USD (000) USD (000) USD (000) USD (000) USD (000) Debt to Capital and Surplus (%) 19.6 19.0 ...... Liquid Assets to Total Liabilities (%) 87.5 77.4 109.4 119.0 123.1 Interest Expense (USD 000) 6,263 2,505 ...... Source: BestLink ® - Best's Financial Suite

Corporate Overview Greenlight Capital Re, Ltd., is a specialty property and casualty reinsurer that was incorporated in July 2004 under the laws of the Cayman Islands. Greenlight Capital Re is publicly traded on the NASDAQ: GLRE. The company's goal is to build long-term shareholder value by selectively offering customized reinsurance solutions in markets where capacity and alternatives are limited and that it believes will provide favorable long-term returns on equity. The company employs an alternative investment strategy to achieve higher returns.

Operating Performance In 2019, GLRE reported a net loss of $-4 million (2018: $-350 million) and a return on equity (ROE) of -.08% (2018: -68.9%). The improvement in performance is driven by an improvement in investment results as underwriting performance deteriorated. In 2019 the group benefited from improved equity markets. The group suffered from sizable investment losses in 2018 and 2015, and otherwise has produced low yields on the investment portfolio. The group’s five year average return on equity at year-end 2019 was -19.2, investment returns, including realized and unrealized gains, was -24% and the combined ratio was 108.6.

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AMB #: 055430 - Greenlight Capital Re, Ltd. Operating Performance (Continued...) In 2019, GLRE’s combined ratio increased to 110.7 from 105.2. The deterioration was driven by an increase in losses on certain nonstandard business which resulted in adverse development of $39.8 or 8 points of the 2019 combined ratio. The group also incurred higher net catastrophe losses ($29.0 million) in 2019, of 4.1 percentage points on the combined ratio, related to Hurricane Dorian, Typhoons Faxai and Hagibis and other 2019 catastrophe events, compared to $18.5 million in the year ended December 31, 2018, or 3.0 percentage points on the combined ratio, related to the California wildfires.

Investment returns improved significantly in 2019 despite the group’s sizable holdings in short-term investments following the movement of a large amount of the Solasglas fund into cash. The expectation for 2020 is an investment loss given the impacts of Covid-19 and the full year effect of holding short-term investments.

For the three months ended March 31, 2020, GLRE's underwriting operations generated a CR of 98.9% (Q1 2019: 117.4%) given the improvement in loss experience on the group’s NSA runoff business. The group was significantly impacted by Covid-19 investment losses totaling $35.3 million, or -8.1%. Through June 15, 2020, the group’s returns improved and were down 6.7%.

2019 2018 2017 2016 2015 Financial Performance Summary USD (000) USD (000) USD (000) USD (000) USD (000) Pre-Tax Income -3,503 -353,997 -44,825 47,209 -333,688 Net Income (after Non-Controlling Interests) -3,986 -350,054 -44,952 44,881 -326,425 Source: BestLink ® - Best's Financial Suite

Operating and Performance Ratios (%) 2019 2018 2017 2016 2015 Overall Performance: Return on Assets -0.3 -14.6 -1.5 1.7 -11.4 Return on Capital and Surplus -0.8 -52.6 -5.2 5.2 -32.0 Non-Life Performance: Loss and LAE Ratio 80.3 71.6 80.3 74.2 77.7 Expense Ratio 30.4 33.6 30.1 31.3 34.2 Combined Ratio 110.7 105.2 110.3 105.5 111.8 Source: BestLink ® - Best's Financial Suite

Business Profile GLRE was incorporated as an exempted company under the Companies Law of the Cayman Islands on July 13, 2004 and was initially capitalized with $213 million. Effective May 30, 2007, GLRE completed an initial public offering of 11,787,500 Class A ordinary shares at $19.00 per share and they are listed on the NASDAQ under the symbol "GLRE". The IPO added an additional $255 million to the company’s capitalization.

GLRE’s principal wholly-owned subsidiary is Greenlight Reinsurance, Ltd. (Greenlight Re). Greenlight Re has a Class D insurer license issued in accordance with the terms of The Insurance Law and is subject to regulation by the Cayman Islands Monetary Authority (CIMA) and began its underwriting operations in April 2006.

Greenlight Re is a multi-line, broker market reinsurance company with a partnership oriented approach to underwriting. The company's goal is to build long-term shareholder value by selectively offering customized reinsurance solutions in markets where capacity and alternatives are limited and that the company believes will provide favorable long-term returns on equity. Greenlight's underwriting is complemented with a non-traditional investment approach which looks achieve higher rates of return over the long-term compared to reinsurance companies that employ a more traditional, fixed income investment strategy. However, the group’s investment strategy over the past five years has produced a loss of $456 million.

During 2010, GLRE established Greenlight Reinsurance Ireland, Designated Activity Company (GRIL), a wholly owned reinsurance subsidiary based in Dublin, Ireland. GRIL is authorized as a non life reinsurer and provides multi-line property and casualty reinsurance capacity to the European broker market and provides GLRE with an additional platform to serve clients located in Europe and North America.

Greenlight Re provides support to GRIL in the form of aggregate stop loss (ASL) and quota share contracts. The ASL contract supports to its affiliate GRIL if its calendar year loss ratio reaches 100% plus a loss of beginning surplus of 5%. The 80% quota share contract provides cover for non US business only.

In 2019, the group's GPW was down to $523 million or -7.7%, with a business composition in 2019 and (2018) of: 16% (18%) property; 69% (67%) casualty; and 15% (15%) other. Motor property and liability continue to be the largest lines written although the

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AMB #: 055430 - Greenlight Capital Re, Ltd. Business Profile (Continued...) premium declined significantly in 2019. Accident and health declined $31 million. Workers compensation increased $26 million, and multi-line increased $19 million from 2018 to 2019. Premium written in the US represented 83.1% down from 89.5% in 2018.

Geographical Breakdown of Gross Premiums 2019 2018 2017 2016 2015 Written USD (000) USD (000) USD (000) USD (000) USD (000) Other Asia 3,804 -46 39 -132 467 Total Asia 3,804 -46 39 -132 467 Other Europe -13 506 -612 6,250 14,085 Total Europe -13 506 -612 6,250 14,085 United States 435,458 507,705 606,510 432,144 383,236 Total North America 435,458 507,705 606,510 432,144 383,236 Other World-Wide 84,728 59,366 86,714 97,810 104,336 Total World-Wide 523,977 567,531 692,651 536,072 502,124 Source: BestLink ® - Best's Financial Suite

Enterprise Risk Management GLRE’s ERM is deemed to be appropriate. The group has an enterprise risk management culture starting from the top down. GLRE's small staff, compared to other reinsurers, aids the flow of communication. A transaction is handled by an underwriter and an actuary who evaluate the specifics of the deal. Each new deal is presented to the senior staff member who evaluates the transaction. The CEO and CUO must both agree that each deal meets the firm's underwriting guidelines. GLRE acts as the lead underwriter on deals on which GLRE has specific line of business expertise since the lead typically has greater influence in pricing terms and conditions. Each account is reviewed on a quarterly basis and a meeting is held at least annually with clients. GLRE uses an in-house developed simulation model for pricing. The company has recently implemented some underwriting changes, however the market remains challenging and the sufficiency of the changes in the scope of enterprise risk management remains untested.

The investment vertical of GLRE is also very intertwined in the risk management culture. GLRE has regular calls with DME Advisors to discuss their overall underwriting and investment strategy. This is detailed quarterly at the Board level. On the investment side, multiple, stable prime brokers are used to reduce counterparty risk.

ERM has been tested recently as investment losses manifested in 2018. The company took actions to decrease investment risk down to lower levels.

Reinsurance Summary

GLRE retains the majority of all premiums and losses it reinsures. Retrocession may be used to manage accumulations, as well as on a transaction-by-transaction basis.

Financial Statements

12/31/2019 12/31/2018

Balance Sheet USD (000) % USD (000) Cash and Short Term Investments 767,906 56.7 703,231 Equity Securities Other Invested Assets 256,440 18.9 247,020 Total Cash and Invested Assets 1,024,346 75.6 987,159 Reinsurers' Share of Reserves 28,432 2.1 68,686 Debtors / Amounts Receivable 250,586 18.5 327,112 Other Assets 51,829 3.8 52,488 Total Assets 1,355,193 100.0 1,435,445 Gross Technical Reserves: Unearned Premiums 179,460 13.2 211,789 Non-Life Reserves 470,588 34.7 482,662

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AMB #: 055430 - Greenlight Capital Re, Ltd.

12/31/2019 12/31/2018

Balance Sheet USD (000) % USD (000) Total Gross Technical Reserves 650,048 48.0 694,451 Debt / Borrowings 93,514 6.9 91,185 Other Liabilities 134,448 9.9 170,345 Total Liabilities 878,010 64.8 955,981 Capital Stock 3,699 0.3 3,638 Paid-in Capital 503,547 37.2 499,726 Retained Earnings -30,063 -2.2 -26,077 Other Capital and Surplus Total Capital and Surplus 477,183 35.2 479,464 Total Liabilities, Mezzanine Items and Surplus 1,355,193 100.0 1,435,445 Source: BestLink ® - Best's Financial Suite

12/31/2019 12/31/2018 Non-Life Life Other Total Total Income Statement USD (000) USD (000) USD (000) USD (000) USD (000) Gross premiums written 523,977 ...... 523,977 567,531

Net Premiums Earned 483,580 ...... 483,580 508,363 Net Investment Income ...... 58,037 58,037 -53,622 Net realized gains/(losses) ...... -14,150 -14,150 -236,887 Net unrealized gains/(losses) ...... 8,380 8,380 -32,597 Other income ...... 2,306 2,306 ... Total Revenue 483,580 ... 54,573 538,153 185,257 Losses and Benefits 388,487 ...... 388,487 363,873 Net Operating Expense 146,906 ...... 146,906 172,876 Total Losses, Benefits, and 535,393 ...... 535,393 536,749 Expenses Earnings before interest & taxes -51,813 ... 54,573 2,760 -351,492 (EBIT) Interest Expense ...... 6,263 2,505 Income Taxes Incurred ...... 483 332 Net income before Non- ...... -3,986 -354,329 Controlling interests Non-Controlling interests Net income/(loss) from continuing ...... -3,986 -350,054 operations Net Income ...... -3,986 -350,054 Source: BestLink ® - Best's Financial Suite

12/31/2019 12/31/2018 Statement of Cash Flows USD (000) USD (000) Net cash provided/(used) in Operating Activities 1,631 -59,308 Net cash provided/(used) in Investing Activities 63,334 -845,263 Net cash provided/(used) in Financing Activities ... 80,073 Effect of Exchange Rates/Discontinued Operations on Cash -290 -3,369 Total increase (decrease) in cash 64,675 -827,867 Cash, beginning balance 703,231 1,531,098 Cash, ending balance 767,906 703,231 Source: BestLink ® - Best's Financial Suite

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Greenlight Capital Re, Ltd. Last Update September 29, 2020 Operations Identifiers AMB #: 055430 Date Incorporated: July 13, 2004 LEI #: 549300Q9HRIFA2BGHJ51 Domiciled: Cayman Islands Business Type: Property/Casualty Contact Information Organization Type: Stock Publicly Traded Corp: Greenlight Capital Re, Ltd. Domiciliary Address: Stock Exchange: NASDAQ: GLRE 65 Market Street, Suite 1207, Jasmine Court, Camana Bay, Grand Cayman E9, Cayman Islands Mailing Address: P.O. Box 31110, Grand Cayman, KY1-1205, Cayman Islands

Web: www.greenlightre.com Phone: 345-943-4573 Fax: 345-745-4576

Financial Data Presented The financial data in this report reflects the most current data available at the time the report was printed.

Best's Credit Ratings Rating Relationship AM Best Rating Unit: 055430 - Greenlight Capital Re, Ltd.

Refer to the Best’s Credit Report for AMB# 055430 - Greenlight Capital Re, Ltd. for details regarding the rating rationale, credit analysis, and financial exhibits available at the time the credit analysis was performed.

Best's Credit Ratings Financial Long-Term AMB# Rating Unit Members Strength Issuer Credit Rating Rating 091169 Greenlight Re Ireland, DAC A- a- 076873 Greenlight Reinsurance, Ltd. A- a-

Best's Credit Rating History AM Best has assigned ratings on this company since 2007. In our opinion, the company has a Good ability to meet their ongoing senior financial obligations. The following are the most recent rating events, for longer history refer to Rating History in BestLink:

Best's Long-Term Issuer Credit Ratings Effective Date Rating Outlook Action Current - Jul 22, 2020 bbb- Negative Affirmed May 31, 2019 bbb- Negative Affirmed Oct 11, 2018 bbb- Stable Affirmed Sep 28, 2017 bbb- Stable Affirmed Nov 3, 2016 bbb- Stable Downgraded www.ambest.com Page 10 Page 10 of 22 Printed October 08, 2020 Printed for Bcrs on September 29, 2020 www.ambest.com BEST’S RATING REPORT

AMB #: 055430 - Greenlight Capital Re, Ltd. Corporate Structure

Ultimate Parent: AMB # 055430 - Greenlight Capital Re, Ltd. Based on AM Best's analysis, AMB# 055430 Greenlight Capital Re, Ltd. is the AMB Ultimate Parent and identifies the topmost entity of the corporate structure. Access in BestLink this company’s current Corporate Structure. Overview

Greenlight Capital Re, Ltd., is a specialty property and casualty reinsurer that was incorporated in July 2004 under the laws of the Cayman Islands. Greenlight Capital Re is publicly traded on the NASDAQ: GLRE. The company's goal is to build long-term shareholder value by selectively offering customized reinsurance solutions in markets where capacity and alternatives are limited and that it believes will provide favorable long-term returns on equity. The company employs an alternative investment strategy to achieve higher returns.

Management

Officers CEO and Chief Underwriting Officer: Simon Burton CFO: Neil Greenspan

Directors Alan Brooks Simon Burton David Einhorn (Chairman) Leonard Goldberg Ian Isaacs Frank Lackner Bryan Murphy Joseph Platt

Regulatory

Auditor: BDO USA, LLP

An independent audit of the company's affairs through December 31, 2019, was conducted by BDO USA, LLP.

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Greenlight Reinsurance Ireland, Designated Last Update October 07, 2020 Activity Company

Identifiers Operations AMB #: 091169 LEI #: 635400ETPQSTDDK4WG55 Date Incorporated: September 07, 2009

Domiciled: Ireland Contact Information Business Type: Property/Casualty Domiciliary Address: Organization Type: Stock La Touche House, IFSC, Ground Marketing Type: Broker Floor, Dublin 1, Financial Size: IX ($250 Million to $500 Million) Ireland

Web: www.greenlightre.com Phone: 353-1687-0534

Financial Data Presented The financial data in this report reflects the most current data available at the time the report was printed.

Best's Credit Ratings Rating Relationship AM Best Rating Unit: 055430 - Greenlight Capital Re, Ltd.

Greenlight Reinsurance Ireland, Designated Activity Company is a member of Greenlight Capital Re, Ltd. (AMB# 055430). Greenlight Re Ireland, DAC, is a member of the Greenlight Capital Re, Ltd., rating unit due to its strategic importance to the group, common management, and implicit and explicit support provided by the parent. Refer to the Best’s Credit Report for AMB# 055430 - Greenlight Capital Re, Ltd. for details regarding the rating rationale, credit analysis, and financial exhibits available at the time the credit analysis was performed.

Best's Credit Rating History AM Best has assigned ratings on this company since 2010. In our opinion, the company has an Excellent ability to meet their ongoing insurance obligations and an Excellent ability to meet their ongoing senior financial obligations. The following are the most recent rating events, for longer history refer to Rating History in BestLink:

Best's Financial Best's Long-Term Best's Financial Strength Ratings Issuer Credit Ratings Effective Date Rating Affiliation Outlook Action Rating Outlook Action Current - Jul 22, 2020 A- g (Group Rating) Negative Affirmed a- Negative Affirmed May 31, 2019 A- g (Group Rating) Negative Affirmed a- Negative Affirmed Oct 11, 2018 A- g (Group Rating) Stable Affirmed a- Stable Affirmed Sep 28, 2017 A- g (Group Rating) Stable Affirmed a- Stable Affirmed Nov 3, 2016 A- g (Group Rating) Stable Downgraded a- Stable Downgraded

Corporate Structure

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AMB #: 091169 - Greenlight Reinsurance Ireland, DAC Management

Officers CEO: Patrick O'Brien CFO: Edward Brady

Directors Michael Brady (Independent Non-Executive Director) Lesley Caslin (Independent Non-Executive Director) Bryan Murphy (Non-Executive Director) Patrick O'Brien (Executive Director) Daniel Roitman (Non-Executive Director)

History

Corporate Changes

Date Event Type Company Name Current Company Name Corporate Changes Text

11/10/2015 Name Change Greenlight Reinsurance Ireland, Greenlight Reinsurance Ireland, The name of this company was changed to Greenlight Limited Designated Activity Company Reinsurance Ireland, Designated Activity Company on November 10, 2015.

Search for this company in Corporate Changes in BestLink to review previous changes.

Regulatory

Auditor: BDO

An independent audit of the company's affairs through December 31, 2019, was conducted by BDO.

Financial Statements AM Best may recategorize company-reported data to reflect broader international reporting standards and increase global comparability. Financial Statements reflected were compiled from the most recent company-filed statement available in BestLink - Best’s Statement File – Global.

12/31/2019 12/31/2018

Balance Sheet USD (000) % USD (000) Cash and Short Term Investments 32,948 23.6 27,964 Equity Securities Other Invested Assets 10,110 7.2 20,566 Total Cash and Invested Assets 43,058 30.9 49,986 Reinsurers' Share of Reserves 51,091 36.6 54,299 Debtors / Amounts Receivable 27,216 19.5 38,402 Other Assets 18,121 13.0 7,062 Total Assets 139,486 100.0 149,749 Unearned Premiums 21,373 15.3 21,511 Non-Life - Outstanding Claims 56,973 40.8 67,281 Other Technical Reserves 11,798 8.5 924 Total Gross Technical Reserves 90,144 64.6 89,716 Other Liabilities 14,780 10.6 26,455 Total Liabilities 104,924 75.2 116,171 Capital Stock 60,985 43.7 60,789 Retained Earnings -26,423 -18.9 -27,211 Total Capital and Surplus 34,562 24.8 33,578 Total Liabilities and Surplus 139,486 100.0 149,749 Source: BestLink ® - Best's Financial Suite

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AMB #: 091169 - Greenlight Reinsurance Ireland, DAC 12/31/2019 12/31/2018 Non-Life Life Other Total Total Income Statement USD (000) USD (000) USD (000) USD (000) USD (000)

Gross Premiums Written 72,526 ...... 72,526 73,806

Net Premiums Earned 32,324 ...... 32,324 32,198 Net Investment Income ...... 2,688 2,688 -2,421 Total Revenue 32,324 ... 2,688 35,012 19,049 Benefits and Claims 24,329 ...... 24,329 26,639 Net Operating and Other Expense 9,251 ...... 9,251 8,768 Total Benefits, Claims and 33,580 ...... 33,580 35,407 Expenses Pre-Tax Income -1,256 ... 2,688 1,432 -16,358 Income Taxes Incurred ...... 644 166 Net Income before Non- ...... 788 -16,524 Controlling Interests Net Income/(loss) ...... 788 -16,524 Source: BestLink ® - Best's Financial Suite Financial Results Financial exhibits presented in this report provide calculated ratios using the most recent company-filed statements available in BestLink - Best’s Statement File – Global.

Key Financial Indicators

2019 2018 2017 2016 2015 Key Financial Indicators USD (000) USD (000) USD (000) USD (000) USD (000) Net Premiums Written: Non-Life 31,135 32,817 45,601 63,609 85,474 Composite 31,135 32,817 45,601 63,609 85,474 Net Income 788 -16,524 -3,726 3,179 -12,847 Total Assets 139,486 149,749 210,082 204,155 207,674 Total Capital and Surplus 34,562 33,578 49,862 53,426 50,318 Source: BestLink ® - Best's Financial Suite

Key Financial Indicators & Weighted 2019 2018 2017 2016 2015 5 Year Ratios USD (000) USD (000) USD (000) USD (000) USD (000) Average Profitability: Balance on Non-Life Technical Account -1,256 -3,239 -4,296 -88 2,333 ... Net Income Return on Revenue (%) 2.3 -55.5 -6.8 4.5 -15.7 -10.7 Net Income Return on Capital and Surplus (%) 2.3 -39.6 -7.2 6.1 -27.6 -12.9 Non-Life Combined Ratio (%) 103.9 110.1 107.7 100.1 97.2 102.4 Net Investment Yield (%) 5.8 -2.7 -0.9 -1.1 -1.6 -0.8 Leverage: Net Premiums Written to Capital and Surplus (%) 90.1 97.7 91.5 119.1 169.9 ... Source: BestLink ® - Best's Financial Suite

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AMB #: 091169 - Greenlight Reinsurance Ireland, DAC Balance Sheet Highlights

2019 2018 2017 2016 2015 Capital Generation Analysis USD (000) USD (000) USD (000) USD (000) USD (000) Beginning Capital and Surplus 33,578 49,862 53,426 50,318 42,939

Net Income 788 -16,524 -3,726 3,179 -12,847 Net Change in Paid-In Capital and Surplus 196 240 162 -71 20,226 Net Change in Capital and Surplus 984 -16,284 -3,564 3,108 7,379 Ending Capital and Surplus 34,562 33,578 49,862 53,426 50,318 Net Change in Capital and Surplus (%) 2.9 -32.7 -6.7 6.2 17.2 Source: BestLink ® - Best's Financial Suite

Liquidity Analysis 2019 2018 2017 2016 2015 Liquid Assets to Total Liabilities 31.4 25.3 79.1 84.4 86.6 Total Investments to Total Liabilities 41.0 43.0 82.7 91.8 91.9 Source: BestLink ® - Best's Financial Suite

Asset Liability Management | Investments

2019 2018 2017 2016 2015 USD (000) USD (000) USD (000) USD (000) USD (000) Composition of Cash and Invested Assets

Total Cash and Invested Assets 43,058 49,986 132,436 138,389 144,553

Cash (%) 76.5 55.9 60.4 59.8 49.5 Bonds (%) ...... 0.2 1.0 1.8 Equity Securities (%) ... 2.9 35.0 31.2 42.9 Other Invested Assets (%) ...... 4.3 8.1 5.8 Total Cash and Unaffiliated Invested Assets (%) 76.5 58.9 100.0 100.0 100.0 Investments in Affiliates (%) 23.5 41.1 ...... Total Cash and Invested Assets (%) 100.0 100.0 100.0 100.0 100.0 Source: BestLink ® - Best's Financial Suite Operating Performance Highlights

2019 2018 2017 2016 2015 USD (000) USD (000) USD (000) USD (000) USD (000) Financial Performance Summary

Pre-Tax Income 1,432 -16,358 -4,188 3,681 -14,610 Net Income after Non-Controlling Interests 788 -16,524 -3,726 3,179 -12,847 Source: BestLink ® - Best's Financial Suite

2019 2018 2017 2016 2015 Operating and Financial Performance Ratios (%)

Overall Performance: Return on Assets 0.5 -9.2 -1.8 1.5 -7.0 Return on Capital and Surplus 2.3 -39.6 -7.2 6.1 -27.6 Non-Life Performance: Loss and LAE Ratio 75.3 82.7 81.1 76.2 68.4 Expense Ratio 28.6 27.3 26.6 24.0 28.8 Non-Life Combined Ratio 103.9 110.1 107.7 100.1 97.2 Source: BestLink ® - Best's Financial Suite

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Greenlight Reinsurance, Ltd. Last Update September 29, 2020 Operations Identifiers AMB #: 076873 Date Incorporated: August 18, 2004 AIIN #: AA-3770280 Domiciled: Cayman Islands LEI #: 8GP5EY0UWI65Y2MET064 Business Type: Property/Casualty Organization Type: Stock Marketing Type: Broker Contact Information Financial Size: IX ($250 Million to $500 Million) Domiciliary Address: 65 Market Street, Jasmine Court, Camana Bay, Grand Cayman, Cayman Islands Mailing Address: P.O. Box 31110, Camana Bay, Grand Cayman KY1-1205, Cayman Islands

Web: www.greenlightre.com Phone: 345-943-4573 Fax: 345-745-4576

Financial Data Presented The financial data in this report reflects the most current data available at the time the report was printed.

Best's Credit Ratings Rating Relationship AM Best Rating Unit: 055430 - Greenlight Capital Re, Ltd.

Greenlight Reinsurance, Ltd. is a member of Greenlight Capital Re, Ltd. (AMB# 055430). Greenlight Reinsurance, Ltd., is a member of the Greenlight Capital Re, Ltd., rating unit due to its strategic importance to the group, common management, and implicit and explicit support provided by the parent. Refer to the Best’s Credit Report for AMB# 055430 - Greenlight Capital Re, Ltd. for details regarding the rating rationale, credit analysis, and financial exhibits available at the time the credit analysis was performed.

Best's Credit Rating History AM Best has assigned ratings on this company since 2006. In our opinion, the company has an Excellent ability to meet their ongoing insurance obligations and an Excellent ability to meet their ongoing senior financial obligations. The following are the most recent rating events, for longer history refer to Rating History in BestLink:

Best's Financial Best's Long-Term Best's Financial Strength Ratings Issuer Credit Ratings Effective Date Rating Affiliation Outlook Action Rating Outlook Action Current - Jul 22, 2020 A- g (Group Rating) Negative Affirmed a- Negative Affirmed May 31, 2019 A- g (Group Rating) Negative Affirmed a- Negative Affirmed Oct 11, 2018 A- g (Group Rating) Stable Affirmed a- Stable Affirmed Sep 28, 2017 A- Stable Affirmed a- Stable Affirmed Nov 3, 2016 A- Stable Downgraded a- Stable Downgraded

Corporate Structure

Ultimate Parent: AMB # 055430 - Greenlight Capital Re, Ltd.

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AMB #: 076873 - Greenlight Reinsurance, Ltd. Based on AM Best's analysis, AMB# 055430 Greenlight Capital Re, Ltd. is the AMB Ultimate Parent and identifies the topmost entity of the corporate structure. Access in BestLink this company’s current Corporate Structure. Management

Officers CEO and Chief Underwriting Officer: Simon Burton CFO: Neil Greenspan

Directors Alan Brooks Simon Burton David Einhorn (Chairman) Leonard Goldberg Ian Isaacs Frank Lackner Bryan Murphy Joseph Platt

History

Greenlight Re was incorporated as an exempted company under the Companies Law of the Cayman Islands on July 13, 2004. The company is a wholly owned subsidiary of Greenlight Capital Re, Ltd. Greenlight Re holds a Class D insurer license under Section 4(3)(d) of the Cayman Islands Insurance Law, 2010. Greenlight Re bound its first coverage during the second quarter of 2006.

Regulatory

Auditor: BDO Cayman Ltd.

An independent audit of the company's affairs through December 31, 2019, was conducted by BDO Cayman Ltd.

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AMB #: 076873 - Greenlight Reinsurance, Ltd. Financial Statements Financial Statements reflected were compiled from the most recent consolidated financial statements of this company available in BestLink - Best’s Statement File – Global.

12/31/2019 12/31/2018

Balance Sheet USD (000) % USD (000) Cash and Short Term Investments 734,941 57.9 675,632 Equity Securities Other Invested Assets 238,129 18.8 219,173 Total Cash and Invested Assets 973,070 76.7 931,713 Reinsurers' Share of Reserves 33,032 2.6 82,656 Debtors / Amounts Receivable 213,644 16.8 280,272 Other Assets 49,181 3.9 46,429 Total Assets 1,268,927 100.0 1,341,070 Gross Technical Reserves: Unearned Premiums 170,428 13.4 196,788 Non-Life Reserves 445,442 35.1 450,534 Total Gross Technical Reserves 615,870 48.5 647,322 Other Liabilities 132,353 10.4 174,259 Total Liabilities 748,223 59.0 821,581 Paid-in Capital 551,196 43.4 555,129 Retained Earnings -30,492 -2.4 -39,666 Other Capital and Surplus Total Capital and Surplus 520,704 41.0 519,489 Total Liabilities, Mezzanine Items and Surplus 1,268,927 100.0 1,341,070 Source: BestLink ® - Best's Financial Suite 12/31/2019 12/31/2018 Non-Life Life Other Total Total Income Statement USD (000) USD (000) USD (000) USD (000) USD (000)

Gross premiums written 475,705 ...... 475,705 510,681

Net Premiums Earned 418,675 ...... 418,675 428,044 Net Investment Income ...... 54,093 54,093 -53,058 Net realized gains/(losses) ...... -13,613 -13,613 -236,887 Net unrealized gains/(losses) ...... 7,644 7,644 -32,597 Other income ...... 616 616 ... Total Revenue 418,675 ... 48,740 467,415 105,502 Losses and Benefits 331,691 ...... 331,691 306,176 Net Operating Expense 126,550 ...... 126,550 145,174 Total Losses, Benefits, and 458,241 ...... 458,241 451,350 Expenses Earnings before interest & -39,566 ... 48,740 9,174 -345,848 taxes (EBIT) Non-Controlling interests Non-Controlling interests Net income before Non- ...... 9,174 -345,848 Controlling interests Net income/(loss) from ...... 9,174 -330,327 continuing operations Net Income ...... 9,174 -330,327 Source: BestLink ® - Best's Financial Suite

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AMB #: 076873 - Greenlight Reinsurance, Ltd. 12/31/2019 12/31/2018 Statement of Cash Flows USD (000) USD (000)

Net cash provided/(used) in Operating Activities 25,487 -66,350 Net cash provided/(used) in Investing Activities 38,045 -844,994 Net cash provided/(used) in Financing Activities -3,933 82,750 Effect of Exchange Rates/Discontinued Operations on Cash -290 -3,369 Total increase (decrease) in cash 59,309 -831,963 Cash, beginning balance 675,632 1,507,595 Cash, ending balance 734,941 675,632 Source: BestLink ® - Best's Financial Suite Financial Results Financial exhibits presented in this report provide calculated ratios using the most recent consolidated financial statements available in BestLink - Best’s Statement File – Global.

Key Financial Indicators

2019 2018 2017 2016 2015 Holding Company Analytics USD (000) USD (000) USD (000) USD (000) USD (000) Liquid Assets to Total Liabilities (%) 98.2 86.7 111.6 122.1 127.3 Source: BestLink ® - Best's Financial Suite

2019 2018 2017 2016 2015 Key Financial Indicators USD (000) USD (000) USD (000) USD (000) USD (000) Net Premium Written: Non-Life 423,891 384,605 564,273 462,448 407,649 Composite 423,891 384,605 564,273 462,448 407,649 Net Income 9,174 -330,327 -38,240 44,799 -309,484 Total Assets 1,268,927 1,341,070 3,282,310 2,639,223 2,688,775 Total Capital and Surplus 520,704 519,489 845,674 923,143 889,005 Source: BestLink ® - Best's Financial Suite

Weighted 2019 2018 2017 2016 2015 5 Year Key Financial Ratios (%) USD (000) USD (000) USD (000) USD (000) USD (000) Average Profitability: Net Income Return on Revenue 2.0 -99.9 -6.6 8.7 -99.9 -36.5 Net Income Return on Capital and Surplus 1.8 -48.4 -4.3 4.9 -29.6 -16.9 Balance on Non-Life Technical Account -39,566 -22,448 -56,249 -23,946 -46,920 ... Non-Life Combined Ratio 109.5 105.2 110.1 105.4 114.5 108.7 Net Investment Yield 5.7 -2.8 -1.1 -0.9 -1.5 -0.9 Leverage: Net Premium Written to Capital and Surplus 81.4 74.0 66.7 50.1 45.9 ... Source: BestLink ® - Best's Financial Suite

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AMB #: 076873 - Greenlight Reinsurance, Ltd. Balance Sheet Highlights

2019 2018 2017 2016 2015 Capital Generation Analysis USD (000) USD (000) USD (000) USD (000) USD (000) Beginning Capital and Surplus 519,489 845,674 923,143 889,005 1,200,434

Net Income after Non-Controlling Interests 9,174 -330,327 -38,240 44,799 -309,484

Change in Paid-In Capital -3,933 82,750 ...... Stockholder Dividends ...... 33,000 ... 5,000 Other Changes in Capital and Surplus -4,026 -78,608 -6,229 -10,661 3,055 Net Change in Capital and Surplus 1,215 -326,185 -77,469 34,138 -311,429 Ending Capital and Surplus 520,704 519,489 845,674 923,143 889,005

Net Change in Capital and Surplus (%) 0.2 -38.6 -8.4 3.8 -25.9 Source: BestLink ® - Best's Financial Suite

2019 2018 2017 2016 2015 Liquidity Analysis USD (000) USD (000) USD (000) USD (000) USD (000) Net Operating Cash Flow 25,487 -66,350 134,585 -43,759 -96,896 Liquid Assets to Total Liabilities (%) 98.2 86.7 111.6 122.1 127.3 Source: BestLink ® - Best's Financial Suite

Asset Liability Management | Investments

2019 2018 2017 2016 2015 USD (000) USD (000) USD (000) USD (000) USD (000) Composition of Cash and Invested Assets

Total Cash and Invested Assets 973,070 931,713 2,867,329 2,251,296 2,410,042 Composition Percentages (%): Unaffiliated: Cash and Short Term Investments 75.5 72.5 52.6 54.6 55.8 Bonds ...... 0.3 1.0 1.6 Stocks ... 4.0 42.0 37.5 37.6 Other Invested Assets 0.8 0.4 5.2 6.9 4.9 Total Unaffiliated Cash and Invested Assets 76.4 76.9 100.0 100.0 100.0 Investments in Affiliates 23.6 23.1 ...... Total Cash and Invested Assets 100.0 100.0 100.0 100.0 100.0 Source: BestLink ® - Best's Financial Suite Operating Performance Highlights

2019 2018 2017 2016 2015 USD (000) USD (000) USD (000) USD (000) USD (000) Financial Performance Summary

Pre-Tax Income 9,174 -345,848 -37,548 50,393 -331,929 Net Income (after Non-Controlling Interests) 9,174 -330,327 -38,240 44,799 -309,484 Source: BestLink ® - Best's Financial Suite

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AMB #: 076873 - Greenlight Reinsurance, Ltd. Operating Performance Highlights

2019 2018 2017 2016 2015 Operating and Financial Performance Ratios (%)

Overall Performance: Return on Assets 0.7 -14.3 -1.3 1.7 -11.0 Return on Capital and Surplus 1.8 -48.4 -4.3 4.9 -29.6 Non-Life Performance: Loss and LAE Ratio 79.2 71.5 80.3 73.9 80.0 Expense Ratio 30.2 33.7 29.8 31.5 34.4 Combined Ratio 109.5 105.2 110.1 105.4 114.5 Source: BestLink ® - Best's Financial Suite Business Profile Highlights Historical Market Presence

Geographical Breakdown of Gross 2019 2018 2017 2016 2015 Premiums Written USD (000) USD (000) USD (000) USD (000) USD (000) Other Asia 1,090 -46 39 -132 467 Total Asia 1,090 -46 39 -132 467 Other Europe ... 117 5,792 18,459 8,863 Total Europe ... 117 5,792 18,459 8,863 United States 394,052 453,839 551,817 371,321 300,304 Total North America 394,052 453,839 551,817 371,321 300,304 Other World-Wide 80,563 56,771 78,423 80,952 105,161 Total World-Wide 475,705 510,681 636,071 470,600 414,795 Source: BestLink ® - Best's Financial Suite

A Best's Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance obligations. The ratings are not assigned to specific insurance policies or contracts and do not address any other risk, including, but not limited to, an insurer's claims-payment policies or procedures; the ability of the insurer to dispute or deny claims payment on grounds of misrepresentation or fraud; or any specific liability contractually borne by the policy or contract holder. A Financial Strength Rating is not a recommendation to purchase, hold or terminate any insurance policy, contract or any other financial obligation issued by an insurer, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser.

A Best's Issue/Issuer Credit Rating is an opinion regarding the relative future credit risk of an entity, a credit commitment or a debt or debt-like security.

Credit risk is the risk that an entity may not meet its contractual, financial obligations as they come due. These credit ratings do not address any other risk, including but not limited to liquidity risk, market value risk or price volatility of rated securities. The rating is not a recommendation to buy, sell or hold any securities, insurance policies, contracts or any other financial obligations, nor does it address the suitability of any particular financial obligation for a specific purpose or purchaser.

In arriving at a rating decision, AM Best relies on third-party audited financial data and/or other information provided to it. While this information is believed to be reliable, AM Best does not independently verify the accuracy or reliability of the information. Any and all ratings, opinions and information contained herein are provided "as is," without any express or implied warranty.

Visit http://www.ambest.com/ratings/index.html for additional information or http://www.ambest.com/terms.html for details on the Terms of Use. For current ratings visit www.ambest.com/ratings

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AMB #: 076873 - Greenlight Reinsurance, Ltd. Operating Performance Highlights

2019 2018 2017 2016 2015 Operating and Financial Performance Ratios (%)

A Best's Issue/Issuer Credit Rating is an opinion regarding the relative future credit risk of an entity, a credit commitment or a debt or debt-like security.

Visit http://www.ambest.com/ratings/index.html for additional information or http://www.ambest.com/terms.html for details on the Terms of Use. For current ratings visit www.ambest.com/ratings

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Copyright © 2020 A.M. Best Company, Inc. and/or its affiliates. All rights reserved. No portion of this content may be reproduced, distributed, or stored in a database or retrieval system, or transmitted in any form or by any means without the prior written permis- sion of AM Best. While the content was obtained from sources believed to be reliable, its accuracy is not guaranteed. For additional details, refer to our Terms of Use available at AM Best website: www.ambest.com/terms.

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