AM Best Upgrades Credit Ratings of Greenlight Capital Re, Ltd. and Its Subsidiaries

AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a” (Excellent) from “a-” (Excellent) of Greenlight Reinsurance, Ltd. (Cayman Islands) and Greenlight Reinsurance Ireland, Designated Activity Company (Ireland). Concurrently, AM Best has upgraded the Long-Term ICR to “bbb” (Good) from “bbb-” (Good) of Greenlight Capital Re, Ltd. (Cayman Islands) (GLRE) [NASDAQ: GLRE], the ultimate holding company. The outlooks of these Credit Ratings (ratings) have been revised to stable from positive.

The ratings reflect GLRE’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The upgrades reflect AM Best’s view of GLRE’s operating performance, which has steadily improved in recent years. In addition, investment results have stabilized and been accretive to net income and underwriting results have been more profitable, as the first nine months of 2025 produced some of the strongest underwriting results in GLRE’s history. Overall, return metrics continue to be more favorable than prior years and are reflective of the group’s strategic efforts.

AM Best views GLRE’s business profile as neutral. The company was incorporated in the Cayman Islands in 2004 and is one of the longest-tenured total return reinsurers. Through its operating subsidiaries, GLRE provides property/casualty reinsurance on a global scale. GLRE has taken steps to diversify its platforms, including significant investments in its innovation-related operations, and the 2022 launch of the Greenlight Re Innovations Syndicate 3456 at Lloyd’s. Additionally, GLRE’s ERM is deemed appropriate for the company’s business complexity and overall risk profile.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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