Company: GLRE
Filing Date: 2025-04-17
Form Type: DEF 14A
Source: 0001385613-25-000055
Chunk: 75

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-04-17
Form: DEF 14A
Chunk 75
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 stock options and all outstanding RSUs. Fully diluted book value per share is a non-GAAP financial measure. Please refer to Annex 1 for definitions of non-GAAP financial measures and reconciliations of GAAP to non-GAAP financial measures.

2025 PROXY STATEMENT 57

GREENLIGHT RE

Underwriting Combined Ratio

We evaluate our underwriting performance based on the underwriting combined ratio. We use achievement of underwriting combined ratio as one of the performance conditions in our long-term incentive compensation. Underwriting combined ratio is calculated as 1 minus the ratio of (a) the net underwriting income (loss), divided by (b) the net earned premium. We do not use premiums written as a measure of performance. We use net underwriting income (loss) as a performance measure to evaluate the fundamentals underlying the Company’s underwriting operations. We believe that the use of net underwriting income (loss) enables investors and other users of the Company’s financial information to analyze our performance in a manner similar to how management analyzes performance. We believes this measure follows industry practice and allows the users of financial information to compare the Company’s performance with that of our industry peer group.

We calculate net underwriting income (loss) as net premiums earned, plus other income relating to reinsurance and deposit-accounted contracts, less deposit interest expense, less net loss and loss adjustment expenses, acquisition costs, and underwriting expenses.

Adjusted Operating Profit

We also measure our performance based on adjusted operating profit, or AOP, as this measure reflects management’s contribution to long term profitability and operational efficiency. AOP for purposes of 2024 compensation is calculated as the ratio of (a) the sum of underwriting income less corporate innovations-related expense, divided by (b) beginning -of-year book value. We use AOP as a performance measure in our short-term incentive compensation. AOP is a non-GAAP performance measure. Please refer to Annex 1 for definitions of non-GAAP financial measures and reconciliations of GAAP to non-GAAP financial measures.

#### Equity Compensation Plan Information
The following table provides information as of December 31, 2024 with respect to the Company’s ordinary shares that may be issued upon the exercise of options, warrants and RSUs granted to employees, consultants or members of our Board of Directors under all of our existing compensation plans, including the 2004 and 2023 stock incentive plans, each as amended.

| Plan category                                              |     | Number of securities to be issued upon exercise of