GREENLIGHT RE ANNOUNCES
FOURTH QUARTER AND YEAR END 2009 FINANCIAL RESULTS

GRAND CAYMAN, Cayman Islands (February 24, 2010)
- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) today announced financial results for the fourth quarter and year ended December 31, 2009.  Greenlight Re reported net income of $57.3 million for the fourth quarter of 2009 compared to a net loss of $31.3 million for the same period in 2008.  The net income per share was $1.55, on a fully diluted basis, for the fourth quarter of 2009, compared to a net loss per share of $0.87 for the same period in 2008.

Fully diluted book value per share was $19.76 as of December 31, 2009, a 45.8% increase from $13.55 per share as of December 31, 2008.  The fully diluted adjusted book value per share as of December 31, 2009 was $18.95, a 41.5% increase from $13.39 per share as of December 31, 2008.

For the year ended December 31, 2009, net income was $209.5 million compared to a net loss of $120.9 million for the year ended December 31, 2008.  The net income per share for the year was $5.71, on a fully diluted basis, compared to a net loss per share of $3.36 for the same period in 2008.

“In 2009 we demonstrated the strength of our business model on both sides of the balance sheet; both our underwriting and investment portfolios performed well,” said David Einhorn, Chairman of the Board of Directors of Greenlight Re.  “While the reinsurance market remained soft, we continued to find select, attractive underwriting opportunities that generated solid profits and contributed additional assets for our investment strategy.”

Other financial and operating highlights for Greenlight Re in the fourth quarter and year ended December 31, 2009 include:
 
·  
Gross written premiums in the fourth quarter were $50.9 million compared to $28.6 million in the fourth quarter of 2008, while net earned premiums were $62.5 million, an increase from $34.2 million reported in the fourth quarter of last year.  For the full year 2009, gross written premiums were $258.8 million compared to $162.4 million in 2008, while net earned premiums were $214.7 million compared to $114.9 million in 2008.
 
·  
The combined ratio for 2009 was 96.5%, flat compared to 2008.
 
·  
Net investment income reported in the fourth quarter was $51.2 million, a gain of 6.4% on the investment portfolio, compared to a net investment loss of $33.3 million or 5.3% in the fourth quarter of 2008.  For the full year 2009, net investment income was $199.9 million, a 32.1% gain, compared to a net investment loss of $126.1 million or a 17.6% loss in 2008.

“In 2009, we continued to add to our talented team of underwriting professionals, and further expanded our frequency-oriented portfolio,” said Len Goldberg, Chief Executive Officer of Greenlight Re.  “We continued our development of a differentiated underwriting portfolio with clients with expertise in their respective markets.  Our approach to reinsurance has allowed us to develop deep relationships with our clients and a portfolio of risks that should hold up well in current market conditions.”

Starting with this reporting period, Greenlight Re has opted to report fully diluted adjusted book value per share, which is a non-GAAP measure.  The fully diluted adjusted book value per share excludes the non-controlling interest reported in shareholders’ equity resulting from the joint venture advisory agreement between Greenlight Re and DME Advisors, LP.  Greenlight Re believes that this adjusted book value is a more accurate and consistent presentation of financial performance.

Conference Call Details

Greenlight Re will hold a live conference call to discuss its financial results for the fourth quarter and year ended December 31, 2009 on Thursday, February 25, 2010 at 9:00 a.m. Eastern time.  The conference call title is Greenlight Capital Re, Ltd. Fourth Quarter and Year End 2009 Earnings Call.

To participate, please dial in to the conference call at:

U.S. toll free                                            1-800-860-2442
International                                           1-412-858-4600

The conference call can also be accessed via webcast at:

http://www.talkpoint.com/viewer/starthere.asp?Pres=129369

A telephone replay of the call will be available from 11:00 a.m. Eastern time on February 25, 2010 until 9:00 a.m. Eastern time on March 12, 2010.  The replay of the call may be accessed by dialing 1-877-344-7529 (U.S. toll free) or 1-412-317-0088 (international), access code 437112. An audio file of the call will also be available on the Company’s website, www.greenlightre.ky.


###
 

The following information was filed by Greenlight Capital Re, Ltd. (GLRE) on Wednesday, February 24, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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