GLRE Begins Trading on NASDAQ GRAND CAYMAN, Cayman Islands, May 24 /PRNewswire-FirstCall/ -- Greenlight Capital Re, Ltd. (NASDAQ:GLRE), a specialty property and casualty reinsurer based in the Cayman Islands, today announced that its initial public offering of 10,250,000 Class A Ordinary Shares priced at $19.00 per share. Substantially all of the net proceeds of the initial public offering will be used to increase the underwriting capacity of the company's reinsurance operations. Greenlight Re also granted the underwriters an option to purchase up to an additional 1,537,500 Class A Ordinary Shares at the initial public offering price to cover allotments, if any. The Company's Class A Ordinary Shares will begin trading today on the NASDAQ under the symbol GLRE. The offering is expected to close on or about May 30, 2007. Lehman Brothers Inc. and UBS Securities LLC are acting as joint book- running managers for the initial public offering. This communication shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offer or sale will be made only by means of the written prospectus forming a part of the effective registration statement. A copy of the prospectus relating to this offering may be obtained from Lehman Brothers Inc., c/o Broadridge, Prospectus Fulfillment, 1155 Long Island Avenue, Edgewood, New York 11717, email , fax (631) 254-7168 or UBS Securities LLC, Attention: Prospectus Department, 299 Park Avenue, New York, New York 10171, telephone (212) 821-3000. Certain information contained in this press release is forward-looking. All statements, other than statements of historical facts, included or referenced herein that address activities, events or developments which the Company expects or anticipates will or may occur in the future are forward- looking statements. You can identify these forward-looking statements by the use of words such as "expect," "intend," "plan," "believe," "project," "anticipate," "will" and similar statements of a future or forward-looking nature or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties identified in the "Risk Factors" section of our Prospectus dated May 24, 2007, filed with the Securities and Exchange Commission. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Prospectus. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. About Greenlight Capital Re, Ltd. Greenlight Re (http://www.greenlightre.ky/ ) is a specialty property and casualty reinsurance company based in the Cayman Islands. The Company provides a variety of custom-tailored reinsurance solutions to the insurance, risk retention group, captive and financial marketplaces. Established in 2004, Greenlight Re selectively offers customized reinsurance solutions in markets where capacity and alternatives are limited. With a focus on deriving superior returns from both sides of the balance sheet, Greenlight Re's assets are managed according to a value-oriented equity-focused strategy that complements the Company's business goal of long-term growth in book value per share. DATASOURCE: Greenlight Capital Re, Ltd. CONTACT: Alex Stanton of Stanton Crenshaw Communications, +1-212-780-1900, Web site: http://www.greenlightre.com/

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