Greenlight Capital Re, Ltd. (Nasdaq:GLRE), a specialist property and casualty reinsurer, today announced the appointment of John H. Drake, Jr. as Vice President, Business Development. He will be responsible for maintaining productive client and broker relationships while also identifying attractive new business opportunities.

“We are delighted to welcome John to our team as he has the right experience and a deep understanding of our industry from his years in underwriting,” said Brendan Barry, Chief Underwriting Officer at Greenlight Re. “With his established relationships and appreciation for the role of business development in a customer-centric reinsurance company, John will help Greenlight Re continue to partner successfully with our clients and the broker community.” He will be based at the Company’s headquarters in the Cayman Islands.

Mr. Drake brings more than 20 years of insurance industry experience to Greenlight Re, and a background that includes underwriting, sales and marketing. He joins the Company from Swiss Re Corporate Solutions, where he was most recently Vice President, Sales Force Effectiveness Team, and previously served as Vice President, Marketing for Swiss Re Underwriters Agency, Inc. During his time with Swiss Re, Mr. Drake developed and maintained broad property & casualty reinsurance broker relationships, and generated new business opportunities across all business lines. Mr. Drake previously held underwriting management positions at OneBeacon Professional Partners, HartRe Company, and Chubb Specialty Insurance.

Mr. Drake is a Chartered Property Casualty Underwriter (CPCU) and Associate of Reinsurance (ARe). He also holds a Bachelors Degree from Union College, and is an MBA candidate at Babson College’sF.W. Olin Graduate School of Business.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of the Company. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market fluctuations, trends in insured and paid losses, catastrophes, regulatory and legal uncertainties and other factors described in our annual report on Form 10-K filed with the Securities Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Greenlight Capital Re, Ltd.

Greenlight Re (www.greenlightre.ky) is a specialist property and casualty reinsurance company based in the Cayman Islands and Ireland. 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.

The Greenlight Capital Re logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5571