Greenlight Capital Re, Ltd om Monday (30) announced financial results for the second quarter ended June 30, 2012. Greenlight Re reported a net loss of $36.1 million for the second quarter of 2012 compared to a net loss of $16.0 million for the same period in 2011. The net loss per share was $0.98, compared to a net loss per share of $0.44 for the same period in 2011.

Fully diluted adjusted book value per share was $22.34 as of June 30, 2012, a 12.7% increase over $19.82 per share as of June 30, 2011.

For the six months ended June 30, 2012, Greenlight Re reported a net profit of $29.1 million compared to a net loss of $59.0 million for the comparable period in 2011. The net income per share was $0.78 on a fully diluted basis for the six months ended June 30, 2012, compared to net loss of $1.63 for the same period in 2011.

“There are signs that conditions are improving in the underlying insurance market, but we have yet to experience this in the reinsurance market, which remains quite competitive,” said Bart Hedges, Chief Executive Officer of Greenlight Re. “We are maintaining our underwriting discipline as we continually assess new business opportunities in the U.S. and Europe.”

“During the second quarter of 2012, our investment portfolio gave back some of the gains we generated in the first quarter of the year,” said David Einhorn, Chairman of the Board of Directors of Greenlight Re. “The Company remains focused on its prudent, opportunistic underwriting approach in what remains a challenging reinsurance market.”

Conference Call Details

Greenlight Re will hold a live conference call to discuss its financial results for the second quarter of 2012 on Tuesday, July 31, 2012 at 9:00 a.m. Eastern time. The conference call title is Greenlight Capital Re, Ltd. Second Quarter 2012 Earnings Call.

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

U.S. toll free:  1-877-317-6789               International:  1-412-317-6789

The conference call can also be accessed via webcast at:            http://services.choruscall.com/links/glre120731.html

A telephone replay of the call will be available from 11:00 a.m. Eastern time on July 31, 2012 until 9:00 a.m. Eastern time on August 8, 2012. 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 10016300. An audio file of the call will also be available on the Company’s website, www.greenlightre.ky .

Regulation G

Fully diluted adjusted book value per share is a non-GAAP measure and represents basic adjusted book value per share combined with the impact from dilution of share based compensation including in-the-money stock options as of any period end. Book value is adjusted by subtracting the amount of the non-controlling interest in joint venture from total shareholders’ equity to calculate adjusted book value. We believe that long term growth in fully diluted adjusted book value per share is the most relevant measure of our financial performance. In addition, fully diluted adjusted book value per share may be of benefit to our investors, shareholders and other interested parties to form a basis of comparison with other companies within the reinsurance industry.

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.