DGAP-News: Greenlight Re Promotes Bart Hedges to CEO

Greenlight Capital Re

02.05.2011 15:25
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GRAND CAYMAN, Cayman Islands, 2011-05-02 15:25 CEST (GLOBE NEWSWIRE) —
Greenlight Capital Re, Ltd. (Nasdaq:GLRE) (–Greenlight Re– or the –Company–), a
multi-line property and casualty reinsurance company headquartered in the
Cayman Islands, today announced that the Company will promote Bart Hedges to
Chief Executive Officer effective August 15, 2011.

Hedges is the current President and Chief Underwriting Officer of Greenlight
Re. He will succeed Greenlight Re Chief Executive Officer Len Goldberg
effective with Goldberg–s planned retirement. Hedges will also serve on the
Board of Greenlight Re.

–Greenlight Re is staffed with a small team of highly capable executives and
professionals. As a result, we believe the Company is well positioned to
execute on its business plan under Bart–s leadership. With five years of
experience working with Bart, we know first hand that he is highly capable and
prepared to lead Greenlight Re in its next stage of development,– stated David
Einhorn, Chairman of the Board of Directors of Greenlight Re. –Bart has
significant executive experience and has worked closely with Len to build the
Company. This is a natural leadership transition which will serve Greenlight Re
well.–

–I am very excited about the opportunity to lead Greenlight Re,– said Hedges.
–I firmly believe in our unique business model, which enables us to select the
best opportunities for our underwriting portfolio and investment activities.
Together with our talented team of professionals who share that vision, I look
forward to continuing to build long-term relationships with clients and
executing Greenlight Re–s strategy.–

–Bart–s disciplined underwriting style and proven decision-making track record
have been instrumental to the success of Greenlight Re,– said Goldberg. –I am
delighted the Board has selected him to continue to execute our mission.–

With 25 years of reinsurance experience and 10 years in executive leadership
roles, Hedges, 45, has a proven record of success. He joined Greenlight Re in
January 2006 as President and Chief Underwriting Officer, playing a key role in
establishing the Company in the offshore reinsurance market. Previously Hedges
served as President and Chief Operating Officer at Platinum Underwriters
Bermuda Ltd., reporting directly to the Board of Directors, where he was
responsible for the initial start-up and managed its day-to-day operations.
Prior to that, Hedges held executive positions at Scandinavian Reinsurance
Company Bermuda Ltd., as President and Chief Executive Officer and as Executive
Vice President and Chief Operating Officer. Hedges honed his actuarial
analysis, client management and business development skills as an Actuarial
Consultant with Tillinghast-Towers Perrin, and as a Senior Manager at Deloitte&Touche. Hedges is a Fellow of the Casualty Actuarial Society, and a Member of
the American Academy of Actuaries. He received a Bachelor of Science in
Mathematics from Towson State University.

Concurrent with Hedges becoming Chief Executive Officer, Greenlight Re will
promote Brendan Barry to Chief Underwriting Officer and Claude Wagner to Chief
Actuary. Both are currently senior executives at Greenlight Re. As Senior Vice
President with Greenlight Re since 2006, Barry has been instrumental in
building the underwriting portfolio and managing many of the day-to-day
operations of the underwriting team. Wagner, who has also been with Greenlight
Re since 2006, has served as Vice President, Actuary, and is a Fellow of the
Casualty Actuarial Society.

–Brendan and Claude have been instrumental in building our team of underwriters
and actuaries and executing our underwriting strategy. They have earned the
respect of their teams, and demonstrated the leadership necessary to help us to
continue to navigate the market effectively,– said Hedges.

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 and 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 an AM Best –A— (Excellent) rated
specialist 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.

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

Alex Stanton
Stanton Public Relations&Marketing
(212) 780-0701
astanton@stantonprm.com
News Source: NASDAQ OMX

02.05.2011 Dissemination of a Corporate News, transmitted by DGAP –
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Language: English
Company: Greenlight Capital Re

Cayman Islands
Phone:
Fax:
E-mail:
Internet:
ISIN: KYG4095J1094
WKN:

End of Announcement DGAP News-Service

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