GRAND CAYMAN, Cayman Islands, May 4, 2015 (GLOBE NEWSWIRE) — Greenlight Capital Re, Ltd. (Nasdaq:GLRE) today announced financial results for the first quarter ended March 31, 2015. Greenlight Re reported a net loss of $24.0 million for the first quarter of 2015, compared to a net loss of $8.9 million for the same period in 2014. The net loss per share for the first quarter of 2015 was $0.65, compared to a net loss per share of $0.24 for the same period in 2014.

Fully diluted adjusted book value per share was $30.09 as of March 31, 2015, a 9.0% increase from $27.61 per share as of March 31, 2014.

“We are pleased with the new business and relationships we developed during the first quarter,” said Bart Hedges, Chief Executive Officer of Greenlight Re. “At the same time, we continue to maintain our underwriting discipline in this competitive environment.”

Financial and operating highlights for Greenlight Re for the first quarter ended March 31, 2015 include:

Gross written premiums of $129.7 million, an increase from $118.9 million in the first quarter of 2014; net earned premiums were $94.8 million, a decrease from $111.7 million reported in the prior-year period.

Underwriting income of $4.7 million, compared to underwriting income of $6.5 million in the first quarter of 2014.

A net investment loss of 1.8% on Greenlight Re’s investment portfolio managed by DME Advisors, LP compared to a net investment loss of 0.7% in the first quarter of 2014.

“Our investment portfolio had a small loss during the quarter. We became more defensively positioned through the quarter as we anticipate earnings headwinds to manifest this year,” stated David Einhorn, Chairman of the Board of Directors. “We are encouraged by the increase in underwriting activity during the quarter as we prudently develop new relationships.”

Conference Call Details

Greenlight Re will hold a live conference call to discuss its financial results for the first quarter ended March 31, 2015 on Tuesday, May 5, 2015 at 9:00 a.m. Eastern time. The conference call title is Greenlight Capital Re, Ltd. First Quarter 2015 Earnings Call.

To participate in the Greenlight Capital Re, Ltd. First Quarter 2015 Earnings Call, please dial in to the conference call at:

U.S. toll free 1-888-336-7152

International 1-412-902-4178

Telephone participants may avoid any delays by pre-registering for the call using the following link to receive a special dial-in number and PIN.

Conference Call registration link: http://dpregister.com/10064156

The conference call can also be accessed via webcast at:

http://services.choruscall.com/links/glre150505.html

A telephone replay of the call will be available from 11:00 a.m. Eastern time on May 5, 2015 until 9:00 a.m. Eastern time on May 12, 2015. 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 10064156. 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 and RSUs 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 NASDAQ listed company with specialist property and casualty reinsurance companies based in the Cayman Islands and Ireland. Greenlight Re 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.