GRAND CAYMAN, Cayman Islands, Aug. 4, 2014 (GLOBE NEWSWIRE) — Greenlight Capital Re, Ltd. (Nasdaq:GLRE) today announced financial results for the second quarter ended June 30, 2014. Greenlight Re reported net income of $109.6 million for the second quarter of 2014, compared to net income of $28.5 million for the same period in 2013. Fully diluted net income per share for the second quarter of 2014 was $2.89, compared to $0.76 for the same period in 2013.

Fully diluted adjusted book value per share was $30.47 as of June 30, 2014, a 25.9% increase from $24.20 per share as of June 30, 2013.

“We are pleased with the overall performance of the company during the second quarter,” said Bart Hedges, Chief Executive Officer of Greenlight Re. “Our written and earned premiums decreased significantly compared to the prior year period. The decrease is mainly attributable to our decision, at the end of 2013, to exit some business that no longer met our return hurdles, as well as reduced shares, in 2014, on renewal transactions with clients that decided to retain more of their business. The competitive market conditions are making it challenging to find new business that meets our return hurdles, but we have a pipeline of attractive opportunities that we hope to underwrite over the intermediate term.”

Financial and operating highlights for Greenlight Re for the second quarter ended June 30, 2014 include:

— Gross written premiums of $33.7 million, compared to $135.2 million in

the second quarter of 2013; net earned premiums were $87.9 million, a

decrease from $133.0 million reported in the prior-year period.

— Underwriting income of $5.6 million, compared to underwriting income of

$11.7 million in the second quarter of 2013.

— A composite ratio for the six months ended June 30, 2014 of 93.9%

compared to 94.3% for the prior year period. The combined ratio for the

six months ended June 30, 2014 was 100.7% compared to 98.3% for the prior

year period.

— A net investment gain of 8.1% on Greenlight Re’s investment portfolio

managed by DME Advisors, LP compared to a net investment gain of 2.0% in

the second quarter of 2013. For the first six months of 2014, net

investment income was $103.8 million, representing a gain of 7.3%,

compared to net investment income of $85.4 million during the comparable

period in 2013 when Greenlight Re reported a 7.9% return.

“Our investment results were strong in the second quarter, mainly as a result of our long portfolio which benefited from the buoyant equity markets,” stated David Einhorn, Chairman of the Board of Directors. “Our dual engine model is working well and allowing us to remain disciplined in a competitive underwriting environment.”

Conference Call Details

Greenlight Re will hold a live conference call to discuss its financial results for the second quarter June 30, 2014 on Tuesday, August 5, 2014 at 9:00 a.m. Eastern time. The conference call title is Greenlight Capital Re, Ltd. Second Quarter 2014 Earnings Call.

To participate in the Greenlight Capital Re, Ltd. Second Quarter 2014 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/10049602

The conference call can also be accessed via webcast at http://services.choruscall.com/links/glre140805.html

A telephone replay of the call will be available from 11:00 a.m. Eastern time on August 5, 2014 until 9:00 a.m. Eastern time on August 13, 2014. 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 10049602. 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.