A.M. Best Ratings

A-

Greenlight Reinsurance, Ltd

A-

Greenlight Re Ireland, DAC

Strategy

CUSTOMER-CENTRIC APPROACH

to underwriting to develop long-term reinsurance relationships that deliver superior value to our partners in the best mutually beneficial market opportunities.

 

COLLABORATIVE RELATIONSHIPS

to support our partners in managing their business profitably.

 

DIFFERENTIATED INVESTMENT APPROACH

to maximize book value per share.

 

CONCENTRATE

our underwriting and investment portfolios on ideas in which we have the highest conviction.   

VISION

Greenlight Re strives to be the most responsive, client-focused reinsurer. We make our clients’ success our business.

BELIEF

Both our clients and brokers are our partners. Transparency, open communication and trust are paramount to achieving the best possible mutual outcome and maintaining strong, long-term partnerships. Our goals are best achieved through the long-term success of our partners.

BEHAVIOR

We treat our partners in a manner in which we want to be treated and are respectful of their views and objectives. We are collaborative and transparent, communicating openly and honestly with the highest levels of integrity. We work to resolve issues in an equitable way for all partners.

GOALS

DRIVe LONG-TERM BOOK VALUE GROWTH

through profitable underwriting and investing operations.

 

ALIGN THE INTERESTS

between all partners in a transaction and our shareholders.

 

BE TRANSPARENT AND RESPONSIVE

through a flat organizational structure with a small team of highly skilled underwriters that gives our partners access to decision makers.

 

EARN AN ECONOMIC PROFIT

on every reinsurance contract and every investment in all market conditions.

VALUES

A COLLABORATIVE WORKING STYLE

that will result in win-win solutions with our partners.

 

COMMITTED TO OUR EMPLOYEES

by providing training opportunities as well as a challenging and rewarding work environment.

 

COMMITTED TO OUR COMMUNITY

through supporting charitable organizations and encouraging community involvement.

Our Team

Executive Team

Bart Hedges

Chief Executive Officer

bart@greenlightre.ky

D +1 345 749 0202

Bart Hedges has served as Chief Executive Officer of our Company and a director of our Board since August 2011. Bart has also served as a director of Greenlight Re Ireland since 2011. Bart previously served as President and Chief Underwriting Officer of Greenlight Re from January 2006 to August 2011. Bart has over 20 years of experience in the property and casualty insurance/reinsurance industry. Prior to joining Greenlight Re, Bart served as President and Chief Operating Officer of Platinum Underwriters Bermuda, Ltd., a property, casualty and finite risk reinsurer from July 2002 until December 2005, where he was responsible for the initial start-up of the company and managed the company’s day-to-day operations. Bart previous experience includes serving as executive vice president and Chief Operating Officer of Bermuda-based Scandinavian Re and actuarial consultant at Tillinghast-Towers Perrin. Bart received his B.S. in Mathematics, Computer Science Concentration, from Towson State University in 1987 and is a Fellow of the Casualty Actuarial Society and a member of the American Academy of Actuaries.

Tim Courtis

Chief Financial Officer

tim@greenlightre.ky

D +1 345 749 0205

M +1 345 525 9475

Tim Courtis has served as our Chief Financial Officer since May 2006. Tim has over 20 years experience in the property and casualty reinsurance, captive and insurance industry. Most recently Tim was President and Chief Financial Officer of European International Reinsurance Company Ltd., a subsidiary of Swiss Re, from August 1994 until April 2006, where he was responsible for the management and financial analysis of Swiss Re's Barbados based entities. Prior to joining Swiss Re in 1994, Tim also worked for Continental Insurance in Barbados and International Risk Management Company in Bermuda where he performed duties as senior account manager to various captive insurance companies. Tim is a Canadian Chartered Accountant and has a MBA from York University, Toronto and a Bachelor of Business from Wilfrid Laurier University, Waterloo.

Brendan Barry

Chief Underwriting Officer

brendan@greenlightre.ky

D +1 345 749 0207

M +1 345 324 0887

Brendan Barry has served as Chief Underwriting Officer since August 2011. Prior to that, Brendan was Senior Vice President since September 2006 when he joined Greenlight Re. Brendan has over 20 years experience in the property and casualty insurance and reinsurance industry. He has previously served as Vice President of Platinum Underwriters (Bermuda) Ltd. and Senior Underwriter for Hannover Reinsurance (Ireland) Ltd. where he managed a diversified portfolio of reinsurance transactions. Brendan holds a Bachelor of Arts from the National College of Ireland, a post graduate diploma in statistics from Dublin University (Trinity College) and an MBA from Smurfit School of Business (University College Dublin).

Underwriting Team

Cayman Islands

Tim Adair

tadair@greenlightre.ky

D +1 345 749 0234

M +1 345 526 0234

Tim Adair joined Greenlight Re in 2014 after spending 24 years as a reinsurance intermediary. He joined Greenlight Re from Guy Carpenter, where he was a Managing Director since 2005, and split his time between offices in New York and Connecticut. While at GC, he focused his efforts on placing treaties for large property and casualty insurance companies. Prior to Guy Carpenter, he was with Aon Re for 15 years, which he joined out of college and was most recently a Senior Vice President. Tim graduated with a Bachelor of Arts degree from The University of Vermont.

Jordan Comacchio

jordan@greenlightre.ky

D +1 345 749 0219

M +1 345 326 1954

Jordan Comacchio joined Greenlight Re in 2009 as an actuary within the underwriting team. During his time at Greenlight Re, Jordan has worked on treaty pricing, reserving, portfolio modeling, and most recently has acted as a lead for one of the underwriting teams. Prior to joining Greenlight Re, Jordan was a senior associate at PricewaterhouseCoopers LLP (PwC). While at PwC, Jordan engage in reserve reviews, risk transfer testing, pricing, and industry trend analysis for a wide range of property & casualty lines. Jordan is an Associate in the Casualty Actuarial Society, and holds a BA in Mathematics & Economics from the University of Colorado, Boulder; as well as an MBA from Georgia State University, Atlanta.

Jim Ehman

jim@greenlightre.ky

D +1 345 749 0215

M +1 345 325 6710

Jim Ehman joined Greenlight Re in January 2011 as a seasoned underwriter of structured and specialty treaty reinsurance. He previously underwrote U.S treaty reinsurance for ten years with a large international reinsurance company and several years prior with a Barbados based reinsurer, entering the industry in 2006 as CFO of the Barbados reinsurer. Jim achieved his Chartered Accountant designation while working with Coopers & Lybrand in Canada, then continued in public practice with Deloitte & Touche in Barbados. He received his Bachelor of Commerce degree from the University of Saskatchewan, the province where Jim grew up on his family’s grain farm.

Isaac Espinoza

isaac@greenlightre.ky

D +1 345 749 0213

M +1 345 525 0053

Isaac Espinoza joined Greenlight Re in May 2007 as an actuary. Isaac has over 13 years of property and casualty insurance and reinsurance experience and has been a credentialed actuary since 2006. He is a Fellow of the Casualty Actuarial Society, a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries. At Greenlight Re, Isaac has had numerous roles in treaty pricing, reserving, and corporate modeling. Isaac previously held positions doing pricing and reserving for the Corporate Actuarial and Personal Lines divisions at Fireman’s Fund Insurance Company in Novato, California. Prior to Fireman’s Fund, Isaac was in the Personal Insurance Division of Farmers Insurance Group in Los Angeles, California. Isaac graduated from the University of California, Riverside in 2004 with a B.S. in Computer Science.

Matias Galker

matias@greenlightre.ky

D +1 345 749 0216

M +1 345 326 2533

Matias Galker joined Greenlight Re in April 2012 as an actuary and has over 10 years of property and casualty insurance and reinsurance experience. At Greenlight Re, Matias has had numerous roles in treaty and XOL pricing and corporate modeling. Matias previously held positions doing reserving for the Argentinian and Uruguayan operations in both Personal Lines and Commercial lines at Royal and Sun Alliance, based in Buenos Aires. Prior to Royal and Sun Alliance, Matias was in the P&C reserving team at Zurich Argentina in Buenos Aires. Matias graduated from the University of Buenos Aires, Argentina in 2007 with a B.Sc. in Actuarial Science and he is an Associate of the Casualty Actuarial Society and Associate of the Society of Actuaries.

Matt Grunewald

matt@greenlightre.ky

D +1 345 749 0211

M +1 345 325 6660

Matt Grunewald joined Greenlight Re in 2011 and has over 10 years of experience in the in the property casualty reinsurance industry. Prior to Greenlight Re, Matt worked for Guy Carpenter as a reinsurance broker, most recently in their Tampa, Florida office. He started his reinsurance career with Collins and Associates in Minneapolis, Minnesota. He has a bachelor of science in Economics from St Thomas University in St Paul Minnesota and has an Associate in Reinsurance designation.

Olessya Moretti

omoretti@greenlightre.ky

D +1 345 749 0230

M +1 345 526 0230

Olessya Moretti joined Greenlight Re in 2016 and has over 6 years of experience in the property casualty insurance and reinsurance industry. Prior to Greenlight Re, Olessya was a commercial lines broker with Hub International HKMB Limited in Toronto, Canada. She started her career with Hannover Re underwriting facultative reinsurance, and gained experience as a primary insurance underwriter with Chubb Insurance Company of Canada. Olessya holds a Bachelor of Commerce degree from the University of Toronto with a specialty in Accounting and major in Economics, as well as Chartered Insurance Professional and Certified Risk Manager designations.

Kagabo Ngiruwonsanga

kagabo@greenlightre.ky

D +1 345 749 0201

M +1 345 326 4975

Kagabo Ngiruwonsanga joined Greenlight Re in March 2011 as an Actuary in the underwriting team. Kagabo has over 11 years of property and casualty insurance experience and is a Fellow of the Casualty Actuarial Society. Most recently Kagabo was an Actuary at Liberty Mutual Insurance company where he worked on pricing reinsurance treaties as well as personal lines products. Prior to that Kagabo Ngiruwonsanga worked at Metlife Auto and Home where he was involved in the modelling of the catastrophe book as well as pricing home and auto insurance. Kagabo holds a B.A. in Economics from Macalester College in Saint Paul, Minnesota.

Ireland

Pat O'Brien

Chief Operating Officer

pobrien@greenlightre.ie

D +353 (0)1 657 2670

M +353 (0)86 821 6107

Pat is a Chartered Accountant with 20+ years experience in senior roles in the insurance industry in Ireland, UK and Bermuda. From 2011 to 2015, Pat was CEO of Liberty Insurance, one of the major insurers in the domestic Irish market. Pat was responsible for establishing this insurer in Ireland, following an acquisition of a business under administration. Pat led a high profile transformation of this business, including the development of a new underwriting and distribution strategy, the launch of the Liberty Insurance brand and a major restructuring program. Prior to this, Pat spent 10 years as a director and COO of Liberty Mutual Insurance Europe (“LMIE”), Liberty’s commercial and specialty business in Europe. During this period, LMIE grew from a start up to become a significant European insurer with GWP in excess of $750m and 450 staff.

Paul Connor

pconnor@greenlightre.ie

D +353 (0)1 657 2671

M +353 (0)87 225 4174

Paul Connor joined Greenlight in September 2016 as a member of the underwriting team in Dublin, Ireland. He joined Greenlight Re from Canopius, where he was Chief Actuary of the Structured Reinsurance Unit which specialised in providing alternative solutions to clients. Prior to this, Paul was Chief Pricing Actuary of Global Insurance for Alterra and was also responsible for Capital modelling for the Group. Prior to his time with Alterra, Paul worked for London Life with responsibility for the Pricing and Reserving of the P&C business of the Group. Paul has significant pricing, capital modelling and underwriting experience in the international and London marketplaces. He is a Fellow of the Institute of Actuaries (UK) and a Fellow of the Society of Actuaries (Ireland) and graduated from Trinity College Dublin.

Sharon D'Arcy

sharon@greenlightre.ie

D +353 (0)1 657 2672

M +353 (0)87 330 0055

Sharon D’Arcy joined Greenlight Re in 2013 and is a member of the underwriting team in Dublin. She has 10 years of experience in the international and London marketplace. Prior to joining Greenlight Re, she worked for Mitsui Sumitomo Reinsurance Limited in Dublin as a treaty underwriter, where she focused on Greece, Cyprus, Eastern Europe, UK & Ireland. Previous to this she worked for nSpire Re (Fairfax Group) as a Reinsurance Executive. Sharon started her reinsurance career with Catlin in London, as a member of the outwards reinsurance team. She graduated from the University of Limerick with a degree in International Insurance and European Studies. She is an Associate of the Chartered Insurance Institute.

Conor Gaffney

conor@greenlightre.ie

D +353 (0)1 657 2673

M +353 (0)87 066 2324

Conor Gaffney is a member of the underwriting team in Dublin, Ireland. He joined Greenlight Re from PwC in 2012, where he worked as a senior consultant in the Irish actuarial practice and specialised in providing pricing, reserving and strategic advice to reinsurance clients. Prior to his time with PwC, Conor worked as a senior reinsurance pricing actuary, with underwriting responsibilities, for both Imagine Reinsurance Group and the Unique Risk Division of AmTrust Financial Group. Conor has significant pricing and underwriting experience in the international and London marketplaces. He is a Fellow of the Institute of Actuaries (UK) and a Fellow of the Society of Actuaries (Ireland) and graduated from University College Dublin in 2005 with an honours degree in Actuarial and Financial Studies.

Business Development

John Drake

john@greenlightre.ky

D +1 345 749 0224

M +1 345 326 5977

John Drake joined Greenlight Re in 2012 to head up the company’s business development efforts. John has over 20 years experience in the reinsurance/insurance industry and been in the financial markets since 1986. John came to Greenlight Re from the business development team of Swiss Re Underwriters, Swiss Re America’s broker-market operation, where he had been since 2004. Prior to that John had various professional liability, structured and financial risk underwriting roles with OneBeacon Professional Partners, Hart Re, Chubb Specialty and Underwriters Re. John received his MBA from Babson College in Wellesley, Massachusetts where he graduated magna cum laude and has a B.A. in Economics/History from Union College in Schenectady, New York. John holds Charter Property Casualty Underwriter and Associate in Reinsurance designations.

Underwriting Operations

Rena Strecker

rena@greenlightre.ky

D +1 345 749 0218

M +1 345 326 4015

Rena Strecker joined Greenlight Re in 2011 as a member of the finance and operations team and heads up middle office operations. Rena has over 14 years’ experience in the reinsurance/insurance industry having held various positions in property & casualty insurance/reinsurance, life & pension and captive insurance. Most recently Rena was consulting for AIG working in both London and New York with the capital management department and financial transformation project teams. Prior to that Rena served as a Vice President at Goldman Sachs in London in the controllers department. Rena is a Canadian Chartered Accountant, has a Bachelor of Business Administration from the University of Regina and an Associate in Reinsurance designation.

About us

Greenlight Capital Re, formed in 2004, is a Cayman Islands based publicly traded (ticker: GLRE) reinsurance holding company with two principal operating subsidiaries, Greenlight Reinsurance, Ltd., headquartered in the Cayman Islands and provides multi-line P&C reinsurance globally, and Greenlight Reinsurance Ireland, Ltd., based in Dublin, focuses on the European market.

Cayman Islands Focus

Greenlight Reinsurance, Ltd. is based in the Cayman Islands and pursues reinsurance opportunities globally, with a focus on North America.  Consistent with our customer centric strategy, we look to develop long term relationships through an approach that will best add value to our brokers and clients.

 

We are, for the most part, business line and structure neutral, though our risk allocation will vary based on the perception of the opportunities available.  In segments where we have the strongest conviction, we prefer larger transactions in which we lead or take majority share.  For other segments, we look to partner with carriers who are view as best-in-class for their specific lines, usually starting with a small share with an eye to growing the relationship over time. 

The segments we are currently finding the most attractive in North America include pro-rata and low attachment excess transactions in medium to longer-tail lines.  The lines we recently have been most successful include:

  • Private Passenger Auto
  • Homeowner Quota-Share
  • Accident & Health,
  • Excess Casualty
  • Professional Liability
  • Niche Programs
  • Direct Investment

Ireland Focus

Greenlight Reinsurance Ireland, Dedicated Activity Company. is based in Dublin and is focused on reinsurance opportunities in the London and Continental Europe markets.  We are, for the most part, business line and structure neutral, though our risk allocation will vary based on the perception of the opportunities available.  We look to partner with the larger, well-established syndicates and carriers who are viewed as best-in-class for specific lines. 

 

The segments as we are currently finding the most attractive in the London and European market include pro-rata and low attachment excess transactions in medium to longer-tail lines.  The lines and product structures we currently have the most interest include:

  • Specialty
  • Property Cat Retro
  • Multi-Line Aggregate Pillar
  • Risk Excess Covers
  • Quota-Share
  • Third Party Capital
  • Solvency II Capital Relief Products

Financial

Highlights

Income Statement

USD Millions 12 months

2013

2014

2015

Q3 2015
9 months

Q3 2016
9 months

Gross Written Premium

535.7

324.0

502.1

357.2

387.2

Net Written Premium

532.9

310.5

493.1

351.5

379.5

Net Earned Premium

547.9

354.2

408.4

288.5

376.5

Net Income (Loss)

225.7

109.6

(326.4)

(283.3)

(4.3)

Key Ratios

12 months

2013

2014

2015

Q3 2015
9 months

Q3 2016
9 months

Loss Ratio

61.8%

66.3%

77.6%

82.3%

75.3%

Combined Ratio

97.1%

102.9%

111.8%

117.4%

105.3 %

Premiums to Surplus

51%

28%

61%

41.2%

47.0 %

Reserves to Surplus

51%

23%

37%

34.8%

34.3 %

Net Invested Assets to Surplus

128%

120%

123%

121.6%

117.9 %

Reserve Duration

Dec 31st 2015

Sep 30th 2016

Gross Reserves

$

313.7m

100%

$

282.9

100 %

Payable in less than 1 year

$

139.4m

44%

$

138.9

49 %

Payable in 1 to 3 years

$

87.3m

28%

$

74.6

26 %

Payable in 3 to 5 years

$

44.2m

14%

$

33.0

12 %

Payable after 5 years

$

42.8m

14%

$

36.5

13 %

Natural Catastrophe Aggregate Limits

 

Sep 30th 2016

 

Single Event Loss

Aggregate Loss

Maximum Loss ($ in thousands)

154.3

216.5

Maximum Loss as % of surplus

18.7 %

26.3 %

Collateral/Letters of Credit

Facility

Sep 30th 2016

Butterfield Bank (Cayman) Limited

$ 100.0

Citibank Europe plc

$ 400.0

JP Morgan Chase Bank N.A.

$ 100.0

$

 

$600.0

Issued letters of credit

$ 236.7

Remaining facility

$ 363.3

CAPITAL AND SURPLUS

Greenlight Re had US$ 824 million in surplus as of Sept 30, 2016

(us $ in millions)

0

200

400

600

800

1000

1200

1400

Period ending

2004

$212

2005

$231

2006

$312

2007

$606

2008

$485

2009

$698

2010

$793

2011

$803

2012

$821

2013

$1051

2014

$1165

2015

$825

2016

$824

Sep 30

Date

Surplus

08/04/04

$212

12/31/05

$231

12/31/06

$312

12/31/07

$606

12/31/08

$485

12/31/09

$698

12/31/10

$793

12/31/11

$803

12/31/12

$821

12/31/13

$1051

12/31/14

$1165

12/31/15

$825

09/30/16

$824

UNDERWRITING PORTFOLIO

CURRENT PORTFOLIO AS OF Sep 30 th 2016

Underwriting Ratios

ratio %

0

25

50

75

100

125

calendar year

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Ratios

years

loss

acquisition

expense

2006

36.4%

39.1%

34.1%

2007

40.3%

39.7%

12.2%

2008

48.3%

36.2%

12.0%

2009

55.4%

32.3%

8.8%

2010

61.5%

35.7%

5.6%

2011

63.6%

36.5%

3.7%

2012

78.5%

30.6%

3.6%

2013

61.8%

31.4%

3.8%

2014

66.3%

30.4%

6.9%

2015

77.6%

28.5%

5.7%

ASSET MANAGEMENT STRATEGY

Our investment portfolio is managed by DME Advisors,LP("DAE") a value-oriented investment advisor that analyzes companies’ available financial data in an effort to identify undervalued and overvalued securities. DME aims to protect capital while finding investment opportunities that generate positive returns. We provide our historical investment returns on our website, (www.greenlightre.com) where we also post our monthly investment returns, our largest disclosed long positions and our long short exposures as of the end of each month.

 

INVESTMENT RETURN PER YEAR
2004 - 5.2% 2010 - 11.0%
2005 - 14.2% 2011 - 2.1%
2006 - 24.4% 2012 - 7.1%
2007 - 5.9% 2013 - 19.6%
2008 - (17.6%) 2014 - 8.7%
2009 - 32.1% 2015 - (20.2%)

News

Disclaimer: Some of the information on this web site may contain statements about future expectations, plans, prospects or performance of Greenlight Capital Re, Ltd. and its subsidiaries that constitute forward-looking statements. Our actual results may differ materially from those indicated by these forward-looking statements

Greenlight Capital Re, Ltd. to release fourth quarter and year end 2016 results

09 Feb 2017


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Greenlight Capital Re, Ltd. announces Executive Leadership Change

19 Dec 2016


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Greenlight Re releases third quarter results

03 Nov 2016


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Greenlight Re to release third quarter results

24 Oct 2016


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Greenlight Re Ireland joins forces with Kattan Associates

08 Sep 2016


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Greenlight Capital Re, Ltd. second quarter 2016 earnings call (audio file)

02 Aug 2016


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Greenlight Capital Re, Ltd. releases second quarter 2016 results

01 Aug 2016


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Greenlight Capital Re, Ltd. to release second quarter 2016 results

20 Jul 2016


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Greenlight Capital Re, Ltd. Investor Meeting Presentation

12 May 2016


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Greenlight Re 2016 Investor Meeting Audio

12 May 2016


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Greenlight Capital Re, Ltd. releases first quarter 2016 results

02 May 2016


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Greenlight Capital Re, Ltd. to release first quarter 2016 results

19 Apr 2016


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Greenlight Capital Re, Ltd. releases fourth quarter 2015 results

22 Feb 2016


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Greenlight Capital Re, Ltd. to release fourth quarter 2015 results

09 Feb 2016


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Greenlight Re Adds Claims Management Expertise

16 Jan 2016

Greenlight Re has strengthened its Grand Cayman team with the hiring of Troy Galley as the head of claims. Mr. Galley is a veteran in the insurance industry with over 25 years of experience in multiple lines of business. Mr. Galley joins Greenlight Re from Great American Insurance Group where he worked for the past 28 years in various roles, including most recently as the Divisional Vice President of Great American’s Claim Resolution Services.

Greenlight Capital Re, Ltd. provides comparison of underwriting results by accounting and underwriting year

29 Oct 2015


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Greenlight Capital Re, Ltd. releases third quarter 2015 results

23 Oct 2015


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Greenlight Capital Re, Ltd. to release third quarter 2015 results

14 Oct 2015


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Greenlight Capital Re, Ltd. releases second quarter 2015 results

03 Aug 2015


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Greenlight Capital Re, Ltd. to release second quarter 2015 results

24 Jul 2015


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Greenlight Capital Re, Ltd. releases first quarter 2015 results

29 Apr 2015


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Greenlight Capital Re, Ltd. to release first quarter 2015 results

27 Apr 2015


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Greenlight Capital Re, Ltd. releases fourth quarter 2014 results

17 Feb 2015


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Greenlight Capital Re, Ltd. to release fourth quarter 2014 results

10 Feb 2015


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Greenlight Capital Re, Ltd. third quarter 2014 earnings call (audio file)

04 Nov 2014


Listen to audio

Greenlight Capital Re, Ltd. releases third quarter 2014 results.

03 Nov 2014


Link to PDF

Greenlight Capital Re, Ltd. announces ratings upgrade for Irish subsidiary Greenlight Reinsurance Ireland, Ltd.

30 Oct 2014


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Cayman Islands | Ireland

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