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Greenlight Capital Re Q3 Net Loss Widens

November 5, 2008

Greenlight Capital Re has reported a net loss of $118.4 million, or $3.29 loss per share, for the third quarter of 2008, compared to a net loss of $2.1 million, or $0.06 loss per share, for the same period in 2007.

Fully diluted book value per share was $14.22 as of September 30, 2008, a 9.9% decrease from $15.78 per share as of September 30, 2007.

Gross written premiums in the quarter were $37.7 million, compared to $19.8 million in the third quarter of 2007, while net earned premiums were $28.6 million, compared to $30.7 million.

Net investment loss reported in the third quarter was $117.8 million, a loss of 15.9% on the company’s investment portfolio, compared to a net investment loss of $4.8 million in the comparable quarter of 2007, a 0.8% loss on the company’s investment portfolio.

For the nine months ended September 30, 2008, net loss was $89.6 million, or $2.49 loss per share, compared to a net income of $6.1 million, or $0.21 earnings per share, for the same period in 2007.

For the first nine months, gross premiums written were $133.8 million, compared to $123.3 million for the same period of 2007, while net earned premiums were $80.8 million, compared to $76.6 million.

For the first nine months of 2008, the net investment loss was $92.5 million, compared to net investment income of $0.7 million in the nine months ended September 30, 2007.




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