Greenlight Capital Re Announces Additions of Tim Adair and Cliff Dunigan to Underwriting Team

Greenlight Capital Re, Ltd. (Nasdaq:GLRE), a specialist property and casualty reinsurer based in the Cayman Islands and Ireland, today announced the additions of Tim Adair and Cliff Dunigan to its underwriting team, effective immediately.

Both Mr. Adair and Mr. Dunigan will report directly to Chief Underwriting Officer Brendan Barry.

“As we continue to evaluate opportunities, we are pleased to be able to bolster our underwriting team further with the additions of Tim and Cliff,” said Bart Hedges, Greenlight Re’s Chief Executive Officer. “We believe their underwriting portfolio management and industry experience will enhance Greenlight Re’s client-centric underwriting strategy.”
“Tim and Cliff each add 25 years of industry experience to Greenlight Re, which we expect will provide us with significant additional depth,” said Mr. Barry. “Both Tim and Cliff have a history of supporting profitable reinsurance portfolios, as well as developing optimal solutions for their clients, and we are pleased to welcome them to the Greenlight Re team.

Mr. Adair joins Greenlight Re from Guy Carpenter & Company, where he was a Managing Director since 2005. At Guy Carpenter, he managed a portfolio of reinsurance treaties for several of the company’s largest clients, analyzed actuarial model output to recommend optimal reinsurance structures and was responsible for renewing existing treaties and maintaining a healthy new business production pipeline. Prior to Guy Carpenter, Mr. Adair spent 15 years at Aon Re in a variety of roles, most recently as Senior Vice President. Mr. Adair received his B.A. in Political Science from the University of Vermont.

Mr. Dunigan joins Greenlight Re from B.F. Reinsurance Underwriters, LLC, a subsidiary of W.R. Berkley Corporation, where he was a Senior Vice President since 2007. At B.F. Re, he established a stronger Midwest presence for the company’s treaty, program and facultative segments, and was responsible for the portfolio with the lowest combined ratio in the network.

Prior to B.F. Re, Mr. Dunigan spent six years at GE Insurance Solutions, most recently as President of the company’s North American Casualty Facultative/Program division. He has also held positions at Swiss Reinsurance America and Kemper Reinsurance. Mr. Dunigan received his M.B.A. from the Lake Forest Graduate School of Management and his B.A. from Drake University.
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.

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