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A.M. Best Comments on Credit Ratings of Greenlight Capital Re, Ltd. and Its Subsidiaries Following Proposed $100 Million Offering Of Convertible Notes

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A.M. Best has commented that the Financial Strength Rating of A-
(Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of
"a-" of Greenlight Reinsurance, Ltd. (Greenlight Re) (Cayman
Islands) and its affiliate, Greenlight Reinsurance Ireland,
Designated Activity Company
(Ireland) are unaffected by the recent
announcement regarding the proposed offering of $100 million of
convertible senior notes, due 2023. Furthermore, the Long-Term ICR of
"bbb-" of Greenlight Capital Re, Ltd. (Cayman Islands) (NASDAQ: GLRE) remains unaffected as well. A.M. Best's last Credit Rating
(rating) review of these entities took place on Sept. 28, 2017. The
outlook of these ratings remains stable.

Prior to the issuance of these notes, Greenlight Capital Re, Ltd. did
not have any outstanding debt. Following the issuance of the notes, the
company's financial leverage will remain well within A.M. Best's
tolerances, as outlined in Best's Credit Rating Methodology, and will
not impact the ratings.

This press release relates to Credit Ratings that have been published
on A.M. Best's website. For all rating information relating to the
release and pertinent disclosures, including details of the office
responsible for issuing each of the individual ratings referenced in
this release, please see A.M. Best's
Recent
Rating Activity
web page. For additional information
regarding the use and limitations of Credit Rating opinions, please view
Understanding
Best's Credit Ratings
. For information on the proper media
use of Best's Credit Ratings and A.M. Best press releases, please view
Guide
for Media - Proper Use of Best's Credit Ratings and A.M. Best Rating
Action Press Releases
.

A.M. Best is a global rating agency and information provider with a
unique focus on the insurance industry. Visit
www.ambest.com
for more information
.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.

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