GREENLIGHT CAPITAL RE, LTD. — Director's Dealing 2008

Dec 9, 2008

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: Greenlight Capital Re, Ltd. (GLRE)
CIK: 0001385613
Period of Report: 2008-10-31

Reporting Person: Montpellier Investments L.P. (10% Owner)
Reporting Person: Montpellier Resources Ltd. (10% Owner)
Reporting Person: Khronos LLC (10% Owner)
Reporting Person: Zen Group, LLC (10% Owner)
Reporting Person: Mayer Rafael (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Ordinary Shares	3050000	Direct

Footnotes

F1: This Form 3 is being filed by the undersigned as well as the entities listed on the Joint Filer Information Statement
attached as an exhibit hereto (the "Reporting Persons").

F2: Represents amount beneficially owned immediately following the event that required the filing of this statement.

F3: Montpellier Resources Ltd. has a majority interest in Montpellier Investments L.P. Khronos LLC is the investment manager of
Montpellier Investments L.P. Zen Group LLC is the managing member of Khronos LLC. Rafael Mayer is the managing member of
Zen Group LLC. For purposes of Section 16 of the Securities Exchange Act of 1934, each Reporting Person disclaims
beneficial ownership of any such securities, except to the extent of his/its indirect pecuniary interest therein, if any,
and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of such securities for
purposes of Section 16 or otherwise.