SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* EINHORN DAVID (Last) (First) (Middle) C/O GREENLIGHT CAPITAL RE, LTD. 802 WEST BAY ROAD, P.O. BOX 31110 (Street) GRAND CAYMAN E9 KY1-1205 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 05/23/2007	3. Issuer Name and Ticker or Trading Symbol Greenlight Capital Re, Ltd. [ GLRE ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year) 05/24/2007
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class B Ordinary Shares	3,623,370	D(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* EINHORN DAVID (Last) (First) (Middle) C/O GREENLIGHT CAPITAL RE, LTD. 802 WEST BAY ROAD, P.O. BOX 31110 (Street) GRAND CAYMAN E9 KY1-1205 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* David M Einhorn 2007 GRAT (Last) (First) (Middle) 140 EAST 45TH STREET, 24TH FLOOR (Street) NEW YORK NY 10017 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) See Footnote (2)

Explanation of Responses:

1. These shares are held for the account of the David M. Einhorn 2007 GRAT.

Remarks:

(2) This Form 3 is being amended to reflect the David M. Einhorn 2007 GRAT as a reporting owner. Exhibit List Exhibit 24.1 - Confirming Statement Exhibit 99.1 - Joint Filer Information and Signature

	/s/ Sherry Diaz, by Power of Attorney	06/08/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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