8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

September 9, 2010

Date of report (Date of earliest event reported)

GREENLIGHT CAPITAL RE, LTD.

(Exact name of registrant as specified in charter)

Cayman Islands (State or other jurisdiction of incorporation)	001-33493 (Commission file number)	N/A (IRS employer identification no.)
65 Market Street, Suite 1207, Camana Bay, P.O. Box 31110, Grand Cayman, Cayman Islands (Address of principal executive offices)		KY1-1205 (Zip code)

(345) 943-4573

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01. Other Events

On September 9, 2010, Greenlight Capital Re, Ltd., issued a press release announcing the formation of a new subsidiary, Greenlight Reinsurance Ireland, Ltd. A copy of the press release is attached hereto as Exhibit 99.1 to this Form 8-K and incorporated herein by reference. 

In accordance with general instruction B.2 to Form 8-K, the information set forth in this Item 8.01 (including Exhibit 99.1) shall be deemed “furnished” and not “filed” with the Securities and Exchange Commission for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Items 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1 Press release, dated September 9, 2010

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: September 9, 2010	GREENLIGHT CAPITAL RE, LTD.
	By:	/s/ Tim Courtis
		Tim Courtis Chief Financial Officer

EXHIBIT INDEX

Exhibit Number	Description of Document
99.1	Press Release dated September 9, 2010

EX-99.1

GREENLIGHT CAPITAL RE, LTD. OPENS IRELAND SUBSIDIARY

Dublin-based company to expand Greenlight Re’s international reach and capitalize on European market opportunities; David Maguire named General Manager

GRAND CAYMAN, Cayman Islands (September 9, 2010)  -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) today announced the formation of a new subsidiary, Greenlight Reinsurance Ireland, Ltd., to expand the company’s international presence and provide a platform to serve clients in the European market.

David Maguire, an experienced reinsurance and insurance executive with 19 years in positions of increasing executive responsibility in underwriting, rating and risk management, was named General Manager of Greenlight Re Ireland.  Mr. Maguire has previously held management and underwriting positions at Travelers, Hannover Re, QBE and Lloyd’s of London. The company will be headquartered in the International Financial Services Centre in Dublin.

“We are excited to expand our presence and to leverage our expertise with our clients and partners in the European Union,” said Len Goldberg, CEO of Greenlight Re.  “We particularly look forward to partnering with our clients and their brokers to help them fully appreciate the impact of Solvency II on their businesses, and to explore unique opportunities to enhance their capital position through the utilization of reinsurance.”

Greenlight Re Ireland plans to provide multi line reinsurance capacity predominantly to the European broker market.  The company will concentrate on forming long-term partnerships with clients that are niche specialists and experts in their field.

“Ireland presents an excellent platform for Greenlight Re to bring our partnership-oriented underwriting approach to Europe,” stated Bart Hedges, President and CUO of Greenlight Re. “We are delighted to welcome David Maguire to our team. David and his colleagues will be working through brokers to identify clients that value having a flexible reinsurance capital partner to help them manage their risk and compete better in the market place.”

Greenlight Capital Re, Ltd. was launched in 2004.  As of June 30, 2010 the company had shareholders' equity of $735 million.

About Greenlight Capital Re, Ltd.

Greenlight Re (www.greenlightre.ky) is an AM Best "A-" (Excellent) rated specialist property and casualty reinsurance company based in the Cayman Islands. The Company 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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GREENLIGHT CAPITAL RE, LTD. OPENS IRELAND SUBSIDIARY Page 2

Contacts:

David Maguire

General Manager

Greenlight Reinsurance Ireland, Ltd.

david@greenlightre.ie

Bart Hedges

President and CUO

Greenlight Reinsurance, Ltd.

bart@greenlightre.ky

Andie Welsch

Business Development

Greenlight Reinsurance, Ltd.

(345) 749 0216

andie@greenlightre.ky

For Media and Investors:

Alex Stanton

Stanton Public Relations & Marketing

(212) 780-0701

astanton@stantonprm.com