October 22, 2007
We are a Cayman Islands specialty property and casualty reinsurer
with a differentiated reinsurance and investment strategy
Greenlight Re Vision
Capitalize on inefficiencies in the traditional approach to reinsurance
Generate superior underwriting results
Derive superior returns from both sides of the balance sheet
Maintain a highly skilled and focused team
Align long-term management and shareholder interests
Focus on long-term growth in book value per share
1
Greenlight Re Model
Disciplined risk selection
process with focus on downside
Fewer, bigger deals that are
important to our clients and us
Focus on deal economics
Opportunistic based on market
Portfolio is sum total of good
opportunities
Small team of highly skilled
generalists
Capital preservation on
investment-by-investment basis
Concentrate on best
investment ideas
Focus on business economics
Bottom-up approach to
investment selection
Portfolio is sum total of good
opportunities
Small team of highly skilled
generalists
Liability
Asset
DELIVER ABOVE-AVERAGE LONG-TERM GROWTH IN BOOK VALUE
A fundamentally different approach to the reinsurance business
2
Select contracts offering superior economic returns
Focus on underserved markets with unique needs
Highly customized approach
Portfolio of frequency and severity business
Generalist team approach
Service both Global and Cayman Markets
Broker Based Approach
Underwriting Overview
3
Underwriting Philosophy
Flexibility to capitalize on market dislocations
Each contract stands on its own
Lead underwriter for majority of premium
Long-term growth in book value rather than quarterly earnings
Cradle-to-grave underwriting and administration process
Incorporate risk-aversion in pricing
4
Organization Chart
Len Goldberg,
CEO
Bart Hedges,
President & CUO
Tim Courtis, CFO
Brendan Barry
SVP
Exec. Trainee
Sherry Diaz
Controller
Kerry Berchem
General Counsel
(Partner, Akin Gump)
Faramarz Romer
Reporting and Compliance
Mandy Vodak-Marotta
Operations Manager
Rene Shortridge
Office Administrator
Isaac Espinoza
Analyst
Claude Wagner
VP
Open
2007/08
James Norris
VP
Open
2008
5
Progress to Date
Note:
1. Annualized.
2006
1H2007
Gross Written Premium ($ millions)
74
104
Frequency vs Severity (% of gross premium written)
78/22
62/38
Written Premium/Capital (%)
24
36
1
Combined Ratio (%)
110
94
Highest Line of Business Concentration (%)
78
31
General and Administrative Expenses ($ millions)
9.1
11.8
1
Capital ($ millions)
312
578
6