Thank you for joining the Greenlight Re Fourth Quarter 2008 Earnings Call. Joining us on the call are David Einhorn, Chairman; Len Goldberg, Chief Executive Officer; Bart Hedges, President and Chief Underwriting Officer and Tim Courtis, Chief Financial Officer. The company reminds you that the forward-looking statements that are made in the call are intended to be covered by the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact but rather reflect the company's current expectations, estimates and predictions about future results and events that are subject to risks, uncertainties and assumptions including risks, uncertainties, and assumptions that are enumerated in the company's Form 10-K dated February 23, 2009, and other documents filed by the company with the SEC. If one or more risks or uncertainties materialize or if the company's underlying assumptions prove to be incorrect, actual results may vary materially from what the company projects. The company undertakes no obligation to update publicly or revise any forward-looking statements whether as a result of new information, future events, or otherwise. Thank you. I would now like to turn the call over to Mr. Goldberg. Please go ahead, sir.

Thank you and good morning. My name is Len Goldberg, Chief Executive Officer of Greenlight Re. Thank you for taking the time to join us this morning. 2008 was certainly a year for the record books. And it was also a year that severely tested Greenlight Re and our differentiated business model. While we are not pleased with our performance and our capital reserve reduced by 19.8% for the year. We believe that we have taken some of the very worst that markets could offer and have proven the resilience of our business model. Our underwriting team continues to perform very well. We have completed our second full year of underwriting with another sub-100 combined ratio. We continue to diversify our portfolio, and orient our book towards frequency clients as per our strategy. In a year with significant catastrophe losses as well as re-estimates of those losses, we separate no natural catastrophe losses. In an age of reinsurance broker consolidation, we are pleased that our customers are well diversified by broker source without significant concentrations with what is now the big tree. And as Bart will explain, we successfully renewed all but one small account in January 1. We are doing a solid job of underwriting good business with the right counterparties, and also establishing deeper strategic relationships already in smaller number of significant contracts. Perhaps most importantly as we migrate from an alter competitive underwriting environment to an increasingly hardening insurance market. We have the ability to significantly grow our underwriting portfolio. While our annual premium written grew by almost 28% in 2008, as compared to 2007. At the end of 2008, we had $3 of capital to every dollar of written premium. While some of that is due to our controlled deliberate way of developing our portfolio, a…

Thanks Len, and thank you everyone for joining us. In the fourth quarter of 2008, the S&P sell 22% at the economic crisis spread from the financial sector into the general economy. 2009 has not been immune to this trend and the S&P has declined another 18% already this year. Greenlight Re's fourth quarter investment portfolio result was negative 5.3% which included a very poor October result and positive returns for November and December. The investment portfolio also returned a positive 50 basis points in January. But we're not happy that we did not manage a positive absolute return in the fourth quarter. We're pleased with the way the portfolios performed since the middle October. But we were disappointed, we didn't do a better job preserving capital in 2008. But we believe that over the long-term, our investment strategy will produce positive risk adjusted returns without the use of leverage. Since, we really don't know what happened to the markets but believe that they trend up over the long-term. Our strategy is to remain net long throughout. But to vary our exposure based upon our top down assessments and bottom of opportunity step. As we discussed on our last call we brought down overall growth exposure in the portfolio in the third quarter and exited a number of names. Over the past few months, we invested in many new opportunities created by the market dislocations, we're all witnessing. We've been approaching opportunities that both opportunistically and patiently. We're investing with restraint in order to be in a position to take advantage of additional opportunities that may arise should the crisis deepened. As always, we are focused on the long-term prospects to various companies but we realized that these long-term values may be materially impaired by sustained economic contraction. The Greenlight…

Thanks David. 2008 was a very good year for Greenlight Re on the underwriting front. We've been busy establishing new and differentiated ways of adding value to client relationships, turning them into long-term partnerships rather than price sensitive renewals. We continue to expand our frequency portfolio. In 2008, over 80% of our gross premium written was frequency business compared to around 60% in 2007. Frequency business is the more stable relationship oriented part of our portfolio. As Len mentioned, our written premium grew by 28% from 2007 to 2008. Even though our frequency partners wrote less business than we originally expected as prices soften for most of the year, and they did an excellent job reducing volume to preserve profitability. Even as hurricanes Ike and Gustav estimates continue to climb, we've had no natural catastrophe losses in 2008. As we mentioned last quarter while this was somewhat lucky, it's also due to our strategy to generally write cap retro covers (ph) and high enough layers, so that if we suffer a big loss, industry pricing would generally rise significantly in the following year. We do not think Ike and Gustav in the absence of asset related issues plugging the industry would have been enough to move market pricing. In addition we aborted lines to business including director's and officers, surety, fidelity and credit, which we believe will see significant upper development as losses emerged caused by the current economic turmoil. As Len mentioned, our January renewals have been concluded successfully. We spend quite a bit of time selecting partners, so retain these partners is important to our business. At 11, we renewed all accounts but one, which moved for competitive reasons. We have kept all of our key relationships intact. As capital has been significantly reduced in the reinsurance industry,…

Thanks Bart. From an overall financial perspective, 2008 was a challenging year for the company and the reinsurance industry in general. We have always stressed the importance in book value per share and therefore we cannot be pleased with the 19.2% reduction in book value per share experienced during 2008, resulting in a fully diluted book value of $13.39 per share as of December 31, 2008. While the company was severely tested as a result of global financial crisis, we believe we are uniquely positioned to capitalize on a hardening reinsurance market. Greenlight Re reported the fourth quarter 2008 net loss of $31.3 million compared to net income of 29.2 million for the comparable period in 2007. On a per share basis, the net loss was $0.87 per share compared to fully diluted net income of $0.80 per share for the fourth quarter of 2007. For the year ended December 31, 2008, the net loss was a $120.9 million compared to net income of $35.3 million for the year ended December 31, 2007. On a per share basis, the net loss was $3.36 per share compared to fully diluted net income of $1.15 per share for the year ended December 31, 2007. For the full year 2008, free currency business accounted for just over 82.5% our gross written premiums compared to just over 60% for 2007. Once again this is indicative of our ongoing preference for frequency business. Premiums written for the fourth quarter of 2008 of 28.6 million was higher than the 3.9 million of premium written during the fourth quarter of 2007. For the full year ended December 31, 2008, premium written was a $162.4 million compared to a $127.1 million for the 2007 fiscal year. Both of these increases are the result of the continuing development of…

Thanks, Tim. 2008 was a severe test of our business model, one which we came through very well. Our underwriting strategy has worked as well or better than expected. We have preserved underwriting capacity for what looks to be better reinsurance markets in 2009 and into 2010 while establishing ourselves with clients and brokers. We took the opportunity in 2008 to develop a number of strategic tools and relationships that should bear fruit in the upcoming years, and we have positioned ourselves as one of the few reinsurers that have significant capacity for growth so the opportunity to merge is expected. Although invested markets are still violent, our investment portfolio is well positioned with the addition of a number of new position and significant exposure to attractive distressed debt opportunity. Tim will continue with our strategy to earn above average, risk adjusted returns by actively managing both sides of the balance sheet. Given the events of the last year, we believe we are uniquely positioned to take advantage of both a hardening reinsurance market and a more rational investment environment. We appreciate your continued confidence in our company. Thank you again for your time. And now, I would like to open the call up to questions.

(Operator Instructions). At this time there are no questions. If you have any follow-up questions please direct them to Alex Stanton of Stanton Crenshaw Communications at 212-780-0701, and he will be happy to assist you. We also remind you that a replay of the call and other information about Greenlight Re is available on the company's website at www.greenlightre.ky. Thank you. This does conclude today's conference call. You may now disconnect.