Greenlight Capital Re, Ltd. (Greenlight CapitalRe), is a holding company. The Company, through its operating subsidiary, Greenlight Reinsurance, Ltd. (Greenlight Re), is a Cayman Islands-based specialty property and casualty reinsurer. As of December 31, 2008, 82.9% of the Company’s investments in securities were invested in publicly-traded equity securities primarily in North America and Western Europe. The Company offers excess of loss and quota share products in the property and casualty market. The Company's investment portfolio is managed by DME Advisors, LP. Within the property and casualty reinsurance segment, underwriting operations are analyzed using two categories: frequency business, and severity business. Frequency business is characterized by contracts containing a large number of smaller losses emanating from multiple events. Severity business is typically characterized by contracts with the potential for losses emanating from one event or multiple events.