Ownership Submission
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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  EINHORN DAVID
 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]
(Last)
(First)
(Middle)
C/O GREENLIGHT CAPITAL RE, LTD., 802 WEST BAY ROAD, P.O. BOX 31110		 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 Original Filed(Month/Day/Year)
05/24/2007
(Street)

GRAND CAYMAN, E9 KY1-1205		 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
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)
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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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 of Derivative Security: 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

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
EINHORN DAVID
C/O GREENLIGHT CAPITAL RE, LTD.
802 WEST BAY ROAD, P.O. BOX 31110
GRAND CAYMAN, E9 KY1-1205		   X   X    
David M Einhorn 2007 GRAT
140 EAST 45TH STREET, 24TH FLOOR
NEW YORK, NY 10017		     X   See Footnote (2)

Signatures

/s/ Sherry Diaz, by Power of Attorney 06/08/2007
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(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

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

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