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GRAND CAYMAN, Cayman Islands, April 30, 2012 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (GLRE - News) today announced financial results for the first quarter of 2012. Greenlight Re reported net income of $65.1 million for the first quarter of 2012 compared to a net loss of $43.0 million for the same period in 2011. The fully diluted net income per share was $1.75 for the first quarter of 2012, compared to a net loss per share of $1.19 for the same period in 2011.

Fully diluted adjusted book value per share was $23.29 as of March 31, 2012, a 15.1% increase from $20.23 per share as of March 31, 2011.

"There are signs that the reinsurance market is slowly improving. However, in an environment which remains quite competitive, we continue to be diligent and cautious as we identify underwriting opportunities that we believe offer attractive risk adjusted returns," stated Bart Hedges, Chief Executive Officer of Greenlight Re. "We are pleased that our investment portfolio performed well during the quarter, as we continue to grow book value per share over the long term while preserving capital."

Other financial and operating highlights for Greenlight Re for the first quarter ended March 31, 2012 include:

"We continue to take a consistent, disciplined approach in executing our underwriting and investment strategies," said David Einhorn, Chairman of the Board of Directors. "As the market turns, Greenlight Re is well-positioned to capture new opportunities given our solid balance sheet, reputation, and customer-focused orientation."

Conference Call Details

Greenlight Re will hold a live conference call to discuss its financial results for the first quarter of 2012 on Tuesday, May 1, 2012 at 9:00 a.m. Eastern time. The conference call title is Greenlight Capital Re, Ltd. First Quarter 2012 Earnings Call.

To participate, please dial in to the conference call at:

U.S. toll free 1-877-317-6789

International 1-412-317-6789

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Greenlight Re Announces First Quarter 2012 Financial Results

With a backdrop of tales of corruption and murky collusion in the Caribbean, two former senior British police officers are set to confront each other in a courtroom battle that could shed new light on a Scotland Yard team's controversial investigation in one of the world's largest tax havens.

The former head of the Cayman Islands' police force is suing for wrongful dismissal after he was sacked four years ago during an inquiry into an alleged illegal break-in at a newspaper office. The search was part of a local leak inquiry over claims of improper links between police and press on the British overseas territory. But after Scotland Yard was called to the islands in 2007, the case spiralled into a multimillion-pound inquiry that reached the top ranks of the local judiciary.

The affair resulted in a clearout of the top ranks of the islands' police force, the wrongful arrest of a senior judge who was later awarded more than 1m damages, embarrassment for the Met and professional disgrace for a British lawyer called in to advise the investigation.

The inquiry codenamed Operation Tempura and overseen by former assistant commissioner John Yates, who later quit the Yard over the phone hacking scandal was halted in 2009 without any successful prosecutions and with the Scotland Yard team dispatched from the Caymans.

But the controversy is set to be reignited with a legal battle that could feature documents that the Foreign Office has refused to make public because of fears it could damage the islands' multi-billion-pound offshore finance industry.

The sacked police chief, Stuart Kernohan, is due to appear at a mediation hearing in June in London to try to reach a deal over his claim against the Attorney-General of the islands, as well as the man who led the Scotland Yard probe, former Detective Chief Superintendent Martin Bridger.

If the case is not resolved, it will go to the Grand Court of the Caymans where details of potentially embarrassing private meetings between senior police and British-appointed officials are likely to be aired. "This is typical of this whole case," one of the lawyers closely involved in the case told The Independent. "Someone has made a complete and utter cock-up and unless people start disclosing documents we won't find out who it was."

The saga soured relations between Britain and the Caymans and comes amid new turmoil in the tax haven. The Independent reported last month that a Conservative peer, Lord Blencathra, faces investigation over lobbying work on behalf of the islands. The islands' Premier is at the centre of three police inquiries, including two into financial irregularities, according to reports from the Cayman Islands. William McKeeva Bush denies the claims.

"The continual rumours of investigations... are reminiscent of, and consistent with, the Operation Tempura fiasco and other attempts over the years," he said in a statement reported last week. "It is now obvious to the Premier that there are certain civil servants in the Foreign and Commonwealth Office...who continue to apply the policies of the former UK Labour Government with a view to destabilising the Cayman Islands."

Operation Tempura started in 2007 following claims that a senior police officer was passing confidential information to a newspaper proprietor. Mr Kernohan, with a force of only a few hundred officers, asked for Scotland Yard's help. Martin Bridger, a veteran of anti-corruption investigations, was sent and began a secret inquiry.

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Cayman Islands: The Met's Caribbean connection

Duncan Taylor's son Max calls pregnancy an 'accident' 'unplanned' and 'a shock' Claims mother of his daughter has been making 'threatening, late-night phone calls' to him Cayman Islands governor helps son with monthly child-support payments and said his granddaughter 'brings joy to both our families'

By Paul Thompson

PUBLISHED: 18:03 EST, 21 April 2012 | UPDATED: 06:00 EST, 22 April 2012

Shock: Max Taylor, the son of the Governor of the Cayman Islands says finding out he was a father was a shock he was not ready for

When distinguished diplomat Duncan Taylor became the Governor of the Cayman Islands, he promised that his family would strive to get to know the locals.

Two years later his 25-year-old son Max has rather exceeded those expectations by fathering a child after a brief liaison with the daughter of a prominent local businessman.

Their daughter, Serenity, was born seven months ago.

However, the relationship between Max, a 7-an-hour hotel swimming pool attendant, and the babys mother, Sophia Rankin, has grown increasingly rancorous and now threatens to set tongues wagging in this slow-moving British overseas territory and tax haven.

Yesterday, as he stood on the steps of the imposing white-washed Government House, where he lives with his parents, Max said he felt intimidated by Ms Rankin.

He claimed she had been making threatening late-night phone calls, accusing him of shirking his responsibilities. I hope it doesnt cause trouble for my father, he said.

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The Ambassador's son - and a very undiplomatic row with the local girl who had his baby

23 April 2012 | By Joanne Harris

Irish firm Dillon Eustace has become the first onshore firm to open an office in the Cayman Islands.

The firm has hired funds lawyer Matt Mulry from an in-house role at Prosperity Capital Management as a partner to kick-start the office. Mulry formerly worked at offshore firm Ogier.

Irish-qualified commercial litigation specialist John Fox also joins Dillon Eustace in Cayman from local firm Stenning & Associates, with the aim of building a dispute resolution practice.

Dillon Eustace said the opening was in response to client demand for Cayman-domiciled products, despite the anticipated impact of the EUs alternative investment fund managers directive.

Managing partner Mark Thorne said: The continued strengthening of Caymans regulatory regime and its focus on good corporate governance is bringing the jurisdiction more in line with established onshore practices.

The move follows the decision by offshore firms Maples and Calder and Walkers to open Dublin offices in 2006 and 2010 respectively. While offshore firms have established a number of offices, predominantly representative, in traditionally onshore jurisdictions in recent years, Withers has been the only onshore firm to move offshore with a British Virgin Islands launch (30 April 2009).

Dillon Eustaces Cayman office will provide advice in commercial and securities litigation, funds establishment, insurance and banking law as well as compliance and regulation. The firm is also planning the launch of a corporate services business, which, subject to Cayman Islands Monetary Authority approval, will open in the third quarter of the year.

The firm also has offices in Hong Kong, New York and Tokyo as well as its Dublin headquarters.

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Dublin firm Dillon Eustace opens Cayman Islands base

Grand Cayman, Cayman Islands World 100m champion Yohan Blake, who ran a world leading time of 9.90 in Kingston on 14 April, is the latest big name to be added to the inaugural Cayman Invitational meeting set for the Truman Bodden Sports Complex in Grand Cayman on 9 May.

The star sprinter said he was happy to be added to the field in Grand Cayman.

"Racers Track Club wants to support the development of yet another athletic meeting in the Caribbean region, so I am looking forward to compete there on May 9th," Blake said.

Blake will headline the 100m at this inaugural event. In Daegu, at the age of 21, he became the youngest 100m gold medalist in the history of the World Championships. He later went on after the World Championships to set a personal best of 9.82.

Blake ran more sub-10 second races than any other sprinter in 2011, and ended his season in astonishing fashion by securing the fastest 200m time in the world and second fastest in history at 19.26.

Blake's addition to the event is sure to add a heightened element for all track enthusiasts in attendance.

Jamaicans Ristananna Tracey, Nikiesha Wilson and Shevon Stoddart, along with American Carmelita Jeter are just some of the big names already signed on for the meet.

Organisers for the IAAF

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Blake to headline Grand Cayman 100m field