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 *   Montpellier Investments L.P. 2. Date of Event Requiring Statement (Month/Day/Year) 10/31/2008 3. Issuer Name and Ticker or Trading Symbol Greenlight Capital Re, Ltd. [GLRE] (Last) (First) (Middle) CANON'S COURT, 22 VICTORIA STREET,,  4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) 5. If Amendment, Date Original Filed(Month/Day/Year) (Street) HAMILTON, D0 HM EX 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 A Ordinary Shares (1) 3,050,000 (2) D (3) Â

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
Montpellier Investments L.P. CANON'S COURT, 22 VICTORIA STREET, HAMILTON, D0 HM EX	Â	  X	Â	Â
Montpellier Resources Ltd. CANON'S COURT, 22 VICTORIA STREET HAMILTON, D0 HM EX	Â	  X	Â	Â
Khronos LLC TWO GRAND CENTRAL TOWER 140 WEST 45TH STREET, 28TH FLOOR NEW YORK, NY 10017	Â	  X	Â	Â
Zen Group, LLC 2 GRAND CENTRAL TOWER 140 EAST 45TH STREET NEW YORK, NY 10017	Â	  X	Â	Â
Mayer Rafael C/O KHRONOS LLC, 2 GRAND CENTRAL TOWER 140 EAST 45TH STREET, 28TH FLOOR NEW YORK, NY 10017	Â	  X	Â	Â

Signatures

/s/ Rafael Mayer		12/08/2008
**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)	This Form 3 is being filed by the undersigned as well as the entities listed on the Joint Filer Information Statement attached as an exhibit hereto (the "Reporting Persons").
(2)	Represents amount beneficially owned immediately following the event that required the filing of this statement.
(3)	Montpellier Resources Ltd. has a majority interest in Montpellier Investments L.P. Khronos LLC is the investment manager of Montpellier Investments L.P. Zen Group LLC is the managing member of Khronos LLC. Rafael Mayer is the managing member of Zen Group LLC. For purposes of Section 16 of the Securities Exchange Act of 1934, each Reporting Person disclaims beneficial ownership of any such securities, except to the extent of his/its indirect pecuniary interest therein, if any, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or otherwise.

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