Greenlight Re

Greenlight Re cites improved pricing as Q4 CR improves 280 bps to 91.4%

Greenlight Capital Re’s combined ratio improved 2.8 points to 91.4 percent in Q4 2023 as the Cayman Islands-based company saw its gross premiums written for the period fall $15.1mn to $112.3mn.

AM Best says Greenlight Re ratings unchanged following CEO change

AM Best has said that its A- financial strength and “a-” long-term issuer credit ratings on Greenlight Capital Re and its subsidiaries remain unchanged following the announced departure of CEO Simon Burton at the end of the year, with Greg Richardson coming in from 1 January 2024 to take the reins.

Greenlight Re to set up SPC to allow insurtech partners to retain risk

Greenlight Capital Re intends to set up a segregated portfolio company to allow its insurtech partners to retain risk, outgoing CEO Simon Burton has commented, noting that the reinsurer’s innovation portfolio now has over 35 positions.

Greenlight Re improves Q3 CR 24.2 pts to 91.2% as GPW grows 18%

Cayman Islands-based reinsurer Greenlight Capital Re has reported a 24.2 point improvement in its Q3 combined ratio despite 4 points of reserve development, while gross premiums written increased 18 percent to $183.1mn.

Greenlight Re names TransRe’s Richardson successor to Burton as CEO

Greenlight Capital Re has named Greg Richardson as its new CEO as of the start of next year, succeeding Simon Burton who has led the Cayman Islands-based reinsurer since mid-2017.

Greenlight Re looking to replace CEO Burton

Greenlight Re is in the midst of a search for a new CEO, with sources confirming to The Insurer last week that the incumbent Simon Burton recently became aware of the recruitment process being conducted by the hedge fund reinsurer’s board.

Greenlight Re Q2 combined ratio deteriorates to 96.2% on storm losses

Greenlight Re has reported lower underwriting income as a result of storm losses pushing its combined ratio up to 96.2 percent, while gross written premiums increased 15 percent to $154.9mn and investment income increased to $42.2mn.

Greenlight Re refinancing $62mn debt to support underwriting opportunities

Greenlight Re is working on plans to refinance $62mn of senior unsecured convertible notes maturing on 1 August with non-convertible debt as it looks to access capital to deploy into what it sees as “exceptional” market conditions.

Greenlight Re leans into “exceptional” conditions to grow NPW 25% in Q1

Greenlight Re CEO Simon Burton said the reinsurer executed its strategy of expanding its portfolio into “exceptional market conditions” as it increased net premiums written (NPW) by 25 percent in a first quarter that also saw it report a sub-100 combined ratio, despite adverse prior-year development.

Short-tail specialty and property cat 40% of Greenlight Re’s 2023 business plan

Greenlight Capital Re CEO Simon Burton has commented that short-tail specialty and property catastrophe business is “now an objectively good market” for the first time in his career, with these classes representing around 40 percent of the Cayman Islands-based reinsurer’s business plan for this year.

Greenlight Re ups net UW income as CR dips to 94.2% in Q4

Greenlight Re’s net underwriting income increased to $6.5mn in 2022’s fourth quarter while the Cayman Islands-based business posted a combined ratio for the three months that improved 2.2 points to 94.2 percent, results that came at the end of a year CEO Simon Burton described as a “watershed”.

Greenlight Re appoints Romer CFO as Greenspan departs

Greenlight Capital Re has promoted chief accounting officer and treasurer Faramarz Romer to be its new CFO after the Cayman Islands-based company confirmed Neil Greenspan will leave the business at the end of this month.

Greenlight Re invests in embedded insurance platform Vertical Insure

Greenlight Capital Re has announced an investment in Minneapolis-based embedded insurance platform Vertical Insure.

Greenlight Re UW loss deepens on cats and deposit-accounted contract costs

Greenlight Re’s underwriting loss deepened to $18.9mn in Q3 2022 as the Cayman Islands-based company took a $22.7mn catastrophe hit and absorbed $6.1mn of expense related to deposit-accounted contracts.

Rental protection insurtech Safely secures Greenlight Re Innovations investment

Short-term rental protection insurtech SafelyStay has welcomed a new investment from Greenlight Re Innovations.

Cargo insurtech Otonomi raises $3.4mn, Greenlight Re among investors

Otonomi, a freight insurance start-up that provides parametric cover, has closed a $3.4mn funding round led by ATX Ventures, with Greenlight Re Innovations among the other investors.

Greenlight Re shuffles underwriting management with trio of promotions

Greenlight Re has made a trio of underwriting promotions with Regan Cairns, Finbar Griffin and Kagabo Ngiruwonsanga all handed new roles at the Cayman Islands-based carrier.

Greenlight Re shares close up 3.7% after Q2 underwriting improvement

Greenlight Re’s shares ended Wednesday trading up 3.7 percent lunchtime after investors responded positively to the close-to five point decrease in its Q2 2022 combined ratio and comments from management that the business is seeing further opportunities to improve its underwriting performance.

Greenlight Re posts CR of 91.6% for Q2 as net income grows to $14.8mn

Cayman Islands-based reinsurer Greenlight Re saw its combined ratio improve close to 5 percentage points to 91.6 percent in Q2 2022, with the carrier also reporting an improved investment performance.

Ahoy! begins underwriting on Spinnaker paper with Greenlight Re and Topsail Re backing

Start-up recreational boating-focused insurtech managing general agent (MGA) Ahoy! has begun underwriting admitted coverage on the AM Best A- rated paper of hybrid fronting carrier Spinnaker Insurance Company with reinsurance support provided by Greenlight Re and Topsail Re.

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