Greenlight Capital Re and Greenlight Reinsurance have announced that Laura Accurso, General Counsel, Corporate Secretary, and Chief Compliance Officer will separate from the firm – where she has worked for over 11 years – effective as of December 31, 2022 and in accordance with the separation agreement agreed between both parties.
To ensure a smooth transition, the P&C reinsurer and Accurso entered into a consulting agreement. Under this agreement Accurso will provide non-employee consulting and advisory services to the firm, on a non-exclusive basis, from January 1, 2023 until April 30, 2023.
As stated by the Separation Agreement, Accurso will receive several benefits. These include among other benefits, a cash severance amount equal to $1,000,000, less applicable taxes and deductions, $250,000 of that amount will be payable within two and one half months of the effective date.
$750,000 will be payable over twelve months in substantially equal instalments commencing on the sixtieth day after the effective date. Accurso will also be paid statutory severance in the amount of $105,770, less applicable taxes and deductions, payable within two and one half months of the effective date.
Additionally, Accurso has agreed to a general release of all claims against the firm and its affiliates, as well as a twelve-month post-effective date non-solicitation covenant.
Greenlight Capital added: “The Separation Agreement confirms that certain provisions contained in Ms. Accurso’s employment agreement with the Employer, dated October 1, 2017, as amended, including confidentiality, non-competition, certain restrictions relating to the disclosure of proprietary information, and ownership of the Employer work product, shall remain in full force and effect. The Separation Agreement also contains customary terms applicable to the departure of an executive of the Employer, including confidentiality and mutual non-disparagement.
“The Consulting Agreement provides that in consideration of the services to be provided, Ms. Accurso will receive consulting fees of $25,000 per month. Either party may terminate the Consulting Agreement for any reason upon 30 days’ written notice and the Employer may terminate the Consulting Agreement without notice at any time for cause.”
