Hedge fund-backed, specialist property and casualty reinsurance company, Greenlight Capital Re, Ltd., has launched a UK marketing entity, called Greenlight Re Marketing (UK) Limited.
The company states that the launch is a reflection of its desire to increase its presence in the London market.
Alongside the launch, Greenlight Re has announced the hiring of Andrew Gladwin as Greenlight Re UK’s first employee. Previously, Gladwin has held positions as Global Head of Marine Treaty at Canopius, and also London Market Treaty lead at reinsurance giant Swiss Re.
Commenting on both the launch and the addition of Gladwin, Greenlight Re’s Chief Executive Officer (CEO), Simon Burton, said: “London market specialty business is now central to Greenlight Re’s portfolio. Greenlight Re UK will facilitate further growth in this area.
“Andy Gladwin is a recognized expert in Marine & Energy reinsurance, with over 30 years of experience in this market. We are delighted to welcome him to our team.”
On his new role, Gladwin said: “This is an exciting time in the market, and I look forward to contributing to the growth of Greenlight Re’s book.”
The news comes weeks after the reinsurer reported a positive net income of $2.2 million for the third quarter of 2020, despite falling to a slight underwriting loss on the back of large natural catastrophe losses and exposure to the COVID-19 pandemic.
For hedge fund-backed reinsurers like Greenlight Re, times have been challenging owing to pressures on both the asset and liability side of the balance sheet.
However, the underwriting result had been trending more positively in recent times and as the firm targets growth in a hardening reinsurance market, it will be interesting to see how Greenlight Re’s underwriting performs in the weeks and months ahead.
