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Greenlight Re

A.M. Best turns negative on Greenlight Re due to underwriting concerns

3rd June 2019

Hedge fund style reinsurer Greenlight Re has had its outlook revised from stable to negative by A.M. Best, due to concerns about its track record of poor underwriting performances. The revised outlooks apply to Greenlight Re, as well as its subsidiaries, Greenlight Reinsurance, Ltd. (Cayman Islands) and Greenlight Reinsurance Ireland, Designated ... Read the full article

Greenlight Re Innovations backs online dispute resolution start-up

21st May 2019

Greenlight Re Innovations, part of the specialist hedge fund-backed property and casualty reinsurer Greenlight Capital Re, has announced a strategic investment in FairClaims, an online insurance and consumer dispute resolution start-up. Based in Los Angeles, FairClaims has developed an online system that helps claimants to drive settlement via negotiation and mediation. It ... Read the full article

Investment income offsets underwriting loss for Greenlight Re in Q1

7th May 2019

Hedge fund style reinsurer Greenlight Re has reported investment income of $32.3 million for the first-quarter of 2019, which more than offset a quarterly underwriting loss as the firm announces Q1 net income of $5.9 million. Net income of $5.9 million compares with a net loss of $142.8 million for the ... Read the full article

Greenlight Re maintains optimism despite weak financial performance in 2018

28th February 2019

The impact of Hurricane Michael and the California wildfires, combined with a testing investment environment has resulted in a $80.8 million Q4 2018 net loss for hedge fund backed reinsurer Greenlight Capital Re. The $80.8 million fourth-quarter 2018 net loss compares to a $37.7 million net loss for the same period ... Read the full article

Greenlight Re to make second investment in tech-driven MGU AccuRisk

15th January 2019

Cayman Islands-based specialist property and casualty reinsurer Greenlight Capital Re has announced plans to invest in AccuRisk Solutions, a managing general underwriter (MGU) focused on employee and health insurance benefits. It's believed this investment will facilitate AccusRisk’s planned expansion via a series of strategic acquisitions in North America. Having first invested in ... Read the full article

The struggle continues for hedge fund reinsurers

3rd January 2019

Hedge fund backed reinsurers Greenlight Capital Re and Third Point Re both reported negative investment returns in the final month of 2018, contributing to negative returns for the full-year and once again bringing the efficacy of this business model into question. Greenlight Re recorded its steepest monthly decline of the year ... Read the full article

Greenlight Re appoints Validus’ Neil Greenspan as CAO

10th December 2018

Specialist hedge fund-backed property and casualty reinsurer Greenlight Capital Re has announced the appointment of Neil Greenspan to the role of Chief Accounting Officer (CAO), effective December 31. Greenspan brings 20 years’ experience within the re/insurance industry and most recently served as Senior Vice President, Financial Reporting of Validus Group. Previously, he ... Read the full article

Belfatti joins re/insurance-focused investor Searchlight Capital as advisor

4th December 2018

Former Chief Operating Officer of Greenlight Re, Michael Belfatti, has joined Searchlight Capital Partners as a Senior Advisor. In his new role Belfatti will be involved at a senior level in the firm’s Insurance and Financial Services activities, where he has considerable experience from his time in a series of operating ... Read the full article

Greenlight Re unit continues insurtech drive with Click2Sure investment

17th October 2018

Greenlight Re Innovations, part of the specialist hedge fund-backed property and casualty reinsurer Greenlight Capital Re, has invested in the digital insurance platform Click2Sure. South Africa-based Click2Sure has developed a comprehensive digital platform for distributing, managing and purchasing insurance at the point of sale. Launched by Daniel Guasco and Jacques Van Niekerk ... Read the full article

Greenlight Re unit makes second insurtech investment in as many weeks

5th October 2018

Greenlight Re Innovations, part of the specialist hedge fund backed property and casualty (P&C) reinsurer Greenlight Capital Re, has invested in Sana Benefits, an Austin-based third party administrator (TPA) startup focused on the U.S self-insured health market. Having commenced providing administrative services on September 1, 2018, Sana Benefits’ Software as a Service (SaaS) ... Read the full article

Greenlight Re unit leads Galileo Series A funding round

28th September 2018

Greenlight Re Innovations, part of the specialist hedge fund backed property and casualty (P&C) reinsurer Greenlight Capital Re, has made a strategic investment in Galileo Platforms, a Hong Kong-based Platform as a Service (PAAS) business focused on emerging markets in Asia. Greenlight Re Innovations believes the secure platform will reduce IT costs ... Read the full article

Hedge fund reinsurer model shows signs of promise, but challenges remain

1st August 2018

Hedge fund reinsurers Greenlight Capital Re and Third Point Re have now both reported their second-quarter and half-year 2018 financial results, which, continues to show divergent performance in a challenging marketplace. The business model of the hedge fund reinsurance entities, of which Greenlight Re and Third Point Re are the most ... Read the full article

Greenlight Re COO Michael Belfatti steps down

23rd July 2018

Greenlight Capital Re, the specialist hedge fund backed property and casualty (P&C) reinsurer, has announced that its Chief Operating Officer (COO), Michael Belfatti, will be stepping down from his role for personal reasons. Belfatti, who was appointed to the newly created position in August 2017, will depart the company as ... Read the full article

Greenlight Re addresses Sunesis Capital PFIC allegations

31st May 2018

Specialist hedge fund backed property and casualty (P&C) reinsurer Greenlight Re has addressed a recent report published by Sunesis Capital, which alleges that Greenlight Re should be classified as a passive foreign investment company (PFIC). The report claims that Greenlight Re, which is headquartered in the Cayman Islands, functions as a ... Read the full article

Hedge fund Re performance shows volatile, but potentially rewarding strategy

7th March 2018

The performance of hedge fund reinsurers continues to be impacted by the low interest rate environment and weak underwriting returns, and, the divergent performance of Third Point Re and Greenlight Re in 2017 underlines the volatility that exists when adopting a total-return strategy. Third Point Re delivered net income of $277.8 ... Read the full article

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