Reinsurance News
Greenlight Re
AM Best revises Greenlight Capital Re outlook to positive
18th October 2024
Global ratings agency AM Best has revised the outlooks for Greenlight Capital Re (GLRE), Ltd. and its subsidiaries from stable to positive, while affirming GLRE’s Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-.” The outlooks for both Greenlight Reinsurance, Ltd. and Greenlight Reinsurance Ireland, Designated Activity Company, were revised from stable ... Read the full article
MIC Global to become Lloyd’s coverholder for Greenlight Re’s Syndicate 3456
11th October 2024
MIC Global (MIC) intends to become a Lloyd’s coverholder of Greenlight Re’s Syndicate 3456 (S3456), subject to applicable approvals, a strategic move that marks a strengthening of the partnership between both companies. MIC is focused on embedding micro insurance solutions for platform businesses, while S3456 is specialised in delivering market-leading insurance ... Read the full article
The Cayman Islands is an advantageous environment for tech-driven (re)insurance start-ups: Greenlight Re
7th October 2024
In a recent interview with Reinsurance News, Greg Richardson, Chief Executive Officer of Greenlight Re, stated that the Cayman Islands is an "advantageous environment," particularly for tech-driven (re)insurance start-ups. "Speaking from a P&C standpoint, Greenlight Re has a meaningful presence in Cayman as a P&C reinsurer. On a global scale, though, ... Read the full article
Greenlight Re’s Q2’24 underwriting profit declines on US SCS losses
7th August 2024
Greenlight Capital Re, Ltd. has reported a dip in its combined ratio to 99.8% for the second quarter of 2024 compared to 96.2% a year earlier, as underwriting income decreased by $5.1 million year-on-year amid elevated losses from severe convective storms (SCS) in the US. The Cayman Islands domiciled reinsurer notes ... Read the full article
Greenlight Re reports stronger Q1’24 CoR as underwriting income rises
9th May 2024
Greenlight Capital Re, Ltd. has reported a 98% combined ratio for Q1 2024 compared to 99.8% in Q1 2023, as the firm's underwriting income increased to $3.4 million from $0.4 million. The current-year catastrophe losses, including the Baltimore bridge incident, added 7.7% to the firm's combined ratio during the first quarter ... Read the full article
Greenlight Re pleased with 1/1 renewals, optimistic on Lloyd’s in 2024: Patrick O’Brien
8th March 2024
During Greenlight Re's 2023 earnings call, Patrick O'Brien, Chief Executive Officer (CEO), Director, Greenlight Re Ireland, noted the still very attractive conditions at the January 1st, 2024, reinsurance renewals, when over 60% of the company's business incepts. "We are very pleased with how January 1, 2024, progressed. Market conditions remain very ... Read the full article
Greenlight Re posts improved underwriting performance with FY23 CoR of 94.5%
6th March 2024
Greenlight Capital Re, Ltd. has reported a Q4 2023 combined ratio of 91.4% compared to 94.2% in the prior year quarter, as the current-year loss ratio improved by 3.8% to 54.7% driven by improved pricing on the in-force underwriting book. The reinsurer's net underwriting income hit $11.8 million in Q4 2023 ... Read the full article
Crown Jewel Insurance adds three re/insurers for trade secret policy
7th December 2023
Crown Jewel Insurance, an insurtech and Lloyd's Coverholder, has secured three additional re/insurance organisations to support its breakthrough trade secret insurance policy known as Crown Jewel Protector. The re/insurers, Apollo Syndicate Management Limited, Tokio Marine Kiln Syndicates Ltd, and Greenlight Reinsurance Ltd., will each provide insurance capacity ... Read the full article
Greenlight Re reports $13.5mn net income for Q3 2023
9th November 2023
Greenlight Re has reported a net income of $13.5mn for the third quarter of 2023, compared to the $18.5mn net loss seen in the same quarter last year; gross premiums written (GPW) increased to $183.1mn, and combined ratio improved to 91.2% from 115.4%. The 18% GPW increase in Q3 2023 relates ... Read the full article
Greenlight Re CEO transition: Simon Burton to depart, Greg Richardson to lead
8th November 2023
Greenlight Re's CEO Simon Burton is set to depart on December 31, 2023, with Greg Richardson taking the helm as the new CEO and Board member starting January 1, 2024. Burton will continue to serve as an advisor and provide transitional services through April 2024. Prior to his appointment, Richardson served as ... Read the full article
Greenlight Re receives Excellent ratings from AM Best with stable outlook
2nd October 2023
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a-" (Excellent) for Greenlight Reinsurance, Ltd. (Cayman Islands) and Greenlight Reinsurance Ireland, Designated Activity Company (Ireland). Additionally, the Long-Term ICR of "bbb" (Good) for Greenlight Capital Re, Ltd. (Cayman Islands) (GLRE), ... Read the full article
Greenlight Re reports Q2 net income of $49.9m as GWP increase 15%
3rd August 2023
Greenlight Re has reported that net income in Q2 was $49.9 million, up from $14.8 million in the same quarter last year, while gross premiums written increased 15% to $154.9 million. According to Greenlight Re, the $20.2 million increase in GWP relates primarily to new opportunities, improved property and general liability ... Read the full article
Greenlight Re sees Q1 GWP rise 27.8% as net income hits $5.9 million
10th May 2023
In its Q1 2023 results, Greenlight Re has reported that gross written premiums (GWP) increased 27.8% to $186.5 million, which the firm attributed to new opportunities and improved pricing on property and general liability business, as well as several new specialty contracts bound during the quarter. Greenlight Re's net income in ... Read the full article
Greenlight Re appoints David Sigmon as General Counsel
27th April 2023
Greenlight Re, a provider of property and casualty re/insurance, has announced the appointment of David E. Sigmon as General Counsel, Corporate Secretary and Chief Compliance Officer. In his new role, subject to regulatory and immigration approvals, Sigmon will be responsible for managing the company’s legal, regulatory, governance and compliance functions. Commenting on ... Read the full article
Greenlight Re ups net underwriting income in Q4 results
9th March 2023
Specialist property & casualty (P&C) insurer, Greenlight Re, has reported net income of $34.8 million for the fourth quarter of 2022, a substantial rise from $24.3 million from the fourth quarter of 2021. Gross premiums written in Q4 were $127.4 million, compared to $125.1 million Q4 21. Greenlight Re states that ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
