Reinsurance News
Greenlight Re
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
Greenlight Re names Faramarz Romer CFO
7th March 2023
Greenlight Re has announced that Faramarz Romer, the firm's current Chief Accounting Officer and Treasurer, will be appointed Chief Financial Officer, effective as of April 1, 2023, succeeding Neil Greenspan, who is leaving the company on March 31, 2023. Romer has served as Chief Accounting Officer and Treasurer of Greenlight Re ... Read the full article
Greenlight Capital Re invests in embedded insurance platform, Vertical Insure
9th February 2023
Greenlight Capital Re, Ltd., through its Greenlight Re Innovations, has announced an investment in Vertical Insure, Inc., a Minneapolis-based embedded insurance platform. The firm addresses distribution inefficiencies by embedding insurance in vertical Software as a Service (SaaS) platforms, targeting the SaaS platforms' business clients and the underlying customers of those businesses. The firm ... Read the full article
Greenlight Re reports Q3 net loss as nat cats hamper underwriting operations
3rd November 2022
Greenlight Re has announced a net loss of $18.5 million for the third quarter of 2022, stating that Hurricane Ian loss, while manageable, overshadowed the significant progress the company has made in its underwriting operations. This has widened somewhat compared to a net loss of $13.9 million in Q3 of 2021. ... Read the full article
CCO Laura Accurso to leave Greenlight Capital Re
26th October 2022
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 ... Read the full article
Greenlight Re announces investment in cargo insurance platform, Otonomi
25th October 2022
Greenlight Re Innovations, part of Greenlight Capital Re, has announced an investment in Otonomi, Inc. – a New York-based parametric cargo insurance platform. Over the past few years, Greenlight Re notes that both globalization and technological advancements have led to a significant increase in global trade, increasingly exposing supply chain vulnerabilities. In ... Read the full article
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