Reinsurance News
Greenlight Re
Greenlight Re sinks to $43mn Q1 net loss
14th April 2020
Hedge fund-backed reinsurer Greenlight Re expects to incur a net loss of between $38 million and $43 million for the first quarter of 2020. This loss is driven by an investment loss in the Solasglas Investments, LP fund of $42.2 million, representing a loss of 8.1% for the quarter as previously ... Read the full article
Greenlight Re concludes existing business plan is “the best course of action”
3rd April 2020
Investment-oriented reinsurer Greenlight Capital Re has announced that following its strategic review of transaction alternatives, it has decided that the best course of action is to continue its existing business plan. At this time, the Board, following a recommendation made by a special committee composed of independent directors, has determined the ... Read the full article
Greenlight Re’s strategic review ongoing amid underwriting challenges
11th March 2020
David Einhorn, the Chairman of investment-oriented reinsurer Greenlight Re, said during the company’s recent earnings call that its strategic review is ongoing after initial actions failed to have the desired impact. In the summer of 2019, ratings agency A.M. Best turned negative on Greenlight Re over concerns around its consistently ... Read the full article
Greenlight Re posts cat-driven $30.3mn Q4 net loss
10th March 2020
Hedge fund-backed reinsurer Greenlight Re has announced a fourth quarter net loss of $30.3 million, driven by a $14.2 million catastrophe loss related to typhoons Hagibis and Faxai. The loss represents an improvement from the $80.8 million hit in the prior year quarter. A net investment loss of $8.8 million compares to ... Read the full article
Greenlight Re significantly improves underwriting & investment performance
7th November 2019
Investment-oriented reinsurer Greenlight Re has reported net income of $5.1 million for the third-quarter of 2019, as the firm produced underwriting income and an investment gain for the second quarter in a row. It would appear that the previously announced strategic review and ongoing efforts to diversify its portfolio are having ... Read the full article
Greenlight Re Innovations invests in claims platform, Handdii
9th August 2019
Greenlight Re Innovations, a division of specialist hedge fund-backed property and casualty reinsurer Greenlight Capital Re, has invested in property insurance claims platform, Handdii. Handdii is an Australia-based company whose platform focuses on routine property claims with the aim of reducing claims handling costs and repair time, whilst also improving customer ... Read the full article
Strong investment turnaround boosts Greenlight Re’s Q2 result
6th August 2019
Hedge fund style reinsurer Greenlight Re has recorded both underwriting income and an investment gain in the second-quarter of 2019, with net income of $15.3 million significantly improving from the $37.4 million net loss for the same period last year. The investment-oriented reinsurer has reported net underwriting income of $1.5 million ... Read the full article
Greenlight Re invests in New Zealand MGA startup, Cove
22nd July 2019
Greenlight Re Innovations, a division of property and casualty (P&C) reinsurer Greenlight Capital Re, Ltd., has made a strategic investment in New Zealand domiciled personal lines digital managing general agent (MGA), Cove Limited. Cove was launched in September 2018 and provides consumers with the ability to purchase insurance solutions online via ... Read the full article
Greenlight Re Innovations invests in specialist travel insurer, Battleface
2nd July 2019
Greenlight Re Innovations, a division of specialist hedge fund-backed property and casualty reinsurer Greenlight Capital Re, has made a strategic investment in specialist travel managing general agent, Battleface, Inc. Battleface specialises in insurance services for travel to remote, unstable or dangerous parts of the world. The company's tech-driven platform is designed ... Read the full article
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
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