Miami headquartered personal lines insurer, Windhaven Insurance, has announced the renewal and broadening of its relationship with Greenlight Re, via a $1.1 billion quota share transaction.
Since 2011, Windhaven has worked with Cayman Island property and casualty reinsurer, Greenlight Re, with both firms benefitting from the financial and reinsurance partnership.
Under the renewal, Greenlight Re will assume a significant portion of the written premium capacity of $1.1 billion, which is over a two-year term, and represents an increase from the previous reinsurance agreement, explained Windhaven Chief Executive Officer (CEO), Jimmy E. Whited.
Chief Underwriting Officer (CUO) of Greenlight Re, Brendan Barry, said; “We are delighted to continue, and to have broadened, our long-standing relationship with Windhaven via reinsurance and capital support.
“We look forward to building upon this partnership and remain committed to delivering superior value and opportunities to Windhaven in a marketplace that is changing more rapidly than ever before.”
Lead underwriter at Greenlight Re, Jim Ehman, added; “Industry-exceeding growth produced by smart, lean operations and a culture built around innovation is a great recipe to drive profitable business. We’re excited about the new possibilities this deal with Windhaven creates.”
The Windhaven CEO explained that the renewal with Greenlight Re will enable the insurer to continue to expand into new states across the U.S., provide a broader product set to its clients, and also grow its digital distribution network, that was created by its wholly owned company, ClutchAnalytics.
Whited, said; “Digital products like ‘clutchinsurance’ — built by ClutchAnalytics — have become valuable assets to our independent agents. The continuation of our agreement with Greenlight will allow us to grow the local agent channel with new partners and products sold in unique ways, both online and in-store.”
