SEPTEMBER 10, 2020 08:40 AM (EDT)
AM Best Comments on Credit Ratings of Greenlight Capital Re, Ltd. and Its Subsidiaries
FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 10, 2020 08:40 AM (EDT)
Concurrent with the resignation of the group’s chief underwriting officer and chief financial officer, Greenlight Re announced that current members of senior management have been appointed to the vacated positions, including Simon Burton, the group’s chief executive officer, who will also assume the main chief underwriting functions as the company’s chief underwriting officer.
While Greenlight Re’s ratings are unchanged at this time, AM Best will carefully monitor operating performance and business profile to determine the group’s compliance with business plans that were presented to AM Best during the recent annual rating review. Negative rating action could result if there is a material deviation from the plan. However, based on AM Best’s review of Greenlight Re’s succession plan, the rating is not expected to change at this time.
The Financial Strength Ratings of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of Greenlight Reinsurance, Ltd. (Cayman Islands) and Greenlight Reinsurance Ireland, Designated Activity Company (Ireland), as well as the Long-Term ICR of “bbb-” of Greenlight Capital Re, Ltd. (Cayman Islands) [NASDAQ: GLRE], were affirmed with a negative outlook on July 22, 2020 (see related press release).
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.