Greenlight Capital

Need to Know

Property cat rates went up 50% while aviation, PVT and marine saw rises of around 25%+ during January renewals.

Hedge fund reinsurer Greenlight Re posted a 57.2% loss ratio for the fourth quarter, marking a 1.6-point improvement from the prior-year period.

Romer will succeed Neil Greenspan, who is leaving the reinsurer at the end of March.

Kagabo Ngiruwonsanga has also been elevated to head of underwriting of innovations.

The executive noted that the firm has low exposure to cyber and secondary cat perils but said these are areas of opportunity in the next six months.

The Cayman Islands-headquartered firm said its underwriting improvement in Q2 was driven by the shift in business mix to higher-margin lines of business.

The company had a combined ratio of 106.2%, compared to 101.5% for the first quarter of 2021.

Burton told analysts that the January 2022 renewals marked the end of the carrier’s portfolio turnaround that had begun in 2017.

Cayman Islands-based Greenlight Re's Q4 results were boosted by $11.5mn of favorable prior-year development and premium increases at its Lloyd’s and financial lines businesses.

Greenlight Re Innovations invests in platform that can provide on-demand, per-shipment cover.

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