Greenlight Capital
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Inside P&C’s morning summary of the key stories to get you up to speed fast. -
The Inside P&C news team runs you through the earnings results for the day.
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To seize the market opportunity, the company plans to raise non-convertible debt with closure expected in Q2 2023.
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Property cat rates went up 50% while aviation, PVT and marine saw rises of around 25%+ during January renewals.
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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.
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Romer will succeed Neil Greenspan, who is leaving the reinsurer at the end of March.
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Kagabo Ngiruwonsanga has also been elevated to head of underwriting of innovations.
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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.
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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.
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The company had a combined ratio of 106.2%, compared to 101.5% for the first quarter of 2021.
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Burton told analysts that the January 2022 renewals marked the end of the carrier’s portfolio turnaround that had begun in 2017.
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