AM Best: Greenlight Re ratings remain unchanged

AM Best has announced that the ratings of Greenlight Capital Re, based in the Cayman Islands, and its subsidiaries remain unchanged following the announced departure of chief executive Simon Burton, effective December 31, 2023.

Effective Jan. 1, 2024, succeeding Burton will be Greg Richardson, who served as chief risk and strategy officer at Transatlantic Holdings from 2014 to 2023. Burton will continue to serve in an advisory role and provide transitional services to GLRE through April 2024.

The financial strength ratings of A- and the long-term issuer credit ratings of “a-”, both with stable outlooks, remain unchanged for Greenlight Reinsurance Ireland, Designated Activity Company (Ireland) and Greenlight Reinsurance (Cayman Islands). The Long-Term ICR of “bbb-”, with a stable outlook, remains unchanged for GLRE.