20 December 2016EMEA analysis

Greenlight Capital CEO steps down after 11 years

Greenlight Capital Re (GLRE), a specialist property/casualty reinsurer that also provides a variety of reinsurance solutions to the insurance and captive markets, has revealed that its CEO, Bart Hedges, will step down at the end of March 2017. He had been with the business for 11 years.

Hedges will also be leaving the company’s board of directors. Leonard Goldberg, Greenlight’s former CEO and current member of the board, will charge on a temporary basis while the company seeks a permanent successor.

“On behalf of the board, I want to thank Mr Hedges for his contributions to GLRE over the past 11 years. We would like to thank him for his efforts in implementing GLRE’s strategy and developing a talented, experienced team. We wish him all the best in his future endeavours,” said David Einhorn, chairman of the board.

Hedges said: “I am proud of our accomplishments during my tenure with GLRE’s management team and as a member of the board. I wish the company and my long-time colleagues success.”

Goldberg added: “We are confident that we have a strong platform to continue building upon. As we actively conduct the search for a new CEO, the team and I will continue our pursuit of a differentiated insurance and investment strategy designed to maximise returns over the long term.”

AM Best said that the company’s A- financial strength rating is unaffected by this announcement.