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FOR IMMEDIATE RELEASE
LONDON - JUNE 05, 2017 11:36 AM (EDT)
A.M. Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of Greenlight Reinsurance, Ltd. (Greenlight Re) (Cayman Islands) and its affiliate, Greenlight Reinsurance Ireland, Designated Activity Company (Ireland), are unaffected by the recent announcement regarding the appointment of Simon Burton as the new chief executive officer (CEO) of Greenlight Capital Re, Ltd. Furthermore, the Long-Term ICR of “bbb-” of Greenlight Capital Re, Ltd. (Cayman Islands) [NASDAQ: GLRE] remains unaffected since the last rating review. The outlook of these Credit Ratings (ratings) remains stable.
A.M. Best acknowledges Mr. Burton’s extensive industry experience and proven track record in the re(insurance) sector.
A.M. Best does not foresee any immediate rating pressures as a result of this change and will continue to closely monitor Greenlight Re, as the day-to-day management of the company begins the transition from Leonard Goldberg, the interim CEO, to Mr. Burton.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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