AM Best Comments on Credit Ratings of Greenlight Capital Re, Ltd. and Subsidiaries Following Announced Departure of CEO Simon Burton

Rhea-AI Summary

AM Best: Greenlight Capital Re, Ltd. (NASDAQ: GLRE) CEO Simon Burton to Depart, Greg Richardson to Succeed. Credit Ratings Remain Unchanged.

Positive

• Greg Richardson's appointment as CEO brings stability to GLRE following Simon Burton's departure.
• The stable outlook for GLRE's Credit Ratings indicates confidence in the company's financial strength.
• Continued advisory role for Simon Burton ensures a smooth transition for GLRE.

Negative

• None.

OLDWICK, N.J.--(BUSINESS WIRE)-- AM Best has commented that the Credit Ratings (ratings) of Greenlight Capital Re, Ltd. (Cayman Islands) (GLRE) [NASDAQ: GLRE] and its subsidiaries remain unchanged following the announced departure of CEO Simon Burton, effective Dec. 31, 2023.

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

The Financial Strength Ratings of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent), both with stable outlooks, remain unchanged for Greenlight Reinsurance Ireland, Designated Activity Company (Ireland) and Greenlight Reinsurance, Ltd. (Cayman Islands). The Long-Term ICR of “bbb-” (Good), with a stable outlook, remains unchanged for GLRE.

This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Christopher Pennings, CPCU

Financial Analyst

+1 908 882 2237

christopher.pennings@ambest.com

Christopher Sharkey

Associate Director, Public Relations

+1 908 882 2310

christopher.sharkey@ambest.com

Steven Chirico, CPA

Director

+1 908 882 1694

steven.chirico@ambest.com

Al Slavin

Senior Public Relations Specialist

+1 908 882 2318

al.slavin@ambest.com

Source: AM Best

Who is succeeding Simon Burton as CEO of Greenlight Capital Re, Ltd.?

Greg Richardson is set to succeed Simon Burton as CEO of Greenlight Capital Re, Ltd.

What are the Credit Ratings of Greenlight Capital Re, Ltd. and its subsidiaries?

The Credit Ratings for Greenlight Capital Re, Ltd. and its subsidiaries remain unchanged, with stable outlooks.

What is the role of Simon Burton following his departure?

Simon Burton will continue to serve in an advisory role and provide transitional services to GLRE through April 2024.