Greenlight Capital Re, Ltd. Announces Creation of a UK Marketing Company and the Appointment of Andrew Gladwin

Rhea-AI Summary

Greenlight Capital Re, Ltd. (NASDAQ: GLRE) has established a UK marketing entity, Greenlight Re Marketing (UK) Limited, to enhance its presence in the London market. Andrew Gladwin has been appointed as the first employee, bringing over 30 years of expertise in Marine & Energy reinsurance, previously working with Canopius and Swiss Re. This strategic move aims to expand Greenlight Re’s specialty business portfolio, which is crucial for growth, according to CEO Simon Burton.

Positive

• Establishment of Greenlight Re UK to enhance market presence.
• Appointment of experienced Andrew Gladwin to drive growth in Marine & Energy reinsurance.

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• None.

GRAND CAYMAN, Cayman Islands, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”), a specialist property and casualty reinsurance company headquartered in the Cayman Islands, today announced that it has established a UK marketing company, Greenlight Re Marketing (UK) Limited (“Greenlight Re UK”), to increase its presence in the London market. The Company also announced the appointment of Andrew Gladwin as Greenlight Re UK’s first employee.

“London market specialty business is now central to Greenlight Re’s portfolio. Greenlight Re UK will facilitate further growth in this area,” said Simon Burton, Greenlight Re’s Chief Executive. “Andy Gladwin is a recognized expert in Marine & Energy reinsurance, with over 30 years of experience in this market. We are delighted to welcome him to our team.”

Mr. Gladwin has held roles as Global Head of Marine Treaty at Canopius and London Market Treaty lead at Swiss Re. “This is an exciting time in the market, and I look forward to contributing to the growth of Greenlight Re’s book,” Mr. Gladwin said.

About Greenlight Capital Re, Ltd.

Established in 2004, Greenlight Re (www.greenlightre.com) is a Nasdaq listed company with specialist property and casualty reinsurance companies based in the Cayman Islands and Ireland. Greenlight Re provides risk management products and services to the insurance, reinsurance and other risk marketplaces. The Company focuses on delivering risk solutions to clients and brokers by whom Greenlight Re's expertise, analytics and customer service offerings are demanded. With an emphasis on deriving superior returns from both sides of the balance sheet, Greenlight Re manages its assets according to a value-oriented equity-focused strategy that supports the goal of long-term growth in book value per share.

Forward Looking Statements

This news release contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of the Company. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market fluctuations, trends in insured and paid losses, catastrophes, regulatory and legal uncertainties and other factors described in our Form 10-K and Amendment No. 1 to Form 10-K filed with the Securities Exchange Commission on April 29, 2020. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as provided by law.

For further information contact:

Investor Relations:
Adam Prior
The Equity Group Inc.
(212) 836-9606
IR@greenlightre.ky

FAQ

What is the significance of establishing Greenlight Re UK for GLRE?

The establishment of Greenlight Re UK is crucial for enhancing GLRE's presence in the London market, which is central to its specialty business portfolio.

Who is Andrew Gladwin, and what role will he play at Greenlight Re UK?

Andrew Gladwin is appointed as the first employee of Greenlight Re UK, leveraging over 30 years of experience in Marine & Energy reinsurance to drive growth.

How does Greenlight Re UK contribute to GLRE's growth strategy?

Greenlight Re UK is expected to facilitate further growth in Greenlight Re's specialty business, particularly in the London market.