A.M. Best Comments on Credit Ratings of Greenlight Capital Re, Ltd. and Its Subsidiaries Following CEO Transition Announcement
December 19 2016 - 9:43AM
Business Wire
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 chief executive
officer (CEO) change at Greenlight Capital Re, Ltd.
Furthermore, the Long-Term ICR of “bbb-” of Greenlight Capital
Re, Ltd. (Cayman Islands) [NASDAQ: GLRE] remains unaffected as
well since the last rating review, which took place on Nov. 3,
2016. The outlook of these Credit Ratings (ratings) remains
stable.
At the current rating level, A.M. Best is comfortable with
regard to the transitional CEO and management’s continued view that
the recent novation of construction defect contracts addresses
earnings volatility associated with the underwriting portion of the
business. A.M. Best will continue to monitor Greenlight Re as it
moves toward selecting permanent leadership and the next chapter
for the organization.
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.
A.M. Best is the world’s oldest and most authoritative
insurance rating and information source. For more information,
visit www.ambest.com.
Copyright © 2016 by A.M. Best Rating
Services, Inc. and/or its subsidiaries. ALL RIGHTS
RESERVED.
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version on businesswire.com: http://www.businesswire.com/news/home/20161219005723/en/
A.M. BestGreg Reisner, +1-908-439-2200, ext.
5224Directorgreg.reisner@ambest.comorRobert DeRose,
+1-908-439-2200, ext. 5453Senior Directorrobert.derose@ambest.comorChristopher
Sharkey, +1-908-439-2200, ext. 5159Manager, Public
Relationschristopher.sharkey@ambest.comorJim Peavy,
+1-908-439-2200, ext. 5644Director, Public
Relationsjames.peavy@ambest.com
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