Greenlight Re commences underwriting at Lloyd’s through Syndicate 3456
GRAND CAYMAN, Cayman Islands – April 20, 2022 : Greenlight Re, part of Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”), has received Lloyd’s approval for syndicate 3456 to commence underwriting, effective April 1st, 2022. Greenlight Innovation Syndicate 3456 was launched under the Syndicate in a box (“SIAB”) model and has appointed Andy Gladwin as Active Underwriter. The syndicate will provide insurance capacity to insurtechs, within Greenlight Re’s growing portfolio of insurtech partnerships.
Simon Burton, Chief Executive Officer at Greenlight Re, said, “I am delighted that Greenlight Innovation Syndicate 3456 has commenced underwriting. Our Innovations unit is central to the Company’s strategy, and the syndicate will help us support our existing partnerships as well as grow our insurtech portfolio. I would like to thank Asta, our managing agent, for their assistance in getting the Syndicate up and running.”
Julian Tighe, Chief Executive Officer at Asta, added, “We are pleased that Greenlight Innovation Syndicate 3456 has received Lloyd’s approval to start underwriting so quickly. Greenlight Re’s focus on insurtech fits well with Lloyd’s focus on innovation. This Syndicate highlights the flexibility and strength of the SIAB framework, which provides a swift and efficient route for aspiring new entrants into Lloyd’s.”
About Greenlight Capital Re, Ltd.
Greenlight Re (www.greenlightre.com) provides multi-line property and casualty reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. In 2018, the Company launched its Greenlight Re Innovations unit, which supports technology innovators in the (re)insurance space by providing investment, risk capacity, and access to a broad insurance network.
