Greenlight Re strikes deal to grow in Europe and Asia

by Artemis on September 9, 2016

Greenlight Re, the Cayman Islands and Ireland based investment-oriented reinsurance firm which is backed by hedge fund manager David Einhorn, is looking for risk sourcing opportunities in Europe and Asia, striking a partnership to help it expand.

The firms Irish subsidiary Greenlight Reinsurance Ireland, dac, has entered into an agreement with risk and reinsurance consultancy Kattan Associates Limited, which will see the firm developing new business opportunities in the European and Asian reinsurance markets, on behalf of Greenlight Re and its subsidiaries.

“This is an important step for Greenlight Re Ireland as we continue to expand our global footprint and further diversify our underwriting portfolio,” explained Brendan Barry, Chief Underwriting Officer of Greenlight Re. “We believe that the extensive experience and relationships that Kattan Associates brings to the insurance industry will provide an excellent network for Greenlight Re to access attractive business.”

Kattan Associates is owned by Habib Kattan, a reinsurance sector veteran, having spent forty years working in insurance broking and underwriting. Most recently Kattan was the Group Head of Ceded Reinsurance and Credit Control at Tokio Marine Kiln.

“I am delighted that Greenlight Re has become a client of Kattan Associates and I look forward to generating profitable underwriting opportunities to expand its client base and underwriting portfolio in Europe and Asia,” Kattan said.  “Our relationship combines the skilled underwriting and execution of Greenlight Re with the deep client knowledge and relationships of Kattan Associates.”

Hedge fund backed reinsurance firms have suffered over the last year due to financial market volatility, with the bigger bets they take on the investment side hurting results through some quarters. But the strategy to build increasing volumes of float remains and Greenlight Re is clearly seeking to expand its ability to grow its investments through greater underwriting focus in Europe and Asian markets.

This new arrangement will help Greenlight Re to acquire reinsurance business it may have found more challenging to access previously, with the goals being increased diversification of its underwritten portfolio and growth of the premium float for Einhorn to invest in his hedge fund strategy.

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