Hedge fund backed reinsurance firm Greenlight Re has created the role of Chief Operating Officer for its latest hire, Michael Belfatti, who joins the David Einhorn backed reinsurer following a career that involved senior roles at both Endurance and Validus.
Belfatti joins Cayman Islands headquartered Greenlight Capital Re in this newly created position of Chief Operating Officer as of September 1st 2017 and will report directly to Greenlight Re CEO Simon Burton.
The COO role will put Belfatti in charge of overseeing the reinsurers pricing, actuarial and risk management functions, and he will lead data collection, analytics and technology efforts across the firm. He will also help to develop and execute Greenlight Re’s overall strategy, as a member of the senior leadership team.
“We are delighted to have Mike join the Greenlight Re team,” commented Burton. “I have followed Mike’s career closely over the past 15 years and he is one of the most capable people I know. Mike’s extensive experience overseeing reinsurance pricing and risk management, and his deep knowledge of data analytics innovation, make him an ideal fit for our long-term goals.”
Belfatti has more than 20 years of insurance and reinsurance and insurance industry experience. During his career he held the roles of Executive Vice President and Chief Actuary at leading re/insurers Endurance Holdings Ltd. and Validus Holdings Ltd. Before that he worked in the Tillinghast Business of Towers Perrin and at ACE Financial Solutions.
Most recently he founded and was CEO of M. J. Belfatti & Company, a consultancy focused on insurance innovation, mergers and acquisitions, and other operational and analytical projects.
“I am excited to be joining Simon and the Greenlight Re team,” Belfatti said. “The agile nature of Greenlight Re offers a unique opportunity to respond to changing risks and technologies in an efficient and innovative fashion. I look forward to contributing to the Company’s market leadership and success in maximizing shareholder value over the long term.”
Greenlight Re has been strengthening its team in recent months, following a period when its results have underperformed. The addition of senior industry expertise will be seen positively by its shareholders, as the company looks to grow its portfolio and so the investment float managed by David Einhorn in his Greenlight Capital hedge fund.