OLDWICK, N.J.--(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.
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