Greenlight Capital Re hires new CEO

Cayman Islands-based specialist property/casualty reinsurer Greenlight Capital Re said on June 2 that it has hired Simon Burton to become its new CEO, effective July 1, 2017.

Burton will succeed Leonard Goldberg, who will step down as interim CEO while remaining a member of the company’s board of directors. Burton will also be appointed to the company’s board of directors.

“Following a comprehensive search process, we identified Simon as the clear choice to bring Greenlight Re to its next phase of growth,” said David Einhorn, chairman of the board of directors of Greenlight Re.

“Given his more than 20 years of insurance and reinsurance experience, and his proven track record building profitable underwriting platforms, Simon will be a terrific leader for our team,” Einhorn noted.

Burton previously served as CEO of SAC Re from its inception until its sale to Hamilton Insurance Group, where he was responsible, among other things, for building the company’s global reinsurance portfolio, which supported the material growth in book value. Prior to SAC Re, Burton served in a variety of roles at Lancashire Group, including deputy CEO and CEO of the company’s Bermuda subsidiary.

“I am very excited to be joining Greenlight Re and am appreciative of David and the Board for this opportunity,” Burton said. “Greenlight Re has tremendous talent and an excellent platform. I am looking forward to leading the company to profitably grow the business and help maximize shareholder value over the long term.”

Greenlight Re returned to profitability in 2016 as its CEO said it had resolved several problematic legacy contracts and continued to grow and diversify its underwriting portfolio.

The company made a net profit of $44.8 million in 2016, a big improvement on the loss of $326.4 million it made in 2015.