Greenlight Re expecting claims losses following Russian invasion
Cayman Islands-based reinsurer Greenlight Re expects to suffer unspecified losses on its specialty book following the Russian invasion of Ukraine.
"The war will likely present us with loss exposures on our specialty book," chief executive officer Simon Burton (pictured) told his company's fourth quarter investor call.
"We have received no specific information on damage to insured assets and no claim notices so we have not yet developed an estimate of losses incurred," he said.
Exposure does not appear to come from direct relationships with Russian clients and "the impact of the sanctions on our premium volume is likely to be minor," Burton said.
Greenlight Re does not have any direct relationships with Russian insurers, brokers or any other Russian companies or individuals," Burton said.
Greenlight Re may be comparatively "well positioned" for spill-over effects from the conflict on the investment side, chairman David Einhorn suggested. The group had bet against some of the more speculative market-favored stocks and had long since positioned for higher inflation, he hinted.
"With a relatively tight position and pro-inflation posture - we are reasonably well positioned at the outset of the conflict," Einhorn said.
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze