12 July 2017Insurance

Greenlight Re seals $1.1 bn quota share reinsurance deal with Windhaven

Miami-based personal lines insurer Windhaven Insurance said July 11 that it sealed a multi-year $1.1 billion premium capacity quota share transaction with Greenlight Re.

Cayman Island's-based specialty property/casualty reinsurer Greenlight Re will assume a substantial portion of Windhaven’s increased written premium capacity of more than $1 billion over a two-year term.

Windhaven Insurance CEO Jimmy Whited said the deal will enable Windhaven to continue its expansion into new states, offer additional products and grow its digital distribution network.

"Digital products like 'clutchinsurance' -- built by ClutchAnalytics -- have become valuable assets to our independent agents," said Whited. "The continuation of our agreement with Greenlight will allow us to grow the local agent channel with new partners and products sold in unique ways, both online and in-store."

Windhaven Insurance has written more than $1 billion in auto insurance premiums since its founding more than a decade ago.

Brendan Barry, chief underwriting officer of Greenlight Re, commented: "We are delighted to continue, and to have broadened, our long-standing relationship with Windhaven via reinsurance and capital support."

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21 February 2018   Cayman Islands-based Greenlight Re reported a loss for the fourth quarter of 2017, driven primarily by reserve strengthening and an investment loss.
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1 August 2017   Greenlight Capital Re has appointed Hope Schefler Taitz to its board of directors as an independent director. The appointment increases the board size from eight directors to nine.
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