A.M. Best Co. confirmed that the financial strength rating of “A-” (Excellent) and the issuer credit rating of “a-” of Cayman Islands-based Greenlight Reinsurance Ltd. will remain unchanged following the closing of its initial public offering and private sale on May 30, 2007 (See IJ web site May 25, 31).
Best noted that Greenlight Capital Re “raised $258 million from its IPO of 11,787,500 Class A Ordinary Shares and simultaneous issuance via private sale of 2,631,579 Class B Ordinary Shares priced at $19.00 per share.
“Management asserts that substantially all of the proceeds from the IPO and simultaneously executed private sale will be used to increase underwriting capacity within the guidelines of the original business plan and its tenets.”
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