Greenlight Capital Re Ltd., the Cayman Islands-based specialist property and casualty reinsurance company, announced that Barton Hedges will be stepping down as chief executive officer on March 31, 2017. Hedges will also step down from the company’s board of directors.
Leonard Goldberg, the company’s former chief executive officer and current member of the board, will become interim CEO in order to ensure a smooth transition until a new CEO has been retained.
“On behalf of the board, I want to thank Mr. Hedges for his contributions to GLRE over the last 11 years,” said David Einhorn, chairman of the board. “We would like to thank him for his efforts in implementing GLRE’s strategy and developing a talented, experienced team. We wish him all the best in his future endeavors.”
“I am proud of our accomplishments during my tenure with GLRE’s management team and as a member of the board. I wish the company and my long-time colleagues continued success,” said Hedges.
“We are confident that we have a strong platform to continue building upon. As we actively conduct the search for a new CEO, the team and I will continue our pursuit of a differentiated insurance and investment strategy designed to maximize returns over the long term,” said Goldberg.
A.M. Best commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of the company and its subsidiaries are unaffected by the announcement of the March 2017 departure of Hedges.
Source: Greenlight Capital Re and A.M. Best
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