Best Sees no Change to Greenlight Re’s Ratings with New CEO

A.M. Best Co. has commented that the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating of “a-” of Cayman Islands-based Greenlight Reinsurance, Ltd. are unchanged after announcement of a change in top management. The outlook for both ratings is stable.

Best said it believes that “any potential concerns regarding the recent management change announced by Greenlight Re are mitigated by the depth of experience and continuity of the management team.”

“Bart Hedges, who will succeed Len Goldberg as CEO of Greenlight Re, has been with the company since January 2006 and currently is president and chief underwriting officer,” said Best. “Goldberg, who retires as Greenlight Re’s CEO, effective Aug. 15, 2011, will remain a board member of Greenlight Re and Greenlight Reinsurance Ireland Ltd.”

Source: A.M. Best