Greenlight Capital Re, known informally as Greenlight Re, is losing its chief operating officer after he joined the company less than a year ago.
The specialist property/casualty reinsurer disclosed that Michael Belfatti would be stepping down as of Sept. 1, 2018, due to personal reasons.
No further explanation was given, though Greenlight Re, which is based in the Cayman Islands and Ireland, issued short statements from both CEO Simon Burton and Belfatti himself.
Burton wished Belfatti “all the best in his future endeavors” and thanked him for his contributions.
Belfatti, in turn, said this: “I am proud of our accomplishments during my tenure with Greenlight Re. I wish the company and team much success.”
Belfatti, when he joined a year ago, was the first person hired for the newly-created chief operating officer role at the company. He was given a wide range of responsibilities, overseeing pricing, actuarial and risk management functions, and also spearheading data collection, analytics and technology efforts.
Burton touted Belfatti’s 20-plus-years of reinsurance and insurance industry experience, including as an industry innovation consultant. He’s also a veteran executive who has held executive vice president/chief actuary positions at both Endurance Holdings Ltd. and Validus Holdings Ltd.
Launched in 2004, Greenlight Re reported a $142.8 million loss in the 2018 first quarter, versus $8.4 million in net income during the same period a year ago, due in part to a $145.2 million net investment loss. During the quarter, Greenlight Re booked $175.1 million in gross written premiums, down from $197.2 million in the 2017 first quarter.
Source: Greenlight Re