Greenlight Capital Re, Ltd., the Cayman Islands-headquartered reinsurer, announced it has decided to continue with its existing business plan after completing a strategic review of transaction alternatives.

Following a recommendation made by a special committee composed of independent directors, the board of directors determined that “stockholder value is likely to be better enhanced on a standalone basis than by pursuing a transaction with a third party,” said the company in a statement.

The board conducted the review with the assistance of Credit Suisse Securities (USA) LLC.

Greenlight Capital Re announced on May 31, 2019 that it had partially de-risked its investment portfolio and commenced a strategic review as a result of A.M. Best’s decision to revise the outlook of the company’s financial strength rating of ‘A-‘ from “stable” to “negative.”

Source: Greenlight Re