Greenlight Capital Re, Ltd. Launches Greenlight Re Innovations, its New Innovation Unit; Michael Belfatti as Head of Greenlight Re Innovations
March 06, 2018 at 08:00 am
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Greenlight Capital Re, Ltd. announced the launch of Greenlight Re Innovations, its new innovation unit. Greenlight Re Innovations will use technology, data and new risk transfer delivery mechanisms to improve the products and services available to Greenlight Re's insurance company clients, as well as to underlying individuals and businesses. By partnering with technology and risk enterprises to maximize the quality and efficiency of risk management methods, the innovation unit will seek to deliver on its central mission of supporting commerce and personal health and welfare. In doing so, Greenlight Re Innovations will implement a more holistic risk management approach that incorporates preparedness, technologies for prevention, and post-loss mitigation as well as risk finance. Greenlight Re's innovation strategy recognizes that technology is advancing at a rapid pace, generating ever-growing sources of data. These data sources capture valuable information that can improve risk management for the benefit of businesses and individuals, but are often viewed as a one-way avenue for insurer profits.
The unit will be headed by Greenlight Re's Chief Operating Officer Michael Belfatti.
Greenlight Capital Re, Ltd. provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd's platform, Greenlight Innovation Syndicate 3456. Its property business covers personal lines, commercial lines exposures and automobile physical damage. The property business includes both catastrophe and non-catastrophe coverage. Its casualty business covers general liability, motor liability, professional liability, and workers compensation exposures. The Company's multi-line business includes the Funds at Lloyd's business. Its other business covers accident and health, financial (including transactional liability, mortgage insurance, surety, and trade credit), marine, energy, as well as other specialty business, such as aviation, crop, cyber, political, and terrorism exposures. Its subsidiaries include Greenlight Reinsurance, Ltd., Greenlight Re Marketing (UK) Limited, and others.