Greenlight Re seals $1.1 bn quota share reinsurance deal with Windhaven
Miami-based personal lines insurer Windhaven Insurance said July 11 that it sealed a multi-year $1.1 billion premium capacity quota share transaction with Greenlight Re.
Cayman Island's-based specialty property/casualty reinsurer Greenlight Re will assume a substantial portion of Windhaven’s increased written premium capacity of more than $1 billion over a two-year term.
Windhaven Insurance CEO Jimmy Whited said the deal will enable Windhaven to continue its expansion into new states, offer additional products and grow its digital distribution network.
"Digital products like 'clutchinsurance' -- built by ClutchAnalytics -- have become valuable assets to our independent agents," said Whited. "The continuation of our agreement with Greenlight will allow us to grow the local agent channel with new partners and products sold in unique ways, both online and in-store."
Windhaven Insurance has written more than $1 billion in auto insurance premiums since its founding more than a decade ago.
Brendan Barry, chief underwriting officer of Greenlight Re, commented: "We are delighted to continue, and to have broadened, our long-standing relationship with Windhaven via reinsurance and capital support."
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