Greenlight Re unveils new innovation unit under COO

Cayman Islands-based Greenlight Capital Re has launched its new innovation unit, headed by chief operating officer Michael Belfatti.

The unit will use technology, data and new risk transfer delivery mechanisms to improve the products and services available to Greenlight Re’s insurance company clients.

“New technologies are emerging almost on a daily basis that will transform the way companies do business and individuals live their lives,” said Belfatti. “Individuals and companies understand that these technologies and data sources should be used to improve lives and businesses, not just benefit service providers.

"We are eager to collaborate with and invest in technology innovators to create a next-generation of risk management products and services that our customers value.”

Simon Burton, Greenlight Re’s chief executive officer, said: “Technology and innovation are at the heart of Greenlight Re’s strategy for future growth. We are nimble enough to quickly develop and bring to market risk products that are efficient and beneficial. Our strategy will allow us to maximize on the changing landscape of opportunities from technological innovation, while avoiding large, permanent teams of resources that undermine the benefits available to our customers.”

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