Top executives exit Greenlight Re in leadership shake-up

Hedge fund-backed specialist property/casualty reinsurer Greenlight Capital Re has unveiled a series of management changes, in a move aimed at positioning the business for the "improving market conditions".

The move has led to the departure of its chief financial officer (CFO) Tim Courtis, as well as chief underwriting officer (CUO) Brendan Barry. Both the executives have resigned. Greenlight Re’s chief executive officer Simon Burton will now also serve as the company's CUO. Neil Greenspan will become CFO, and Faramarz Romer will serve as chief accounting officer and treasurer.

Greenspan has served as chief accounting officer of the company since December 2018. He has over 20 years of reinsurance and insurance industry experience including roles as the senior vice president, financial reporting of the Validus Group, the chief accounting officer of the Montpelier Group, and in a senior finance position at ACE Financial Solutions International.

Burton said: “I am pleased to announce this significant refresh of the management team, as we position ourselves for the rapidly improving market conditions ahead. Neil is a deeply experienced reinsurance professional with extensive industry knowledge and Faramarz’s technical accounting and regulatory expertise is exceptionally strong. We expect a smooth transition, as both Neil and Faramarz are already engaged with our strategic efforts and have abundant institutional knowledge as long-term employees of the Company. I thank Brendan and Tim for their service and wish them the best in their future endeavors.”

David Einhorn, chairman of the board of directors of the company, added: “I am excited as Simon leads Greenlight Re strategically and operationally through our next stage. I have worked with Tim and Brendan for 14 years and thank them for their dedicated work and contributions.”