Greenlight Capital Re Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”), a specialist property and casualty reinsurance company headquartered in the Cayman Islands, has announced it is making an investment in AccuRisk Solutions LLC (“AccuRisk”).
Image: Greenlight Re announces investment in AccuRisk Solutions. Photo: Courtesy of Stuart Miles/FreeDigitalPhotos.net.
The investment will enable AccuRisk, a Chicago, Illinois-based managing general underwriter (MGU) focused on employee and health insurance benefits, to expand quickly through a series of strategic acquisitions in North America.
Greenlight Re made an initial investment in AccuRisk in 2017, and the latest investment has resulted in Greenlight becoming the largest shareholder in AccuRisk. In addition to providing capital for AccuRisk’s expansion plans, Greenlight Re, through its subsidiaries, reinsures business produced by AccuRisk.
Founded in February 2017, AccuRisk provides healthcare and employee benefits to a range of insurance partners. AccuRisk now has 38 employees and annual premium of US$70m.
“We are delighted to partner with a technology-driven and fast-growing MGU which is focused in a market where we see real growth opportunities. AccuRisk has a strong pipeline of acquisition targets, and we look forward to supporting them in their strategic growth plans.” said Greenlight Re Chief Executive Officer Simon Burton.
“Greenlight Re has been a valued strategic and reinsurance partner since our inception and we are pleased to have them increase their equity position in the company and provide our next tranche of growth capital. There are numerous opportunities in the healthcare space for acquisitions and to implement innovative technologies and this capital infusion will allow us to execute with respect to both.” said AccuRisk President and Chief Executive Officer Daniel Boisvert.
Source: Company Press Release