DUBLIN, Ireland, March 12, 2012 (GLOBE NEWSWIRE) -- Greenlight Reinsurance Ireland, Ltd., a subsidiary of Greenlight Capital Re, Ltd. (Nasdaq:GLRE), a specialist property and casualty reinsurer, today announced the appointment of Caryl J. Traynor as General Manager effective June 1, 2012. Mr. Traynor will help drive the growth and expansion of Greenlight Re Ireland, working from the company's Dublin office, to build the business in the United Kingdom and across Europe and recruit experienced staff.
"Caryl is an important addition in our effort to expand Greenlight Re Ireland and realize opportunities to build long term reinsurance relationships during this challenging time for European markets," said Bart Hedges, Chief Executive Officer of Greenlight Capital Re. "We believe his extensive management and underwriting experience in the European market during a variety of market cycles makes him the right person to lead our operation."
"I am very excited to be joining the Greenlight Re team and I look forward to the challenge of continuing to establish the presence of Greenlight Re Ireland and to executing the company's strategy of developing long term reinsurance relationships with partners in the UK and Europe," Mr. Traynor stated. "Greenlight Re Ireland is in a strong position, and I see many opportunities for growth in the UK and European markets. I look forward to finding ways to take advantage of those opportunities to grow our business."
Subject to customary regulatory approvals, Mr. Traynor will join Greenlight Re Ireland from the Canopius Group, where he served as Chief Executive Officer of Canopius Ireland Limited for the past four years. In his previous role, he was responsible for establishing a new office in Ireland and creating a market profile and presence in a market segment where the company had not previously participated. Prior to that, Mr. Traynor was a Director at GE Insurance Solutions/Swiss Re where he underwrote reinsurance business in the London, Europe, U.S. and Bermuda markets. He has previously held various management and underwriting positions at Aachen Management Services, Enan & Co/EW Blanch and QBE Europe. He holds degrees as an Associate of Reinsurance (ARe), Associate of the Chartered Insurance Institute (ACII) and a BA in Insurance Specialization from the University of Limerick.
Mr. Traynor will lead the growth of the Greenlight Re Ireland platform in conjunction with David Maguire, who had been Interim General Manager and will now focus on the underwriting business.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. Federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on behalf of the Company. These risks and uncertainties include the impact of general economic conditions and conditions affecting the insurance and reinsurance industry, the adequacy of our reserves, our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market fluctuations, trends in insured and paid losses, catastrophes, regulatory and legal uncertainties and other factors described in our annual report on Form 10-K filed with the Securities Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Greenlight Capital Re, Ltd.
Greenlight Re (www.greenlightre.ky) is a specialist property and casualty reinsurance company based in the Cayman Islands and Ireland. The Company provides a variety of custom-tailored reinsurance solutions to the insurance, risk retention group, captive and financial marketplaces. Established in 2004, Greenlight Re selectively offers customized reinsurance solutions in markets where capacity and alternatives are limited. With a focus on deriving superior returns from both sides of the balance sheet, Greenlight Re's assets are managed according to a value-oriented equity-focused strategy that complements the Company's business goal of long-term growth in book value per share.
The Greenlight Capital Re logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5571