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Member, Beacon International Group, Ltd.
Barton Hedges, CEO of Greenlight Capital Re Ltd., will be stepping down as CEO and a member of the company’s board of directors as of March 31.
Former CEO Leonard Goldberg, who is also a current member of the board, will become interim CEO of the Cayman Islands-based reinsurer until a new CEO has been hired, the company said Monday in a statement.
"We are confident that we have a strong platform to continue building upon,” Mr. Goldberg said in the statement. “As we actively conduct the search for a new CEO, the team and I will continue our pursuit of a differentiated insurance and investment strategy designed to maximize returns over the long term."
Mr. Hedges was previously president and chief underwriting officer of Greenlight Re since January 2006 before being elevated to the CEO role in August 2011. Prior to joining Greenlight Re, he was president and chief operating officer of Pembroke, Bermuda-based Platinum Underwriters Bermuda Ltd. from July 2002 until December 2005.
It is unclear whether Mr. Hedges will be moving on to another company, but David Einhorn, chairman of the Greenlight board, thanked him for his efforts in implementing the company’s strategy and “developing a talented, experienced team.”
“We wish him all the best in his future endeavors,” he said.
The company it is not aware of any circumstance or event that will have a material adverse impact on its operations or financial position, according to the release.
Insurer Global Indemnity P.L.C. is looking to re-domicile from Ireland to the Cayman Islands, reported Cayman Compass.