Greenlight Capital Re, Ltd. GLRE has recently unveiled an innovation unit, Greenlight Re Innovations, which will likely help it provide much more improved products and services to its clients as well as the underlying businesses. With this newly launched unit, the property and casualty (P&C) insurer is expected to boost its product and service portfolio and amp up the overall efficiency.
Greenlight Re Innovations and its Impact
The new innovation unit will be resorting to technology, data and new risk transfer delivery methods to improve the quality and efficiency of Greenlight Capital’s products and services. With this, it will ensure raising the standard and effectiveness of risk management techniques. Thus, the unit will be able to attain its primary goal of lending support to commerce and personal health and welfare. As a result, a more holistic risk management approach and practice will be implemented to integrate readiness, leading-edge technologies for prevention as well as post-loss mitigation along with risk finance.
Greenlight Re Innovations addresses the growing need for better suited products and services in the rapidly-changing environment of fast-paced innovative products and services. Moreover, the P&C insurer acknowledges the importance of technological advancements, which in turn generate increasing sources of data. The main agenda of Greenlight Capital is to capitalize on such developments and data sources by creating and introducing effective and beneficial market risk products. This in turn will allow the company to avoid large, permanent teams of resources undermining the benefits available to the clients.
Greenlight Capital operates as a specialist property and casualty reinsurance company, offering customized reinsurance solutions to insurance, risk retention clients as well as catering to captive and financial marketplaces. This latest innovation unit, projected to help bolstering the service and product portfolio of the insurer, will enable it to improve its overall performance and accelerate the growth pace in the near term.
Zacks Rank and Share Price Movement
Greenlight Capital carries a Zacks Rank #5 (Strong Sell). Shares of the company have underperformed the industry year to date. The stock has lost 18.9% versus the industry’s increase of 2.8%. However, we expect premium growth, strategic initiatives and a solid capital position to turn the stock around in the near term.
Stocks to Consider
Some better-ranked stocks from the insurance industry are NMI Holdings, Inc. NMIH, Alleghany Corporation Y and American Financial Group, Inc. AFG, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
NMI Holdings offers private mortgage guaranty insurance services in the United States. The company delivered positive surprises in two of the last four quarters with an average beat of 16.15%.
Alleghany Corporation provides property and casualty reinsurance and insurance products in the United States and internationally. The company came up with positive surprises in two of the last four quarters with an average beat of 2.91%.
American Financial provides property and casualty insurance products in the United States. The company pulled off positive surprises in all the trailing four quarters with an average beat of 26.31%.
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Greenlight Reinsurance, Ltd. (GLRE) : Free Stock Analysis Report
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