- After about six and a half years in the position
- Praise, thanks and good wishes for Burton
- Greg Richardson taking over
(exechange) — Grand Cayman, Cayman Islands, November 7, 2023 — Simon Burton, chief executive of Greenlight Re, leaves his position. As announced by Greenlight Capital Re Ltd. in a news release on Tuesday, November 7, 2023, Simon Burton leaves his post as chief executive officer at the multiline property and casualty insurer and reinsurer, after about six and a half years in the role, effective December 31, 2023.
Generally speaking, it raises questions when a CEO leaves his post at short notice.
Simon Burton’s duties as CEO will be taken over by Greg Richardson, most recently Chief Risk and Strategy Officer at TransRe.
The fact that Simon Burton’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
No reason given
In the announcement, Greenlight Re did not explicitly explain the reason for the move.
Precise information regarding Simon Burton’s future plans was not immediately available.
The news follows a report that Greenlight Re was looking to replace Burton.
On October 24, 2023, coverager.com had reported: “A source familiar with Greenlight Re has shared that the board is looking to replace CEO Simon Burton, who joined the company in 2017. The search didn’t proceed quietly or as planned, as we have learned about it.”
Greenlight Re said: “Simon Burton, the Company’s Chief Executive Officer, has informed the Board of Directors of his intention to depart from the Company and step down as a director, effective as of December 31, 2023.”
Share price increase since November 2022
The announcement follows an increase in Greenlight Capital Re Ltd.’s share price of 36% since November 2022.
In the position of CEO since 2017
Simon Burton became CEO of the Company in 2017.
Burton will serve as an advisor and provide transitional services through April 2024.
Burton has served as Chief Executive Officer since July 2017 and was also appointed as the Chief Underwriting Officer of the Company and Greenlight Re, from September 4, 2020 to October 5, 2022.
From June 2014 until his appointment as the Company’s Chief Executive Officer, Burton participated in a variety of entrepreneurial efforts in the reinsurance and insurance industry.
From July 2012 to June 2014, Burton served as Chief Executive Officer and director of S.A.C. Re, Ltd., or SAC Re, from its inception until its sale to Hamilton Insurance Group, Ltd., where he was responsible, among other things, for building the company’s global reinsurance portfolio.
From June 2010 to July 2012, Burton was involved in the strategic planning, capital raising and formation of SAC Re.
Prior to SAC Re, from January 2007 to June 2010, Burton served in a variety of roles at Lancashire Group, including Deputy Chief Executive Officer and Chief Executive Officer of the company’s Bermuda subsidiary.
Burton also spent 10 years at Financial Solutions International, an underwriting division of ACE Limited, where he eventually rose to the role of President.
Burton received his Bachelor of Science degree in Mathematics from Imperial College, London University.
No statement by Simon Burton
In the release announcing his departure as CEO of Greenlight Capital Re Ltd., Simon Burton received praise, thanks and good wishes.
The announcement of his departure as CEO does not include a statement by Simon Burton.
Push-out Score for Simon Burton’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Simon Burton was pushed out or felt pressure to leave his position.
exechange reached out to Greenlight Re and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 46.2023 ($).