Greenlight Capital Re CEO Bart Hedges leaves

  • Signs for push-out forces
  • After almost six years on the job
  • Thanks and good wishes for Hedges
  • Len Goldberg taking over in the interim
  • Search for a successor

(management-change.com) — Grand Cayman, Cayman Islands, December 19, 2016 — Bart Hedges, chief executive of Greenlight Capital Re, leaves. As announced by Greenlight Capital Re, Ltd. on Monday, December 19, 2016, Barton (Bart) Hedges leaves the post as Chief Executive Officer at the specialist property and casualty reinsurance company in a surprising move after almost six years on the job, effective March 31, 2017.

Greenlight Capital Re will undertake a search for a successor.

Hedges’ duties are taken over in the interim by Len Goldberg, a former Chief Executive Officer at Greenlight Capital Re, Ltd.

Already a director

Goldberg is already a director of Greenlight Capital Re.

No reason given

In the announcement, Greenlight Capital Re did not explicitly explain the reason for Hedges’ move, leaving room for speculation.

“The Company further announced that it is not aware of any circumstance or event that will have a material adverse impact on the Company’s operations or financial position,” Greenlight Capital Re said.

“Stepping down”

Greenlight Capital Re said: “Barton Hedges will be stepping down as Chief Executive Officer of the Company as of March 31, 2017”.

Precise information about the future plans of Hedges was not immediately available.

Chaired by David Einhorn

Greenlight Capital Re, Ltd. is chaired by David Einhorn.

Einhorn has been a director of the Board since July 2004 and Chairman of the Board since August 6, 2004. Einhorn co-founded, and has served as the President of, Greenlight Capital, Inc., since January 1996.

On the job as CEO since 2011

Hedges has been the Chief Executive Officer of Greenlight Capital Re, Ltd. since August 15, 2011, and has been its Interim Chief Actuarial Officer since August 31, 2016.

Hedges has also served as a director of GRIL since 2011.

Hedges previously served as President and Chief Underwriting Officer of Greenlight Re from January 2006 to August 2011.

Hedges has over 20 years of experience in the property and casualty insurance/reinsurance industry.

Prior to joining Greenlight Re, Hedges served as President and Chief Operating Officer of Platinum Underwriters Bermuda, Ltd., a property, casualty and finite risk reinsurer from July 2002 until December 2005, where he was responsible for the initial start-up of the company and managed the company’s day-to-day operations.

Hedges’ previous experience includes serving as executive vice president and Chief Operating Officer of Bermuda-based Scandinavian Re and actuarial consultant at Tillinghast-Towers Perrin.

Hedges received his B.S. in Mathematics, Computer Science Concentration, from Towson State University in 1987 and is a Fellow of the Casualty Actuarial Society and a member of the American Academy of Actuaries.

Hedges will also step down from the Company’s board of directors.

Unexpected

As a general rule, when a top leader announces to step aside with no permanent successor available, it is a sign that the change was unexpected and too early.

Generally speaking, potential causes for an unexpected management change can be, among others, disagreement, urgent family reasons or surprising new career opportunities.

Signs for push-out forces

It is not completely certain what forces eventually triggered Bart Hedges’ move.

The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.

Read the full story in the management-change.com report 48.2016 ($).