The credit ratings of Greenlight Capital Re, Ltd . GLRE and its units have been kept unaltered by A.M. Best, following the company's recent announcement regarding the change of chief executive officer (CEO) at the company. The Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of Greenlight Reinsurance, Ltd. and its affiliate Greenlight Reinsurance Ireland, remain unchanged at "a-". The rating giant also reiterated the Long-Term ICR of "bbb-" of Greenlight Capital Re, Ltd. The outlook for all the ratings remained stable.
Recently, Greenlight Capital announced that on Mar 31, 2017, Barton Hedges will step down from the position of CEO as well as quit the company's board. Leonard Goldberg, former CFO and board member, will become interim CFO till a new successor is found.
Last month, A.M. Best had downgraded the FSR and Long-Term ICR of Greenlight Capital and its units due to less favorable underwriting results in the last few years. Though the insurer and its affiliates have taken actions to strengthen their underwriting results, A.M. Best noted that the current market environment will continue to present challenges. The credit rating giant also expects volatile investment results.
Greenlight Capital presently carries Zacks Rank #2 (Buy). Shares of Greenlight Capital gained more than 26% year to date, outperforming the Zacks categorized Property, Casualty and Title Insurance industry's increase of 21 .7%. The Zacks Consensus Estimate has also been moving north over the last 60 days.
Stocks to Consider
Investors interested in property and casualty insurance industry can look at Alleghany Corporation Y , NMI Holdings, Inc. NMIH and Arch Capital Group Ltd. ACGL . Each of these stocks sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here .
Alleghany Corporation deals in P&C reinsurance and insurance businesses in the United States and internationally. The company delivered positive surprises in three of the last four quarters with an average beat of 20.52%.
NMI Holdings offers private mortgage guaranty insurance services in the United States. The company delivered positive surprises in all of the last four quarters with an average beat of 62.80%.
Arch Capital offers property, casualty, and mortgage insurance and reinsurance products worldwide. It delivered positive surprises in all of the last four quarters with an average beat of 9.27%.
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GREENLIGHT CAP (GLRE): Free Stock Analysis Report
ALLEGHANY CORP (Y): Free Stock Analysis Report
ARCH CAP GP LTD (ACGL): Free Stock Analysis Report
NMI HOLDINGS-A (NMIH): Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
