Greenlight Capital Re, Ltd .'s GLRE subsidiary - Greenlight Reinsurance Ireland, dac - recently inked a deal with Kattan Associates Limited. Per the agreement, Kattan Associates, on behalf of Greenlight Capital, will develop business opportunities in the European and Asian markets for the company as well as its subsidiaries.
This agreement indicates Greenlight Re Ireland's efforts to widen its international presence. This apart, the transaction will help the company to diversify its underwriting portfolio. Also, Greenlight Re Ireland will leverage Kattan Associates' capabilities to benefit from the attractive business opportunities in the region.
Not only will Kattan Associates create profitable underwriting opportunities for Greenlight Re Ireland, but will also be poised to benefit substantially from the deal. The association with Greenlight Re Ireland will help Kattan Associates gain from the underwriting expertise of the former, in turn, allowing it to expand its European and Asian footprint.
Greenlight Capital remains focused on streamlining its operations. Earlier, the company had exited from construction defects and thus, has no considerable exposure to underperforming business for the first time in several years.
GREENLIGHT CAP Price
The Zacks Consensus Estimate has been revised downward over the last 60 days due to absence of any near-term catalysts. Also, the company had missed expectations in the last reported quarter. We expect the company's efforts to strengthen its profile will induce analysts to raise estimates, leading to a possible rank upgrade.
Zacks Rank and Stocks to Consider
Greenlight Capital currently carries a Zacks Rank #5 (Strong Sell). Some better-ranked property and casualty insurers include Allied World Assurance Company Holdings, AG AWH , National Interstate Corporation NATL and NMI Holdings, Inc. NMIH . All these sport Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here
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