The reinsurer states its ’placing technology and innovation at the heart of its growth strategy’

Greenlight Re has launched an innovation unit according to reports today. The unit, Greenlight Re Innovations, will use technology and data to inform product development.

The firm, headquartered in the Cayman Islands, has put data capture and analysis at the heart of its innovation strategy. The unit will be headed by Greenlight Re chief operating officer Michael Belfatti.

Outlining the firm’s intention to work with technology individuals and firms, Belfatti said: “We are eager to collaborate with and invest in technology innovators to create a next-generation of risk management products and services that our customers value.”

Greenlight Re chief executive Simon Burton added: “Technology and innovation are at the heart of Greenlight Re’s strategy for future growth. We are nimble enough to quickly develop and bring to market risk products that are efficient and beneficial.”

He said: “Our strategy will allow us to maximize on the changing landscape of opportunities from technological innovation, while avoiding large, permanent teams of resources that undermine the benefits available to our customers.”