One former member of Bermuda’s reinsurance community is to replace another at the helm of Greenlight Capital Re, the Cayman Islands-based multi-line property and casualty insurer and reinsurer.

Former Harbor Point Re chief underwriting officer Greg Richardson is to take over as chief executive officer on January 1, succeeding former Sac Re chief executive officer Simon Burton, who is to depart the company and step down as a director effective December 31.

Mr Richardson will join the company’s board of directors. The company said Mr Burton will serve as an adviser and provide transitional services through April 2024.

In Bermuda, Mr Burton also worked at Lancashire Insurance Group as deputy CEO, and at Ace Insurance as president, Financial Solutions International.

He has been chief executive of Greenlight since mid-2017. Mr Richardson previously served as chief risk and strategy officer at TransRe from 2014 to 2023.

Prior to that, he held strategic planning and underwriting roles and served as chief underwriting officer at Harbor Point Re, which merged with Max Re Capital to form Alterra Re, from 2006 to 2013.

David Einhorn, chairman of the board of directors at Greenlight Re, said: “Greg’s deep expertise in the industry and experience in a number of underwriting and strategic positions makes him uniquely suited for the chief executive officer role at Greenlight Re.

“I am confident the team will capitalise on our significant growth opportunities with Greg at the helm.

“Greg is an exceptional leader, and the board and I believe he is the right person to guide Greenlight Re through our next chapter.”

Mr Einhorn added: “On behalf of the board, I want to thank Simon for his leadership and dedication throughout his tenure at the company.

“We are grateful for all he has done for Greenlight Re and wish him well in all of his future endeavours.

“We look forward to building on everything we have accomplished during Simon’s tenure, as the opportunities that lie ahead appear more promising than ever given the favourable reinsurance environment.”