Early trading today has seen Greenlight Capital Re Ltd. (NASDAQ: GLRE) shares getting traction.
The previous session ended at $8.76 with GLRE stock up 1.51%. There were 86317.0 shares of Greenlight Re stock traded on Tuesday, a volume which is less than the 0.18 million average daily volume for the past 3 months. Also, there are currently 37.98 million shares outstanding and the company’s market value stands at $303.27 million.
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Why the GLRE stock has been surging?
NASDAQ-listed Greenlight Re owns the specialist property and casualty reinsurance subsidiaries in the Caymans and Ireland. In the insurance, reinsurance, and other risk markets, GLRE offers risk management and risk control products and solutions.
GLRE focuses on serving the needs of clients and brokers who demand our expertise, services, and analytics. Greenlight Re employs an equity-focused value approach to manage its assets, with a goal of maximizing book value per share while maintaining profitability on both sides of the balance sheet.
Greenlight Re in a press release this morning has announced that its subsidiary Greenlight Re Innovations (GRI) has invested in TradeCrediTech Ltd. (“Nimbla”).
- Digital Underwriter start-up Nimbla is based in London and specializes in credit insurance for small and medium-sized enterprises (SME).
- With API integration capabilities, Nimbla is a technology-centric, highly-automated MGA that can connect to the vast array of SME financing platforms in place today.
- Because of the integration, Nimbla can issue credit insurance as an instant quote and binding contract on a single invoice, serving an underserved market within the existing workflow.
- Nimbla can price insurance dynamically according to the credit risk level of a SME based on the analysis done in real-time about that SME.
What will GLRE get out of this?
The trade-credit underwriting process which protects companies in today’s challenging economic environment has now been made simpler, less laborious, and more accurate than ever thanks to Nimbla’s revolutionizing technology. And Greenlight Re (GLRE) would receive accelerated growth from such investments.