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Alternative Market Briefing

Ernest & Young sees more hedge funds backing reinsurers

Wednesday, November 27, 2013

Komfie Manalo, Opalesque Asia:

Ernest & Young Bermuda partner Craig Redcliffe said he said he expected more hedge funds would back reinsurance companies in Bermuda to boost their performance, and to emulate successes by Third Point Re, SAC Capital Re and PaCRe.

Speaking after the EY Hedge Fund Symposium last week held at the Harbourview Ballroom at the Fairmont Hamilton Princess that was attended by at least 200 industry professionals, Redcliffe told the Royal Gazette, that he believed that hedge fund-backed reinsurers would enjoy robust expansion in the coming months and years.

"In six months to a year I expect to see another couple of asset managers starting up reinsurance companies and there are a number of others in the pipeline," Redcliffe told the Gazette.

According to Redcliffe, the success of Third Point Re in its stock market flotation in August last year, sparked the interest to the strategy to a higher level. Third Point Re’s initial public offering, that was backed by Dan Loeb and reinsurance veteran John Berger, saw its shares sold at $12.50. The share closed above $17, more than 36% higher on Monday’s trading.

A BlackRock commissioned survey by the Economist Intelligence Unit of more than 200 insurers around the world......................

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