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Alternative Market Briefing

Two Sigma and Hamilton Insurance buy SAC Capital’s Reinsurance unit

Monday, December 16, 2013

Precy Dumlao, Opalesque Asia:

Two Sigma and Hamilton Reinsurance Group have formed a partnership to acquire SAC Capital’s reinsurance unit, clearing the way for the Steven Cohen’s once $15bn hedge fund to convert into a family office, various media reported.

According to the New York Times, former Ace and Marsh & McLennan CEO Brian Duperreault of privately-held firm Hamilton and Two Sigma, are close to finalizing a deal with SAC Capital before the end of this month to acquire SAC Re.

After a final deal is closed, the company will be renamed Hamilton Re. Details of the deal are still unclear.

The decision to sell SAC Re was part of the guilty plea entered by Cohen in November to securities fraud charges with the Securities and Exchange Commission in which he agreed to pay $1.2bn in penalty and stop managing money for outside investors.

Cohen was not personally charged in any insider trading case but has since been returning money to investors. However, he is still expected to manage about $9bn representing his personal wealth and convert his hedge fund into a family office.

In another report, Bloomberg quoted Duperreault as commenting on Two Sigma, the quantitative hedge fund with an estimated $16bn in asset, "Th......................

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