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Alternative Market Briefing

Asset managers who want to set up their own reinsurance company need an education

Monday, July 07, 2014

Bob Forness
Benedicte Gravrand, Opalesque Geneva:

Hedge funds are increasingly investing in the reinsurance business as a means for innovation and diversification. Before, they usually invested in reinsurers through sidecars or buying equity. But more recently, managers have been launching reinsurance businesses themselves, wrote Ernst &Young in a paper last year.

Over the last two or three years, start-up reinsurers such as Dan Loeb’s Third Point Reinsurance Ltd., Steven Cohen’s S.A.C. Re Holdings, Ltd., David Einhorn’s Greenlight Capital Re Ltd., John Paulson’s PaCRe Ltd., and Cliff Asness’ AQR Re were all formed with an underlying hedge fund sponsor playing a pivotal role in the formation.

Third Point Re went public last year with a successful launch on the NYSE and it was reported afterwards that a number of hedge funds, including Searchlight Capital and Pine River, were looking to enter the reinsurance sector too.

Equity investment manager Hyaline......................

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