U.S. insurers for a fourth straight year reduced their hedge fund investments, to $12 billion in 2019 from $25 billion in 2015.

According to a report by A.M. Best Company, hedge fund holdings went from 1,500 positions to about 900.

Only 10% of A.M.Best's rated universe invests in hedge funds. Long/short equity dropped by $2 billion and multi-strategy dropped b