SAC Re

Hamilton Insurance Group, the holding company for Bermudian asset management backed reinsurer Hamilton Re, announced three promotions at the reinsurer yesterday, including the promotion of Kathleen Reardon to CEO of Hamilton Re.

Hamilton Insurance Group, the holding company for Bermudian asset management backed reinsurer Hamilton Re, has promoted Peter Skerlj to the role of Chief Risk Officer, Hamilton Re.

Another high-profile name from the insurance and reinsurance industry has joined Hamilton Insurance Group, the holding company for recently established Bermudian reinsurer Hamilton Re, which was formed after it acquired hedge fund backed SAC Re.

Hamilton Insurance Group, the holding company for the newly established Bermudian reinsurer Hamilton Re, which was formed after it acquired hedge fund backed SAC Re, has named ex-Citigroup chief Sanford I. “Sandy” Weill as Chairman of its Board.

The acquisition of SAC Re, the hedge fund style reinsurer which was launched by hedge fund manager Steven A. Cohen and his firm SAC Capital, has completed in time for the January renewals with a group of investors led by industry veteran Brian Duperreault no taking control.

Ratings agency A.M. Best said that it will keep the financial strength and issuer credit ratings of hedge fund backed reinsurer SAC Re under review with negative implications until the deal announced on Monday closes and the reinsurer becomes Hamilton Re.

SAC Re, the hedge fund style reinsurer which was launched by hedge fund manager Steven A. Cohen and his firm SAC Capital, is to be sold to a group of investors led by industry veteran Brian Duperreault and the reinsurer will be renamed Hamilton Re.

Two Sigma Investments, a technology and data driven hedge fund and investments firm, is reported to be the front running candidate to buy hedge fund manager Steven A. Cohen’s firm SAC Capital’s stake in its year old reinsurer SAC Re.

According to numerous reports in the press, SAC Capital, the embattled hedge fund owned by Steven A. Cohen, is looking for a buyer for its year old reinsurer SAC Re, as the hedge fund continues to fight insider trading charges.

SAC Re, the Bermuda based Class 4 reinsurance company backed by Steven A. Cohen, billionaire hedge fund manager and founder of the beleaguered hedge fund SAC Capital Advisors LP, has officially had its financial strength and issuer credit ratings placed under review with negative implications by A.M. Best.