Hedge fund reinsurer news

Total assets under management at AlphaCat Managers Ltd., the ILS focused unit of reinsurance group Validus, have reached $1.88 billion according to the reinsurers results, but performance for the unit was hit by investment losses at hedge fund reinsurance joint-venture PaCRe Ltd.

Rating agency A.M. Best has placed hedge fund strategy reinsurance firm PaCRe Ltd’s rating under review with negative implications due to a shortfall in performance, compared to its business plan, caused by poor investment returns.

Hedge fund strategy reinsurance group Third Point Re has launched a debt offering the proceeds of which will be used to partially finance the capitalisation of its new U.S. subsidiary Third Point Reinsurance (USA) Ltd.

Bermuda-based hedge fund strategy reinsurer Third Point Re is getting closer to being able to start its awaited U.S. reinsurance operations, as the companies it has set up to begin writing U.S. business are now rated by A.M. Best.

Bermuda domiciled specialty excess and surplus lines insurance firm James River Group Holdings Ltd., has a hedge fund pedigree and employs an investment strategy that sees it allocate assets to alternative investments, but it is no hedge fund the firm insists.

Bermuda-based hedge fund strategy reinsurer Third Point Re has hired experienced executives Thomas Wafer and Jonathan Norton to help it establish and manage a new reinsurance subsidiary with an office in the United States.

Bermuda domiciled hedge fund style reinsurance and hybrid investment platform Till Capital Ltd. intends to pursue a listing on a U.S. securities exchange, as it seeks to increase the visibility and liquidity of its shares.

Aon Insurance Managers, the insurance and reinsurance broker’s unit that provides management and administration services for insurance, reinsurance, ILS and captive vehicles and structures, is working with Credit Suisse Asset Management’s (CSAM) Kelvin Re.

The attention being paid to the hedge fund reinsurance business model and the fact that others are now looking to leverage bits of it within their own strategies, is validating for reinsurer Greenlight Capital Re, according to CEO Bart Hedges.

Multi-Strat Re Ltd., the Bermuda based reinsurance venture that seeks to enable asset managers, such as hedge fund managers, to enter the market with less friction, has added another asset manager to its ranks in Crabel Capital Management LLC.