hedge fund

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.

Insurance-linked securities (ILS) funds enjoyed their highest November returns since 2007, according to the Eurekahedge ILS Advisers Index. Early estimates put full year 2013 performance of the ILS fund index at 7.52%.

Bermuda-based provider of property and casualty reinsurance Third Point Reinsurance Ltd., which is backed by hedge fund manager Dan Loeb’s Third Point LLC, has announced the appointment of Mark Parkin as Chairman of its Audit Committee.

When KKR & Co. L.P. (Kohlberg Kravis Roberts) acquired a 25% stake in the largest asset manager in the insurance-linked securities (ILS) and reinsurance sector, Nephila Capital, it was clear this was good for Nephila and it’s also proving very good for KKR.

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.

Bermuda-based provider of property and casualty reinsurance Third Point Reinsurance Ltd., backed by hedge fund manager Dan Loeb’s Third Point LLC, has hired Nicholas Campbell as Senior Vice President, Underwriting.

The largest institutional asset manager in the ILS and catastrophe reinsurance-linked investment sector, Nephila Capital, has today named Adam Beatty as the Active Underwriter for its Lloyd’s of London syndicate 2357, as from 1st January 2014.

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.

The average return of the ILS fund market, as measured by the Eurekahedge ILS Advisers Index, was actually above average for the month of October, after one fund revised its numbers on an improved outlook regarding potential losses from European windstorm Christian.