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Last updated 16 hours ago
Oct 28 2011 | 12:36pm ET
SAC Capital Advisors will join Greenlight Capital and Third Point in the reinsurance business.
The Stamford, Conn.-based hedge fund giant's founder, Steven Cohen, has told clients the firm will launch a Bermuda-based reinsurer next year. Cohen said he hopes to raise $500 million for SAC Re, all of which will be invested in SAC funds, Reuters reports.
SAC Re will focus on both property in disaster-prone areas and casualty.
Cohen's move follows that of Third Point's Daniel Loeb, who raised $500 million for his own reinsurance firm earlier this year. Loeb's friend David Einhorn has been in the reinsurance business for some seven years, having launched Greenlight Capital Re in 2004.
Cohen has hired Simon Burton to lead SAC Re. Burton is the former deputy CEO of Lancashire Holdings and CEO of Lancashire Insurance Co.