SAC Plans Reinsurer, To Seek $500 Million

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.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...