Tuesday, 31 March 2015
Last updated 12 hours ago
Jul 10 2012 | 10:24am ET
SAC Capital Advisors is officially in the reinsurance business.
SAC Re Holdings said it began operations yesterday with $500 million in initial capital, from founding investors including SAC founder Steven Cohen and private equity firm Capital Z Partners, among others.
Bermuda-based SAC Re won an A-minus rating from insurance ratings agency A.M. Best. The firm, which will offer high-margin property catastrophe and low-severity casuality reinsurance, is led by Simon Burton, formerly CEO of Lancashire Holdings and Lancashire Insurance Co. Burton is an investor in the new firm.
Cohen told clients late last year that he planned to follow in the footsteps of Greenlight Capital and Third Point, both of which have reinsurance arms. Like both of those firms, he plans to invest SAC Re's premiums in his hedge funds.
SAC Re has been fundraising since last year and closed the effort this weekend, The Wall Street Journal reports.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…