Monday, 30 March 2015
Last updated 6 hours ago
Oct 17 2013 | 2:50pm ET
Quantitative hedge fund Two Sigma Investments is the likely buyer of SAC Capital Advisors' reinsurance business.
The New York-based firm is in exclusive negotiations with SAC over the hedge fund's stake in SAC Re, Insurance Insider reports. Under the deal, the Bermuda-based reinsurer would invest its premiums in Two Sigma funds, as it currently does with SAC, giving Two Sigma a source of permanent capital.
According to Insurance Insider, former Marsh & McLennan CEO Brian Duperreault is involved in the discussions, although it is unclear whether he is merely advising Two Sigma or whether he would be involved in the business after a deal.
SAC is moving to sell or close its year-old reinsurer after being hit with criminal insider-trading charges. The hedge fund informally approached several firms about buying SAC Re; it is unclear whether Two Sigma was among them. SAC, firm founder Steven Cohen and private-equity firm Capital Z Partners set up the reinsurer last summer with $500 million in initial capital.
SAC is currently in talks to settle the insider-trading charges; any deal with prosecutors would likely see the firm barred from managing outside capital, such as SAC Re's.
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…