Tuesday, 26 May 2015
Last updated 3 days ago
Nov 27 2013 | 10:59am ET
Hedge funds are set to launch more reinsurers in Bermuda in the wake of Third Point Re's successful initial public offering.
Hedge fund-backed reinsurers were the talk of last week's Ernst & Young Hedge Fund Symposium in Bermuda. The accounting firm's Jessel Mendes told the assembled that there was a "good feeling" about the industry's growth potential, while ILS Capital Management's Don Kramer said it was "very possible" that other hedge funds and asset managers would join Third Point, Paulson & Co. and SAC Capital Advisors in setting up reinsurance businesses.
Reinsurers serve as a kind of permanent capital for hedge funds, with the companies investing their premiums with their hedge-fund sponsor.
"In six months to a year, I expect to see another couple of asset managers starting up reinsurance companies, and there are a number of others in the pipeline," E&Y's Craig Redcliffe told The Royal Gazette.
"The big thing is that everyone understands the importance of the asset management industry to Bermuda and the ILS opportunities for Bermuda," Mendes added. "It's a joint effort involving the government, the regulator and the industry."
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…