Pine River Capital Management’s planned reinsurance business has filled out its top ranks.
The Bermuda-based company, Pine River Re, is expected to name Ken LeStrange its chairman, The Insurance Insider reports. LeStrange was chairman of SAC Re, SAC Capital Advisors’ reinsurance unit, until that hedge fund was forced to sell the company following its guilty plea to insider-trading charges. Pine River was said to be in the running to buy SAC Re, which ultimately went to Two Sigma Investments and was renamed Hamilton Re.
LeStrange is also the former CEO of Endurance Specialty Holdings, whose former president, Bill Jewett, is to be Pine River Re’s CEO.
Pine River hopes to raise between US$500 million and US$750 million for the reinsurer, which will invest its premiums with the New York-based hedge fund.