Citadel To Close Bermuda Reinsurer

Nov 11 2008 | 5:40am ET

Citadel Investment Group is closing one of its two reinsurers, after it proved less profitable than the Chicago hedge fund giant had hoped.

Citadel founded CIG Reinsurance in 2004. The firm is pulling the plug because the Bermuda-based property-catastropher reinsurer has had difficulty competing with rivals due to its lack of a financial strength rating, and because its cost of capital is too high, Reuters reports.

Another Citadel reinsurance venture, New Castle Reinsurance, founded a year after CIG Re, will remain open.


In Depth

PAAMCO: Will Inflation Deflate the Asset Bubble?

Jan 30 2018 | 9:49pm ET

As the U.S. shifts from monetary stimulus to fiscal stimulus, market pricing should...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Boost Hedge Fund Marketing ROI By Raising Your ROO

Feb 14 2018 | 9:57pm ET

Tasked with delivering returns on client capital, a common dilemma for many alternative...

 

FINalternatives Trending

From the current issue of