WEST PALM BEACH, FL (www.HedgeCo.Net) – Soros Fund Management, operated by billionaire investor George Soros, has teamed up with HBK Investments to start the new Glacier Re, the new business is aimedat underwriting business risks. According to the report, Soros owns 90% of the company, the rest of the company is owned by U.K.-based reinsurance broker Benfield Group, and catastrophe reinsurancebusiness Ace Tempest Re.<\/p>\n
Maurice Greenberg, chief executive of American International Group AIG said Hedge funds are expected to become a significant source of capital.\u00c3\u00af\u00c2\u00bf\u00c2\u00bd Reinsurance represents a new and interesting source for hedge fund returns, particularly in light of current difficulties in the equity markets. Reinsurance business is uncorrelated with equity and debt markets and may help provide alternative sources of income.<\/p>\n
According to published reports, \u00c3\u00af\u00c2\u00bf\u00c2\u00bdNephila Capital and BNP Paribas’ CooperNeff began investing in and trading catastrophe bonds in the late 1990s\u00c3\u00af\u00c2\u00bf\u00c2\u00bd. Also Ken Griffin’s $10 billion, Chicago-based hedge fund firm Citadel Investment Group has set up a dedicated reinsurance unit. These new trends suggest that hedge funds are looking to get more active in the Reinsurance business. Both Soros Fund Management and Citadel and HBK declined to make statements.<\/p>\n
Paul Oranika
Editor-in-Chief
HedgeCo.Net
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