{"id":9079,"date":"2008-11-10T00:00:00","date_gmt":"2008-11-10T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"hedge-fund-closes-bermuda-reinsurer","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/11\/2008\/hedge-fund-closes-bermuda-reinsurer.html","title":{"rendered":"Hedge fund closes Bermuda reinsurer"},"content":{"rendered":"<p>Caribbean Net News &#8211; Citadel Investment Group, one of the world&#8217;s biggest hedge funds, is closing down a Bermuda reinsurer it formed in 2004, according to a source familiar with the matter. <\/p>\n<p>Citadel, which manages roughly $18 billion, thought it had a winning business plan with CIG Re because it was fully collateralized, giving the insured certainty their claims would be paid if catastrophe struck. <\/p>\n<p>It is unwinding the reinsurer, according to this person, because the company&#8217;s cost of capital is too high. The reinsurer, which does not have a financial strength rating, has also had a hard time competing with rivals who do. <\/p>\n<p>The Chicago-based firm formed the property-catastrophe reinsurer, CIG Reinsurance Ltd, four years ago because it saw reinsurance as uncorrelated with its other investment strategies. <\/p>\n<p><a href=\"http:\/\/www.hedgeco.net\/news\/news_land.php?i=http:\/\/www.caribbeannetnews.com\/news-12076--28-28--.html\" target=\"_blank\"><strong>Read Complete Article<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Caribbean Net News &#8211; Citadel Investment Group, one of the world&#8217;s biggest hedge funds, is closing down a Bermuda reinsurer it formed in 2004, according to a source familiar with the matter. Citadel, which manages roughly $18 billion, thought it [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[828,52,2354,2752,3626,435],"class_list":["post-9079","post","type-post","status-publish","format-standard","hentry","category-syndicated","tag-backlash","tag-extensive-network","tag-fame","tag-gulf-coast","tag-probation","tag-settlement-system"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/9079","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=9079"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/9079\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=9079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=9079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=9079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}