hedge fund News

Friday Afternoon Scam Cost Hedge Fund $1.2 Million – and CFO’s Job

The finance chief at Fortelus Capital Management LLP got an alarming phone call just as he was getting ready to leave work on a Friday. The caller said he was from Coutts, the London-based hedge fund’s bank, and warned there …

PartnerRe Board Slammed by Activist Hedge Fund for Rejecting EXOR Bid

Sandell Asset Management Corp., the activist hedge-fund firm run by Tom Sandell, said PartnerRe Ltd. directors hurt shareholders by pushing a merger with AXIS Capital Holdings Ltd. rather than talks with a hostile bidder. “We will not hesitate to exercise …

A.M. Best Affirms Ratings of Third Point Reinsurance & Subsidiaries

A.M. Best has affirmed the financial strength rating (FSR) of A- (Excellent) and the issuer credit rating (ICR) of “a-” of Third Point Reinsurance Company Ltd. (TPRCL) (Bermuda) and Third Point Reinsurance (USA) Ltd. (TPRUSA) (Bermuda). A.M. Best also has …

Third Point Re Says It’s a Real Insurer as IRS Weighs Tightening Tax Rules

Third Point Reinsurance Ltd., which counts Dan Loeb as a founder, said it’s more than just a hedge fund investing vehicle as the Internal Revenue Service weighs tightening regulation for offshore companies. “Anyone that spent a day in our office …

Hedge Fund, Sandell Asset Management, Forms Bermuda Reinsurer

Sandell Asset Management Corp., the activist hedge-fund firm run by Tom Sandell, started a Bermuda-based reinsurer to support its investing strategy. Sandell Re will rely on the hedge fund to oversee the reinsurer’s assets, the New York-based firm said Thursday …

Asia’s Top-Performing Hedge Fund Bullish About China Insurers

Asia’s top-performing hedge fund is holding on to yuan shares of Chinese insurance and utilities companies, even after the Shanghai Composite Index surged 53 percent in 2014. Monetary easing in China will help bolster investment-linked insurance sales and make the …

D.E. Shaw-Backed James River Seen as Takeover Target After IPO

James River Group Holdings Ltd. could be a takeover target after hedge fund firm D.E. Shaw took the insurer public, according to an analyst at BMO Capital Markets. The insurer will probably post increases in premium revenue because of its …

Hedge Fund Guru Cohen to Set up Reinsurance Business

Steven A. Cohen, who built one of the world’s biggest and most successful hedge funds, is branching out and plans to set up his own reinsurance firm, two people familiar with the matter said. Cohen, who runs $14 billion SAC …