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SAC Capital Advisors’ Reinsurance Company Expands Property Unit

Nov. 1 (Bloomberg) -- SAC Re Holdings Ltd., the reinsurance company started by hedge-fund manager Steven A. Cohen this year, hired four people to build up its property reinsurance, finance and risk-management teams.

SAC Re hired Kathleen Reardon from ACE Tempest Re Bermuda to serve as chief underwriting officer for property, the company said today in a statement from Hamilton, Bermuda. Tim Duffin, hired as a senior vice president and underwriter for the property reinsurance group, will report to Reardon. He worked most recently for Platinum Underwriters Bermuda Ltd., where he was a property reinsurance underwriter.

“We are delighted to have Kathleen on board to lead our property reinsurance team going into the January renewal season,” said Simon Burton, chief executive officer of SAC Re. “Her strong analytical background and deep market knowledge will be instrumental in building our property reinsurance business.”

Sac Re focuses on high-margin catastrophe coverage and casualty protection. Cohen’s SAC Capital Advisors LP joins hedge funds run by Daniel Loeb and David Einhorn, which have entered the reinsurance business to secure more permanent capital for that isn’t subject to frequent investor withdrawals.

The company also hired Vanessa Hardy Pickering as group controller and Susan Smith as a senior risk analyst, according to the statement.

To contact the reporter on this story: Saumya Vaishampayan in New York at svaishampaya@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

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