SAC’s Cohen Joins Loeb Starting Reinsurer for Capital
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Steven A. Cohen, the billionaire founder of SAC Capital Advisors LP, started a reinsurance company that can invest in his hedge fund, following Daniel Loeb and David Einhorn in entering the business to secure more permanent capital.
SAC Re Holdings Ltd. is being run by Simon Burton and will focus on high-margin catastrophe coverage and casualty protection, the Bermuda-based company said in a statement today. The company’s investments will be managed by SAC Capital, which oversees about $14 billion out of Stamford, Connecticut.