Deals
Paulson Reinsurer Lags Peers in Sales in First Year
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Billionaire John Paulson’s Bermuda venture, which positions its owners to avoid taxes on hedge fund earnings by routing money through a reinsurer, sold about 3 percent as much coverage as competitors in its first year.
Pacre Ltd., set up by top executives at Paulson’s New York hedge fund firm, collected about $11 million of premiums in the year ended March 31, or 2.3 percent of shareholders’ equity, according to results released last week. The average ratio for 13 publicly traded Bermuda reinsurers is about 68 percent.