UBS O’Connor LLC, the $6 billion hedge-fund unit within Switzerland’s biggest bank, will manage money for a new Bermuda-based reinsurance company formed by insurer Enstar Group Ltd.
Aligned Re Ltd. is expected to be funded by third-party capital along with investments from the Enstar, which recently contributed $100 million, according to a regulatory filing Thursday from the insurer. The new venture will assume some of Enstar’s risks.
