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UBS O'Connor Joins Enstar, Extending Hedge Fund Push to Bermuda

  • Hedge fund will manage money for reinsurer formed by Enstar
  • Enstar's Nicholas Packer named CEO of new Aligned Re venture

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.