SAC Moves Into Reinsurance Realm With $500M In Capital

Law360, New York (July 10, 2012, 5:16 PM EDT) -- Billionaire Steven A. Cohen, the founder of hedge fund giant SAC Capital Advisors LP, has started a reinsurance company with $500 million of contributed capital, according to a statement released Monday.

SAC Re Ltd. commenced operations with capital raised in a private placement of the equity securities of its parent SAC Re Holdings Ltd., according to the statement, with founding investors including Cohen and New York City-based Capital Z Partners III LP. The company said it will target a mix of high margin property catastrophe and...
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