Hedge Funds

Soros and HBK back new reinsurer

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Soros Fund Management and HBK Investments have joined other big U.S. hedge funds, including Moore Capital Management, in jumping into the reinsurance business - but, unlike Moore, they will not run any of the new venture's assets.

Glacier Re of Switzerland will begin underwriting catastrophe reinsurance, aerospace, war and terrorism, European property and casualty and marine and energy liabilities on January 1, using $300 million of capital put up mostly by the hedge funds. Benfield Investment Group, a unit of reinsurance broker Benfield Group of London, also holds a 10% stake in Glacier.

Separately, David Einhorn's Greenlight Capital