Hedge Funds

Magnetar hires Andrew Sterge for reinsurance


Magnetar Capital, the $3 billion multistrategy firm founded by Alec Litowitz and Ross Laser, has expanded into the reinsurance arena and hired Andrew Sterge, the former chairman and chief executive of Cooper Neff Group, to head the new initiative.

Magnetar launched Pulsar Re, a Bermuda-based reinsurance company, earlier this year. "The reinsurance markets appear to me to be a wide-open frontier to apply the types of models and methodologies from quantitative finance that have proved so successful in the traditional capital markets and their derivatives," said Sterge.

Sterge joins the firm as a member of the management committee and