Pine River rumoured to be mulling start-up

Pine River Capital Management, the $14.3 billion hedge-fund firm, is reported to be looking to raise up to $750 million to capitalise a new Bermuda-based reinsurer called Pine River Re.

The start-up would be led by Bill Jewett, a former president of insurer Endurance Specialty Holdings, according to reports.

If the deal comes to pass, Pine River Capital would become the latest hedge fund to move into the reinsurance space in recent years. Its interest in the space was first indicated last year when it hired Albert Selius, an ILS expert who previously worked at Swiss Re and UBS. Pine River had also been cited as a potential buyer for SAC Re.