New hedge-fund backed reinsurer launched on Bermuda
A new hedge-fund backed reinsurer has been launched on Bermuda. Sandell Re, a Class 3A reinsurer, is sponsored by Sandell Asset Management and will operate using the Multi-Strat Re platform.
Sandell Asset Management will invest the assets of Sandell Re in its global event driven investment strategy. The assets will be managed in a separately managed account but the investment objective will be substantially similar to Sandell Asset Management’s main hedge funds.
MultiStrat Re is a Bermuda specialty reinsurer designed specifically to launch and grow new sponsored reinsurance companies.
“We have been evaluating reinsurance opportunities for several years and believe this offers a unique permanent capital vehicle for the firm,” said Tom Sandell, chief executive of Sandell Asset Management.
“Our goals remain aligned with our investors and we are committed to offering the best possible products and services to our clients. Reinsurance will provide one more option moving forward.”
Bob Forness, chief executive of MultiStrat Re, added: “We are excited to welcome Sandell Re to the MultiStrat platform and look forward to supporting the growth of the company through our focus on specialty underwriting.
“Sandell Re is the fifth reinsurer to join the platform and the first for 2015.”
