The acquisition of Connecticut-based SAC Capital’s reinsurance unit has been completed.
Hamilton Insurance Group announced in a statement Monday that SAC Re has been renamed Hamilton Re as part of the deal.
Hamilton Re chief executive officer Brian Duperreault explained that the newly-acquired firm will bring a “strong foundation of large data analytics, research, and fully-integrated technology” to the insurance industry.
According to an earlier eVestment article, Connecticut-based SAC Capital has been considering selling the reinsurance unit as the firm undergoes its insider trading probe by the U.S. government. SAC, which admitted to insider trading in November, was charged with wire fraud and four counts of securities fraud for allegedly allowing insider trading to go unchecked from 1999 through at least 2010. The Securities and Exchange Commission also charged Cohen for failing to prevent insider trading at his firm.
SAC Re had $567.8 million in assets at the end of 2012.