Minnesota-based hedge fund firm Pine River Capital Management is looking to raise up to $750 million to launch a reinsurance company.
Insurance Journal reported that Pine River is seeking $500 million to $750 million for Bermuda-based Pine River Re, which will be headed by former Endurance Specialty Holdings president Bill Jewett.
Pine River is the latest hedge fund to start a reinsurance firm in recent years in an effort to raise funds that are subject to less to investor redemption. Reinsurance companies, which help insurers shoulder risk, earn premiums that they often invest with their founders’ hedge- fund firms.
With additional offices around the world, including New York, Hong Kong and London, Pine River manages about $9.5 billion in assets.