Sandell Asset control Corp., the activist hedge-fund company
run through Tom Sandell, commenced a Bermuda-based reinsurer to guide its
making an investment method.
Sandell Re will rely on the hedge fund to oversee the
reinsurer’s property, the the big apple-based totally firm stated Thursday in a
announcement.
“We have been evaluating reinsurance opportunities for
several years and accept as true with this offers a completely unique permanent
capital vehicle for the firm,” Tom Sandell, fifty four, said inside the
declaration.
Sandell joins hedge-fund managers David Einhorn and Daniel
Loeb in organising offshore reinsurers, which offer them get admission to to
greater lengthy-term cash to make investments. Reinsurers expect dangers from
primary insurers and make investments premium revenue earlier than claims come
due.
Sandell based the fund in 1998 and utilizes an event-driven
investing method just like Loeb’s third point. It has about $1 billion in
assets below control, in line with someone familiar with the matter, who asked
now not to be identified due to the fact the records isn’t public.
The fund has bought shares in groups inclusive of restaurant
chain Bob Evans Farms Inc. and pipeline operator SemGroup Corp. and driven for
board modifications and spinoffs.
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