(Reuters) – A group of investors led by insurance-industry veteran Brian Duperreault struck a deal to buy billionaire trader Steven A. Cohen's SAC Capital Advisors LP's reinsurance business.
The deal for Bermuda-based SAC Re Ltd. is expected to close in December, a spokesman representing Duperreault and the investor group said on Monday, declining to specify terms. SAC Re will be renamed Hamilton Re upon the deal's closing, with Duperreault becoming chief executive officer.
The sale of SAC Re, which began operations in 2012 with $500 million in capital from Cohen, Capital Z Partners and other investors, had been expected.
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