(Bloomberg) — BlackRock Inc., the world's largest money manager, and Evan Greenberg's Ace Ltd. are forming a reinsurance venture that is seeking to raise $800 million to $1.3 billion.
The business is named ABR Reinsurance Capital Holdings Ltd. and is based in Bermuda, according to in a regulatory filing Thursday from the company.
Money managers are pushing into reinsurance to expand the pool of funds that they oversee and to diversify into investments that aren't correlated with stock or bond markets. While primary carriers often turn to reinsurers to share the largest risks, Greenberg has said Wall Street offers an alternative partner.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
