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| Ex-MMC CEO Duperreault to lead former SAC reinsurance unit. |
Two veteran insurance executives have found it hard to say good-bye to their industry connections and are launching new ventures in the reinsurance industry intensifying competition.
Former Marsh & McLennan Companies Chief Executive Officer Brian Duperreault is leading a group of investors to purchase the Bermuda-based operations of SAC Capitol Advisors LP, SAC Re. Terms of the deal were not disclosed. Bloomberg said the sale by SAC comes in the wake of an agreement with federal prosecutors to pay $1.8 billion in fines to avoid criminal charges over allegations of insider trading.
Duperreault was quoted saying he looked forward to working with hedge fund partner Two Sigma Investments LLC.
On the reinsurance brokering side of the business, Grahame Chilton, the co-founder of Benfield, now owned by Aon, and renamed Aon Benfield, has severed ties and will launch a new reinsurance brokerage firm with rival broker Arthur J. Gallagher. The Telegraph says Chilton will reveal the new venture Thursday.
The competitive nature of the reinsurance market is highlighted by the continued growth in capacity fueled by catastrophe bonds and other alternative risk retention vehicles, according to Guy Carpenter's mid-year market report. Obviously, there are some well experienced executives out there who believe this end of the industry continues to be a good bet.
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