(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.
SAC pleaded guilty in November to insider trading, accepting responsibility for criminal behavior by at least six of its employees. That admission could cost the firm $1.8 billion in civil and criminal penalties. A federal judge still needs to approve SAC Capital's criminal guilty plea.
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