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Bart Hedges, CEO of hedge-fund reinsurer Greenlight Capital Re.

It’s easy, and perhaps even commonplace, to label anything in the reinsurance industry with the words “hedge fund” attached to it as “alternative capital” and categorize it in the same bucket as every other new-capital approach. But just as traditional reinsurers employ a number of different strategies when they do business, so too do players backed by capital from non-traditional sources.

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