(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.
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