Evan Greenberg, who built one of the worlds largest insurers by combining Ace Ltd. and Chubb Corp. this year, sought to portray the merged company as a more stable alternative than hobbled rivals who are seeking to rebound.

Third Point said in a letter to shareholders last month that the quarter was one of the most catastrophic periods for hedge funds since the firm was founded.

Greenlight Capital Re Ltd. posted a quarterly profit for the first time since 2014 on a rebound in the reinsurers investment portfolio.

Property and casualty coverage income slipped 38% to $720 million.

Warren Buffett, who built Berkshire Hathaway Inc. by reinvesting premiums from insurance units, said low bond yields have hurt the prospects of that strategy.

AIG agreed to join with Hamilton Insurance Group and the Two Sigma Investments hedge fund firm to start a business focusing on coverage for small- to medium-sized enterprises.

Travelers Cos. said first-quarter profit slipped 17% as catastrophe costs climbed and investment income dropped on lower hedge fund returns.

The compensation included a $2.45 million bonus and more than $6 million in stock and option awards, up from $2.2 million a year earlier.