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Hedge Funds Getting Burned in Offshore Insurance

The Street – After earning Wall Street fame for making billions by buying protection against the U.S. subprime mortgage market, John Paulson’s newest foray into the world of insurance is off to a loss-making start as the hedge fund manager bleeds red ink from the shores of Bermuda.

In April, Paulson’s struggling hedge fund Paulson & Co. teamed Validus Holdings on a $500 million-plus joint investment to create PaCRe, a Bermuda-based reinsurance company with policies underwritten by Validus and an investment portfolio managed by Paulson & Co.

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