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Hedge funds’ interest in reinsurance roils markets

Pensions & Investments – A small increase in allocations from institutional investors — mostly through hedge funds — is playing havoc with the property-catastrophe reinsurance markets.

“Fifteen years ago, the catastrophic reinsurance market was close to 100% dominated by traditional reinsurance companies, like Berkshire Hathaway Inc.,” said John Lummis, CEO of AQR Re Ltd., Hamilton, Bermuda. AQR Re is the reinsurance affiliate of alternative investment manager AQR Capital Management LLC, Greenwich, Conn.

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