Hamilton Insurance Group Ltd. has completed its acquisition of S.A.C. Re, Ltd., a property/casualty reinsurer, and that the acquired company is being renamed Hamilton Re Ltd.
"The Hamilton Re team looks forward to bringing a fresh approach to insurance and reinsurance, one based not just on world-class underwriting, but also a strong foundation of large data analytics, research, and fully integrated technology,” said Brian Duperreault, Hamilton Re's CEO.
In early December, Hamilton Insurance entered an agreement to purchase the Bermuda-based operation. At the time Duperreault told Bloomberg the company will focus on catastrophe risks and will seek opportunities in other types of coverage. It partnered with Two Sigma Investments LLC, the quantitative hedge fund-firm with about $16 billion in assets, according to Bloomberg.
Two Sigma was started in 2001 by David Siegel, a former CTO at Tudor Investment Corp., and John Overdeck, a former managing director at D.E. Shaw & Co. The New York-based firm uses complex mathematical models to decide when to buy and sell securities.
“They’re a technology company that has really been at the forefront of data analysis,” Duperreault said in a phone interview with Bloomberg in early December. “In addition to their ability to manage the money of this company, I look forward to working with them to expand the science of insurance.”
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