Duperreault Group Complete SAC Re Acquisition
Hamilton Insurance Group, Ltd. today [Dec 23] announced that it has completed its acquisition of S.A.C. Re, Ltd., a Bermuda-based Class 4 property and casualty reinsurer, and that the acquired company is being renamed Hamilton Re, Ltd.
Brian Duperreault [pictured] Hamilton Re’s Chief Executive Officer, said, “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. We are excited to get to work with our clients.”
In addition to Mr. Duperreault, those in the investor group who bought SAC Re include affiliates of the New York hedge-fund firm Two Sigma Investments LLC, private-equity firms Capital Z Partners Management LLC and Performance Equity Management, and some institutional investors.
A.M. Best Co. has removed from under review with negative implications and affirmed the financial strength rating of A- [Excellent] and issuer credit rating of “a-“ of Hamilton Re, formerly S.A.C. Re. The outlook assigned to both ratings is stable.
The company said, “The ratings of Hamilton Re are based on its excellent risk-adjusted capitalization, knowledgeable management team and prudent business plan.
“Partially offsetting these positive rating factors are the start-up nature of the company, the greater investment risk associated with an alternative investment strategy, as well as the increased competition in the reinsurance marketplace that may challenge some of the company’s business plans.
“A.M. Best is concerned there is a possibility that Hamilton could be exposed to a convergence of events due to the adjoining of underwriting risk and the present risk in an alternative investment strategy. Also of concern is the relatively high gross investment leverage used by Two Sigma Investments [TSI] which is higher than other alternative investment strategies.
“These risks could have an adverse effect on the company’s risk-adjusted capital. However, these risks are mitigated by Hamilton’s low underwriting leverage and experienced underwriting team. The investment leverage concerns are mitigated by the partially hedged nature of the portfolio, the large number of diversified liquid investments, and the investment manager’s lengthy investment track record.”
Mr Duperreault, a successful businessman, has been in the spotlight recently due to his work as the SAGE Commission Chairman.
A successful businessman who sat on the board of Butterfield Bank preceding their bailout, and also left XL in tatters? What is the criteria for a successful businessman?
You are so utterly clueless it’s unbelievable.
Brian Duperreault successfully led the ACE group of companies and then Marsh. He was not at XL but ‘Concerned Citizen’ seems to be twisted enough not to let the facts get in the way of the story.
Duperreault had nothing to do with XL. Time for a history lesson.
Bwaaaaaaaa. Hilarious. You have no idea what you’re talking about do you.
As President & CEO, Marsh & McLennan Companies, Inc. (Retired) at MARSH & MCLENNAN COMPANIES, INC., Brian Duperreault made $16,683,382 in total compensation. Of this total $1,000,000 was received as a salary, $5,000,000 was received as a bonus, $4,375,002 was received in stock options, $5,625,056 was awarded as stock and $683,324 came from other types of compensation. This information is according to proxy statements filed for the 2012 fiscal year.
My mistake, not XL, that’s Ohara right? Ace, that’s it. But, what about the Butterfield bank board position? At some point, wasn’t he Deputy Chairman? I stand to be corrected. Butterfield Bank…..? Bailout? Sub-Prime…? Remember…the stuff you folks Blame the PLP for?
This is a good way to (almost) guarantee that companies will stay here. That is, have Bermudians buy them! Congrats!
what bermudias?
what Bermudians are you talking about?
Mr Duperreault
Duperrault is not “the owner”. The investment group includes a number of hedge funds, none of whom are “Bermudian”
According to the reports he is one of the investors.
Start with Brian Duperreault perhaps. Have you heard of him? If not read the article above.
Bermuda, and Bermudians, need to be grateful to Brian Duperrault. After all, look how much wealth he has brought to our shores. Thank you Brian Duperrault for investing in Bermuda.
Can somebody list the board of directors of Butterfield Bank when they came begging to the PLP for assistance?
Why, trying to make it look like you’re not an idiot?
Anyone with internet access can look that information up in 20 seconds. And isn’t it worth doing so before making stuff up? Mr Duperreault has experienced success after success whether heading up insurers, reinsurers, brokers in or outside of Bermuda and the only thing he has failed at is retiring. He was not on the Board of NTB during 2008 or 2009….the CEO at that time, who left (as that’s where the buck stops) was Alan Thompson and the Chairman Robert Mulderig (who many thought should have stepped down also.)
Thanks to Mr Duperreault and his team, outside capital has stepped up to invest in Bermuda, hiring Bermudians (I believe 10 of the 15 employees are Bermudian) in a company that will most likely continue to grow and employ more – further adding to the economic growth this island badly needs. Fact check before you post nonsense and pray that the recommendations his team on the Sage Commission (where he volunteered his time for the good of Bermuda) are adopted sooner than later.
Can’t build a hotel though……
Thanks Mr. Duperrault, well done.
Yet.