Reinsurer stops writing business, cites market challenges
Posted On: Mar. 24, 2015 12:00 AM CSTA spokesman from U.S.-based AQR Capital Management has said that its Bermuda-based AQR Re Management Ltd. unit would wind down its operations because of the reinsurance sector's "consolidating market dynamics," reports The Royal Gazette.
"The fundamentals of the reinsurance industry have changed significantly since AQR's entrance into the business in 2011," said the spokesman.
"We have decided to wind up the AQR Re business and will cease writing any new or renewal business after April 1," the spokesman added.