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AQR Re Management Ltd., the reinsurance arm of Greenwich, Connecticut-based AQR Capital Management L.L.C., will stop writing business April 1.
Pembroke, Bermuda-based AQR Re, which launched in 2011, operates funds holding a global portfolio of reinsurance and manages about $500 million of assets, according to its website.
In a statement, a spokesman for AQR Capital Management said that “due to consolidating market dynamics, it will become increasingly difficult to put larger amounts of capital to work to achieve attractive risk-adjusted returns for our investors, and ever more important to be in multiple lines of business, many of which we are not currently in.”
The spokesman said a few of the members of AQR Re's core team will remain with the company to “ensure an orderly wind down.”
The European Insurance and Occupational Pensions Authority has supported Bermuda's bid for "third-country equivalence" with the European Union's Solvency II rules, reported The Royal Gazette.