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Bermuda reinsurer exiting business


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.”

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