Hedge fund style reinsurer Till Capital seeking to buy Omega Insurance (Artemis)
Bermuda domiciled hedge fund style reinsurance and hybrid investment platform Till Capital Ltd., the parent company of reinsurer Resource Re, is seeking to buy Omega Insurance Holdings, Inc. (“Omega”), a Toronto-based insurance provider. Till Capital emerged after Resource Re Ltd., the first asset manager backed reinsurance firm to join the Multi-Strat Re Ltd., was acquired by Americas Bullion Royalty Corp. The newly combined group changed its name to Till Capital and set out on a mission to operate a reinsurance business with a diversified, hybrid investment strategy on the back-end.
Hedge Fund Turns a Nervous Eye Toward Mega Sun Storm (BusinessWeek)
First came the warning from the scientists, now a major hedge fund is reiterating the alert: A massive electromagnetic pulse could wipe out electric grids and cause “unimaginable consequences” for the global economy—and it’s time to start preparing. Two years ago the earth narrowly avoided a major plasma eruption from the sun in an event called a coronal mass ejection. NASA’s report released last week on the near catastrophe described the July 2012 solar emission as the largest event in at least 150 years, rivaling the 1859 “Carrington Event” solar storm that struck earth and disabled the then-new telegraph system.
Carl Icahn’s Family Dollar Payday Not Bad For Six Weeks Of Work (Finalternatives)
Less than two months after he began agitating for a sale, discount retailer Family Dollar obliged Carl Icahn, earning the billionaire another $174.3 million. Family Dollar accepted an $8.5 billion offer from rival Dollar Tree this week, a 23% premium to its Friday share price. And that was already higher than the stock traded for when Icahn bought up his 9.4% stake in the company. Icahn said he was “extremely pleased” with the deal. But the investor, who last week pushed a tie-up with another discount retailer, Dollar General, said he hoped a “handful of potential buyers” might yet net him an even more handsome profit.
Odey Opens Doors In Switzerland (Reuters)
Hedge fund Elliott Management told investors that it added to its stake in Juniper Networks, Inc. (NYSE:JNPR) last quarter and sees opportunities in real estate securities in Europe, but it said little about two positions making headlines — Argentina and EMC Corporation (NYSE:EMC). During the first half of 2014, the Elliott Associates portfolio gained 4.6 percent while the Elliott International Limited fund rose 4.1 percent, the $25 billion firm, which is run by investor Paul Singer, wrote in a letter dated July 28, a copy of which was obtained by Reuters on Tuesday.
Hedge Fund Investor Ramius Joins Up With State Street For Managed Futures Fund (HedgeCo)
$10.6 billion hedge fund investment platform and the global investment arm of Cowen Group, Inc., Ramius LLC., is seeking regulatory and shareholder approval to hire State Street Global Advisors, the asset management unit of State Street Corporation, to serve as sub-advisor to an new open-end mutual fund, the Ramius Trading Strategies Managed Futures Fund. State Street’s chairman, president and CEO, Joseph L. Hooley, reported the company’s Q2 financial results saying: “During the second quarter of 2014, we purchased approximately $410 million of our common stock and ended the second quarter with approximately $1.3 billion remaining under our March 2014 common stock purchase program authorizing the purchase of up to $1.7 billion of our common stock through March 31, 2015.
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