Insider View: Total return reinsurers

The past year has been tough for total return reinsurers, with a
successful quarter consistently proving elusive.
The first generation of total return reinsurers were created as
tax-efficient vehicles for fund managers to move money offshore in
conjunction with underwriting management teams, while using
underwriting to create asset leverage in order to boost investment
returns.
Vehicles like Third Point Re were driven by a single fund
manager securing ratings, and using the broker channel to acc