Hedge funds eye deals too costly for insurers

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The story "Hedge funds eye deals too costly for insurers" was covered 2 weeks ago by The Star, a news publisher based in Malaysia.

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The Star 2w ago

Hedge funds eye deals too costly for insurers - The Star

Quick Summary:

NEW YORK: As Los Angeles residents digested the apocalyptic scene left by wildfires earlier this year, the stage was simultaneously being set for hedge funds to pursue market-beating returns fanned by climate change.

Back then, hedge fund Baupost Group LLC purchased claims against PG&E worth US$6.8bil, from which it’s thought to have generated an estimated US$1bil of profits, Bloomberg reported at the time.

But rather than deal with the recovery risk themselves, insurers have been selling those claims on to alternative investment managers.