Baillie Gifford has lowered its stake in the ordinary shares on offer from the Catco Reinsurance Opportunities Fund, according to a London Stock Exchange filing.
Abuse of side pockets in the financial crisis - when hedge funds locked in investors to avoid having to sell off discounted assets - has made the practice less palatable in the wider financial markets.
Bermuda-based (re)insurer XL Catlin placed more than $500mn of new catastrophe limit for 2018 and increased alternative market retro support to more than $3bn, as ceding strategies among major carriers diverged following last year's losses.
Swiss Re said it was in preliminary discussions with Japan's SoftBank Group that could lead to a significant minority investment in the big European reinsurer by the conglomerate.
XL Group shares jumped 12.5 percent yesterday after a Bloomberg report said the Bermuda-based (re)insurer was drawing takeover interest from Allianz and possibly others.
