Bermuda’s XL Capital announced that it would invest and have a stake in a new investment fund, FrontPoint Partners LLC, founded by three of the world’s best known asset managers, Philip Duff and Gil Caffray formerly of Tiger Management and Paul Ghaffari, former portfolio manager at Soros Fund Management, a unit of legendary financier George Soros’ asset management empire.
XL has committed to place $500 million for investment over a period of time, and has acquired a minority shareholding in FrontPoint for an undisclosed price. It will have three seats on the company’s board of directors.
The new fund will be headquartered in Greenwich, Connecticut and aims to specialize in “alternative investment products.” XL CEO Brian O’Hara noted his company’s commitment to explore “new business models.” His statement said, “We believe FrontPoint has developed a new approach to alternative asset management that will provide us with a range of opportunities to further diversify our Financial Products and Services business.”
Was this article valuable?
Here are more articles you may enjoy.
Four Georgia Troopers Fired in Vehicle Pursuit-Insurance Scheme 
State High Court Weighs in on Woman Taken for Organ Donation But Was Still Alive 
Palm Beach Billionaires Feud Over Who’s Really Protecting the Everglades 
AI for the Defense: Should Insurers or Law Firms Pay? 
