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December 17, 2018

BTG Pactual wraps up Lutece Re acquisition

Latin American investment bank BTG Pactual has wrapped up the acquisition of the Bermuda based reinsurance linked investments manager Lutece Re.

Financial terms of the transactions have not been disclosed.

Lutece was set up by industry experts Erik Manning and Angus Ayliffe. The duo, along with their team, will join BTG Pactual Asset Management. The team will be based in Bermuda.

After the completion of the deal, Lutece Re has been integrated with BTG Pactual Asset Management, the global asset management division of BTG Pactual.

BTG Pactual Asset Management said that an Investment Committee will manage the Lutece Re ILS investment strategies.

Commenting on the deal, BTG Pactual Asset Management CEO Steve Jacobs said: “We are pleased to have completed the acquisition of Lutece Re, adding experts and strategies focused on the reinsurance and retrocession segments where we see significant opportunity to seek returns uncorrelated to traditional credit markets and our existing revenue streams.”

Lutece Re already manages the Retro Opportunities strategy, which invests in the high yielding retrocession ILS segment. Now, the company has plans to roll out a low volatility strategy in 2019.

The low volatility strategy will focus on a specific niche on senior and super-senior tranches of the regulatory capital of reinsurance companies.

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