Insight and Intelligence on the London & International Insurance Markets

4 February 2012

$35mn Max Re loss linked to Amaranth

21 September 2006

The $35mn third-quarter hedge fund investment reverse revealed by Bermudian reinsurer Max Re Capital yesterday (20 September) has been linked to heavy energy losses at Amaranth Advisors.

Financial analysts have speculated that the loss is related to the much-publicised $4.6bn loss suffered by Amaranth as a result of the hedge fund betting the wrong way on natural gas prices.

Amaranth is selling its entire energy-trading portfolio following the loss with JP Morgan Chaseand Citadel Investment Group thought to have acquired...

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