Tremont Group Holdings today announced it will sell its Bermuda-based insurance affiliate, Tremont International Insurance, to Bermuda Life Insurance. Terms were not disclosed, said Monteith Illingworth, a Tremont spokesman. The deal is expected to close Nov. 30, pending regulatory approval, according to a news release from Tremont.
Tremont's insurance subsidiary provides variable annuities and life insurance policies with underlying investments focused on hedge funds managed by Tremont Capital, the asset management subsidiary that manages hedge funds of funds. Tremont Capital will remain investment manager and portfolio services provider for the portfolios that Bermuda Life is acquiring, according to the release. The size of the portfolio was not provided.
The sale is part of the Tremont Group's plan to concentrate its business around its discretionary hedge fund-of-funds investment business and multimanager hedge fund platform, according to the news release. "This year, Tremont Group has seen its discretionary asset base grow as it manages the shift to a wholly discretionary investment model," the release said. Mr. Illingworth declined to provide the amount of Tremont's assets under management.
(updated with correction)