- Former BofA banker Bill Egan was hired by Oaktree (OAK +0.9%) two years ago to start a reinsurance venture. and his exit follows a struggle to raise enough funds to set up an operation with enough scale.
- Oaktree had hoped to team up with XL Group, but investor interest in the industry isn't exactly strong thanks to too much pricing competition. John Paulson recently shuttered a reinsurer and Dan Loeb's Third Point Reinsurance is selling for less than its 2013 IPO price.