Steven A. Cohen, the billionaire founder of SAC Capital Advisors LP, is seeking a buyer for the reinsurer in Bermuda he formed last year as his hedge fund fights US insider-trading charges, Bloomberg reports, citing a person familiar with the matter.Possible buyers for SAC Re include other investment managers, said the person, who asked not to be identified because there was no public announcement.The reinsurer could also wind down operations, the person said.“The reinsurer’s shareholder equity, a measure of assets minus liabilities, was $533 million as of December 31, according to a financial statement posted by regulators in Bermuda, where the company is based,” Bloomberg reported.“Assets include $513.2 million invested with affiliated SAC funds.Cohen, John Paulson, David Einhorn and Daniel Loeb are among money managers who set up reinsurers that provide access to additional capital for investing, and tax advantages in locations like Bermuda or the Cayman Islands.Bloomberg said Jonathan Gasthalter, a spokesman for SAC Capital, declined to comment on the sale effort, which was reported earlier by the Wall Street Journal.Victoria Guest, the reinsurer’s general counsel, declined to comment.Pine River Capital Management LP was approached about buying the reinsurer, the Journal reported. Brian Taylor, the chief executive officer of Pine River, didn’t immediately return a call seeking comment.SAC Capital was accused by the US government in a July indictment of engaging in an unprecedented insider-trading scheme lasting more than a decade. In an administrative action, regulators said Cohen failed to supervise two employees at the Stamford, Connecticut-based firm who have been charged with insider trading.The reinsurer raised $500 million in a private placement from founding investors including Cohen and private-equity fund Capital Z Partners, according to a statement last year.