AQR Re, the reinsurance arm of investment firm, AQR Capital Management, has hired two new senior executives, expanding its presence in Bermuda.The two executives are former RenaissanceRe executive John Lummis, who has been hired on as chief executive officer, and ex-Aon Benfield broker Paul Karon who joins the company as vice chairman.Mr Lummis was formerly chief operating officer and chief financial officer at RenaissanceRe, where he worked from 1997-2006.More recently he has been working for the Soncy Corporation as a consulting advisor to various hedge funds and private equity funds interested in insurance and reinsurance investing.Mr Karon was CEO, president and chief operating officer at reinsurance broker Benfield before its acquisition by Aon. He retired in January 2012 from his role as chairman, Americas of Aon Benfield, where he served as a member of the Global Executive Committee.AQR said the hires are the firms latest step in its effort to develop products and strategies that combine capital markets expertise with reinsurance.“We are continuing to invest in AQR Re because we believe we can build attractive returns-diversifying investments for our clients by applying our strengths — quantitative analysis, risk management and portfolio construction — to the reinsurance market,” said David G Kabiller, CFA, Co-Founding Principal. “Consistent with market conditions and available opportunities, we plan to grow this business, and believe that reinsurance presents a promising opportunity for our investors over the long run.”Greenwich, Connecticut-based AQR Capital Management, which launched AQR Re in Bermuda in January 2012, has approximately $79.5 billion of total assets under management as of March 31, 2013.