TORONTO (Bloomberg) - Aurigen Re Capital Ltd., a Canadian reinsurance company, said it raised C$500 million ($508 million) from investors including billionaire George Soros to begin operations.

The insurer raised money from four buyout funds, including Soros Strategic Partners LP and GMP Capital Trust's EdgeStone Capital Partners Inc., according to a Market Wire statement today.

Aurigen Re, a unit of Hamilton, Bermuda-based Aurigen Reinsurance Ltd., will use the capital to offer life and health reinsurance to Canadian insurers.

The company will look at reinsurance in Europe and the US after establishing its business in Canada, it said on its website.

"We have observed a real market need for additional capacity" for reinsurance products, Aurigen Re CEO Alan Ryder said in the statement.

Other investors include Englefield Capital LLP and Pine Brook Road Partners LLC, Aurien Re said. Bank of Nova Scotia's Scotia Capital acted as financial adviser.

Company spokeswoman Yana Gagne did not immediately return a phone call seeking comment.