Former Edurance CEO Ken LeStrange is reportedly set to take the role of chairman at new hedge fund-backed reinsurer Pine River Re.

The move, reported by The Insurance Insider citing unnamed sources, would reunited Mr LeStrange with his former Endurance colleague Bill Jewett, who will be the company’s CEO.

As reported in this newspaper last month, Pine River, a $14.3 billion firm founded by Brian Taylor, is aiming to raise between $500 million and $750 million to set up the new Bermuda company.

The new company is set to start up within the next two months or so, sources told The Insider.

Pine River, a $14.3 billion firm founded by Brian Taylor, will follow a string of well-known hedge funds that have entered the Bermuda reinsurance industry over the past three years.

Third Point’s Dan Loeb was the driving force behind the creation of Third Point Re, led by John Berger, which raised more than $300 million when it floated on the New York Stock Exchange last year.

John Paulson, of Paulson & Co, entered into a joint venture with Bermuda’s Validus Holdings called PaCRe. And Steven Cohen of SAC Capital Advisors founded SAC Re, a company which was sold in December last year after Mr Cohen’s hedge fund was embroiled in an insider trading case in the US. SAC Re was bought out by another hedge fund firm, Two Sigma Investments LLC and a group of investors led by former Ace CEO Brian Duperreault, who named the new operation Hamilton Insurance Group.

Mr LeStrange most recently served as chairman of SAC Re. After the takeover by Hamilton Insurance Group, former Citigroup CEO Sandy Weil took the chairman’s role.

Mr LeStrange became well known on the Island during his time leading Endurance from its inception in December 2001 in the wake of the 9/11 terrorist attacks.

He stepped down as CEO four years ago, to be replaced by David Cash, and stayed on as chairman for another year.

He also serves as a director on the board of Bermuda-based run-off specialist Enstar Group.