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Tangency Capital says has launched $50 million reinsurance hedge fund

LONDON (Reuters) - Hedge fund firm Tangency Capital has launched with $50 million in assets to bet on the reinsurance market ahead of the start of the next hurricane season, one of its three founding members told Reuters on Wednesday.

Last year was the worst on record for insurance losses from natural disasters, including Hurricanes Harvey, Irma and Maria. But it also led to new fund launches on an expectation of higher rates in the sector, particularly at renewal dates in June and July.

Tangency Capital, which has offices in London and Bermuda and will invest directly in non-life reinsurance risks, was founded by Dominik Hagedorn, Michael Jedraszak and Kai Morgenstern.

Reporting by Maiya Keidan and Carolyn Cohn; editing by Simon Jessop