Point72 Lures Marshall Wace's Liu With $50 Million Pay Package
Steve Cohen's Point72 Asset Management has hired Marshall Wace portfolio manager Kevin Liu, promising a compensation package of at least $50 million, according to people with knowledge of the matter.
New York-based Liu is set to join Point72 later this year as a long-short equity portfolio manager focused on technology, media and telecommunications, said one of the people, all of whom requested anonymity discussing confidential information.
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'This is exactly the type of egregious behavior that, as the vice chair of the House Insurance & Banking Subcommittee, I am committed to ensuring oversight and transparency into any and all payments … so runaway insurance costs are reined in, claims are paid and Floridian may continue to secure coverage for their property,' Cassel said. More: Report: As insurance market wobbled, some companies paid billions to affiliated firms Cassel's subcommittee was holding an investigation during the last legislative session into insurance company payments, but it did not come to any conclusions about why parent companies of Florida insurers distributed $680 million to shareholders and distributed billions more to company affiliates. The report filed with federal authorities shows that Slide is heavily reliant on reinsurance to pay claims, Heller noted. Reinsurance is what insurers must buy on the global financial markets to fortify their reserves to prepare for when or if a catastrophic level of claims hit. The reinsurance market has improved since the Florida market started wobbling beginning in 2019, but Florida's insurance crisis peaked as the reinsurance market became particularly tight. Reinsurance costs typically account for the largest, single chunk in an insurance premium — about 30% to 50%. 'To be highly reliant on reinsurance that's a real concern, especially in Florida, where the reinsurance market has been extremely volatile, and there's only so much they (Slide) can take out of the Florida reinsurance fund,' Heller said. 'And if you're highly reliant on reinsurance … you could imagine things going south for Slide customers really quickly.' Slide did enter the market at a moment of high risk for Florida insurers: 10 Florida-based insurance companies became insolvent between 1999 and 2023, and some national carriers decreased Florida business. The risk appears to be paying off for Slide: What was left for stockholders after expenses, taxes and costs (commonly known as the profit) grew from $87 million in 2023, its first full year in business, to $201 million in 2024. That's about a 130% growth in net income attributable to common stockholders, according to the federal filing. Insurance Commissioner Mike Yaworsky could not be reached to comment on the filing, and Slide officials did not comment due to the 'quiet period,' according to reporting from the Insurance Journal. This period falls between when the initial public stock offering is registered with the federal government and a month after stock trading begins, to ensure that officers don't release new information that could affect investor decisions. Still, Harold Levy, founder and managing partner of HL Law Group in Fort Lauderdale, which represents insurance policyholders, said the situation sounds like the same old insurance game: deny, delay, defend. 'Further evidence that it is clearly a profitable strategy to take in premiums and not pay claims,' he said, after hearing of Slide's expanding executive compensation and profits. Anne Geggis is the insurance reporter at The Palm Beach Post, part of the USA TODAY Florida Network. You can reach her at ageggis@ support our journalism. Subscribe today This article originally appeared on Palm Beach Post: 'Grotesque': Married insurance execs earn $50 million in 2 years
