Former Swiss Re weather experts launch hedge fund

Weather risk veterans Mark Tawney and Bill Windle, who left global reinsurer Swiss Re on July 7, are starting a hedge fund, named Takara, Energy Risk has learned. Weather trader Bill MacLauchlan departed Swiss Re at the same time, for personal reasons.

Houston-based Takara is seeking to raise $150 million to $200 million and is expected to start trading in August, said a source who asked not to be named. Tawney and Windle have entered an agreement with George Zivic of Riverside Capital, added the source. Riverside helps energy and derivatives managers establish and capitalise new hedge funds.

The fund will focus on weather and weather-related commodities, such as natural gas and heating oil, the source said.

Zivic would not comment on his