In the late 1990s, a hedge fund manager Moore Capital sponsored a reinsurance start-up : Max Re. Max Re started with an alternative investment strategy that evolved into 50 percent alternative investments and 50 percent long fixed income. Eventually, Max Re drastically reduced its alternative investments allocation to 5 percent of its total invested assets by year-end 2009. The substantial reduction in alternative investments and the gradual shift toward fixed-income holdings drastically changed the company’s investment profile and, ultimately, Max Re has come to look more like a traditional reinsurer. In first-quarter 2010, Max Re merged with a Bermudan reinsurer, Harbor Point (formerly Chubb’s reinsurance business), forming a combined company named Alterra Capital Holdings Ltd, which in turn was acquired by Markel Corp in December 2013.