Blue Ocean Re was set up in late 2005 to take advantage of what Burry called an extraordinary pricing ability in the retrocessional reinsurance space.

Test: Blue Ocean Re was established in late 2005 (roughly September to December 2005) to exploit unusually attractive pricing in the retrocessional reinsurance market. - True: incorporation or registration records, press reports or Scion/Blue Ocean documents show the company was formed in late 2005 as a retrocessional reinsurance vehicle aimed at the high post-hurricane pricing. - Mostly true: the purpose matches, but formation dates to a nearby period (e.g., mid-2005 or early 2006), or the business line is described as reinsurance more broadly with a retrocession focus. - Mixed: either the timing or the purpose is substantially wrong, but not both. - Mostly false: such a vehicle existed but was formed well outside 2005, or for a materially different purpose. - False: Blue Ocean Re did not exist as described, or was not set up as a reinsurance vehicle.

Set before the research began.

1. E1 Five more class four insurers licensed The Royal Gazette (Bermuda) · 7 December 2005

   “And Montpelier Re, another Bermuda insurance and reinsurance company, also last month formed Blue Ocean Reinsurance Ltd.”

2. E2 RenRe launches $60m sidecar to boost its Florida homeowners' capacity The Royal Gazette (Bermuda), reprinting AM Best via COMTEX · 2 June 2009

   “Montpelier Re's sidecar Blue Ocean Re, formed at the end of 2005 to assume its Montpelier's retrocession book, did not take up new equity commitments that had been secured for 2007, according to Guy Carpenter & Co.”

3. E3 Growing Up Fast A.M. Best (Best's Review), by Meg Green

   “Also, the company and other investors formed Blue Ocean Re in January 2006 with $300 million in capital, 57% of which came from outside investors.”

4. E4 0000950123-06-010266.txt - SEC.gov (Form 10-Q, Montpelier Re Holdings Ltd., quarter ended June 30, 2006) U.S. Securities and Exchange Commission (filed by Montpelier Re Holdings Ltd.)

   “Blue Ocean Re commenced underwriting business on January 1, 2006.”

A Royal Gazette report dated 7 December 2005 says Montpelier Re formed Blue Ocean Reinsurance Ltd. "last month", which puts its formation in November 2005 (E1). A later AM Best-sourced article describes Blue Ocean Re as formed at the end of 2005 to take on Montpelier's retrocession book (E2). Montpelier's SEC filing shows Blue Ocean Re began underwriting on January 1, 2006 [E4], and an A.M. Best article dates its formation to January 2006 [E3]. Most of the evidence supports late-2005 formation and a retrocession focus [E1][E2], though one source dates formation to January 2006 [E3], and none of the evidence says directly that it was set up to take advantage of unusually attractive pricing.