JP Morgan has been asked by Sirius to assess the feasibility of a legacy looking at total return reinsurance. It is thought Sirius is exploring the market for potential fund managers to manage the assets of a possible joint venture. Sirius will likely start a fund raising process on securing the services of a fund manager. It has been difficult for total return reinsurers to raise the needed level of capital recently with three trying so far this year and failing to meet the necessary levels. Some have suggested however that the problems the three start-ups faced had been with originating profitable or even break-even low volatility business something that lends itself to the legacy business.