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Following a robust period of investment returns, yields on ILS securities have become more suppressed with many investors reviewing the value add the asset class offers within a diversified investment approach. In response, new perils are being underwritten to offer new return opportunities creating greater emphasis on diversifying ILS exposure.

The fifth annual Insurance-Linked Securities for Institutional Investors 2016 report collates the views of pension plan managers, trustees, asset and investment managers, fund of funds and their consultants. The report will also assess emerging asset classes and investment vehicles such as longevity swaps and private ILS funds.

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SECTION 1

FUTURE DEVELOPMENTS IN THE ILS MARKET

1.1 INTERVIEW:
With increased uncertainty due to climate change and other related risks, how will risk modelling evolve over the next five to ten years?

Interviewer:

  • Colin Browne, Publisher, Clear Path Analysis

Interviewee:

  • Paul Maisey, Science Manager Insurance & Capital Markets, Met Office

1.2 INTERVIEW: Insurance Linked Securities from an investor’s perspective

Interviewer:

  • Colin Browne, Publisher, Clear Path Analysis

Interviewee:

  • Niklaus Hilti, Head of ILS, Credit Suisse

1.3 INTERVIEW:
What strategies exist for ILS managers to overcome challenges such as concentration risk in allocating large amounts of capital quickly

Interviewer:

  • Colin Browne, Publisher, Clear Path Analysis

Interviewee:

  • Jitzes Noorman, Delegated Chief Investment Officer, BMO Global Asset Management - Nederland

1.4 INTERVIEW:
How should investors view the ILS opportunity today?

Interviewer:

  • Noel Hillmann, Managing Director, Clear Path Analysis

Interviewee:

  • Greg Hagood, Co-Founder and Managing Partner, Nephila Capita

SECTION 2

THE CHANGING FOCUS OF ILS

2.1 EXPERT DEBATE:
What are the challenges in developing a diversified approach with new ILS exposures?

Interviewer:

  • Colin Browne, Publisher, Clear Path Analysis

Interviewee:

  • Dirk Lohman, Head of Insurance Linked Strategies, Schroders• Todor Todorov, Investment Consultant – Hedge Funds Research, Towers Watson

2.2 INTERVIEW:
An introduction to weather risk as an ILS asset class

Interviewer:

  • Colin Browne, Publisher, Clear Path Analysis

Interviewee:

  • Barney Schauble, Managing Partner, Nephila Capital

SECTION 3

THE DATA AND OPERATIONS CONUNDRUM

3.1 ROUND TABLE DISCUSSION:
How can managers confidently pick an investment strategy with the unpredictability of weather conditions, such as, for example, the El Nino effect?

Moderator:

  • Colin Browne, Publisher, Clear Path Analysis

Panellists:

  • Joanna Syroka, Programme Director, African Risk Capacity
  • Dan Bergman, Head of Investment Research/ILS, Tredje AP-fonden (AP3)
  • Lorilee Medders, Director, Florida Catastrophic Storm Risk Management Center

3.2 WHITE PAPER:
Solvency II – the fuel for growth of the insurance-linked investments market?

  • Michael Stahel, Partner, LGT ILS Partners

SECTION 4

THE GROWTH OF LIFE RISK IN THE ILS MARKETPLACE

4.1 INTERVIEW:
What opportunities does life risk offer investors in ILS to diversify in a new, but related way?

Interviewer:

  • Colin Browne, Publisher, Clear Path Analysis

Interviewee:

  • Javier Rivas, Director of ILS, Credit Suisse

4.2 WHITE PAPER:
Does the inclusion of life risk offer the potential for revolutionary diversification of ILS investments, or is it likely to remain a convenient add on?

  • Scott Mitchell, Head of Life ILS, Schroders

SECTION 5

EDUCATING THE MARKET AND CREATING TRANSPARENCY

5.1 EXPERT DISCUSSION:
Since aspects of ILS including pricing structures are non-traditional, how do we overcome the challenge of gaining trustee and stakeholder buy-in?

Moderator:

  • Colin Browne, Publisher, Clear Path Analysis

Panellists:

  • Hemal Naran, Head of Investments and Actuarial services, Government Employees Pension Fund, South Africa
  • John Doak, Commissioner, Oklahoma Insurance Department

5.2 WHITE PAPER:
The growing challenges of asset valuation for Insurance Linked Securities funds

  • Aaron C. Koch, Director, ILS Group, P&C Division, Milliman

Michael Stahel

Partner, LGT ILS Partners Ltd

Daniel Ineichen

Head of Insurance Linked Strategies, Schroders

Greg Hagood

Co-Founder and Managing Partner, Nephila Capital

Jitzes Noorman

Delegated Chief Investment Officer, F&C Netherlands

Joanna Syroka

Programme Director, African Risk Capacity

Aaron Koch

P&C Division, Milliman

LGT Capital Partners is a leading alternative investment specialist, managing over USD 50 billion for more than 400 institutional clients in 35 countries. An international team of over 350 professionals is responsible for a wide range of investment solutions. LGT is also one of the world’s largest investors in insurance-linked investments, offering funds and mandates with a range of risk and return characteristics to optimally meet investors’ appetite.

Nephila Capital Ltd is the largest and most experienced investment manager dedicated to reinsurance and weather risk. Nephila has assets under management of ~$9.5 billion as of April 1, 2016 and has been managing institutional assets in this space since

Credit Suisse is one of the world’s leading financial services providers with presence in over 50 countries. The Insurance Linked Strategies team is embedded within the Asset Management business and is one of the largest managers in ILS with $6.8bn AUM and a track record of more than 12 years.
Schroders is a global asset management company with $466.9bn* AUM across equities, fixed income, multi-asset, alternatives and real estate. The Schroders-Secquaero team of 22 specialists have unrivalled expertise in insurance-linked securities. We manage $1.9bn* across the full ILS spectrum, from private transaction dominated strategies to liquid cat bonds funds

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