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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 sixth annual Insurance-Linked Securities for Institutional Investors 2017 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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An evolving asset class with growing interest and forthcoming regulatory oversight

FOREWORD

Peak non-modeled perils: An ILS manager’s view and perspective for flood

• Adrian Mark, Non-life Investments, Leadenhall Capital Partners

SECTION 1

THE GROWTH OF AN ASSET CLASS

1.1 INTERVIEW: What can jumpstart institutional investment in the ILS market?

Interviewer:

• David Grana, Report Publisher, Clear Path Analysis

Interviewee:

• Chris Parry, Managing Director, RenaissanceRe Ventures

1.2 INTERVIEW: In what ways can insurance-linked securities become more transparent, and what impact will that have on the asset class?

Interviewer:

• David Grana, Report Publisher, Clear Path Analysis

Interviewee:

• Eveline Takken-Somers, Investment Director, Credit & Insurance-Linked Investments, PGGM

1.3 INTERVIEW: What issuance strategies are insurers implementing to find a balance between re-insuring against the highest probability perils whilst offering a security that is attractive to investors?

Interviewer:

• David Grana, Report Publisher, Clear Path Analysis

Interviewee:

• Dr. Bob Swarup, Principal, Camdor Global Advisors

SECTION 2

MANAGING AN ILS PORTFOLIO

2.1 INTERVIEW: Can ILS fit into an absolute return and capital preservation strategy?

Interviewer:

• David Grana, Report Publisher, Clear Path Analysis

Interviewee:

• Dr. Floyd Tyler, President & Chief Investment Officer, Preserver Partners

2.2 INTERVIEW: Is there an explanation for the greater activity in ILS in Europe versus the Americas?

Interviewer:

• David Grana, Report Publisher, Clear Path Analysis

Interviewee:

• Robert Lindblom, Partner, Entropics Asset Management AB

2.3 INTERVIEW: What manager selection criteria yields success for ILS?

Interviewer:

• David Grana, Report Publisher, Clear Path Analysis

Interviewee:

• Brock Stephens, Senior Investment Analyst, Utah Retirement Systems

SECTION 3

A DIFFERENT TAKE ON ILS

3.1 ROUNDTABLE DEBATE: Insurance-linked securities as a responsible investment

MODERATOR:

• David Grana, Report Publisher, Clear Path Analysis

PANELISTS:

• Alex Bernhardt, Principal, Head of Responsible Investment, Mercer Investments

• Barney Schauble, Managing Partner, Nephila Advisors

• Robert Howie, Principal, Mercer Investments

SECTION 4

THE FUTURE OF INSURANCE-LINKED SECURITIES

4.1 INTERVIEW: Weather-linked bonds: The evolution of ILS

Interviewer:

• David Grana, Report Publisher, Clear Path Analysis

Interviewee:

• Richard Oduntan, Portfolio Management, Nephile Capital

4.2 INTERVIEW: What role does ILS play in a long-short portfolio?

Interviewer:

• David Grana, Report Publisher, Clear Path Analysis

Interviewee:

• Steve Virgili, Portfolio Management, New Vernon Wealth Management

4.3 INTERVIEW: Is the capital market ready to play a role in the cyber reinsurance market and

how does cyber risk fit in a portfolio predominantly investing in natural catastrophe risks?

Interviewer:

• Noel Hillmann, Managing Director, Clear Path Analysis

Interviewee:

• Benjamin Jacquet, ILS Underwriter & Cyber Risk Expert, Credit Suisse ILS Strategies

4.4 INTERVIEW: Technology may bring transparency, but parametric underwriting brings capital to the ILS market

Interviewer:

• David Grana, Report Publisher, Clear Path Analysis

Interviewee:

• Edmond Hardy, Market Segments Leader, Deloitte

Eveline Takken-Somers

Investment Director, Credit & Insurance-Linked Investments, PGGM

Bob Swarup

Principal, Camdor Global Advisors

Floyd Tyler

President & Chief Investment Officer, Preserver Partners

Robert Lindblom

Partner, Entropics Asset Management AB

Brock Stephens

Senior Investment Analyst, Utah Retirement Systems

Alex Bernhardt

Principal, Head of Responsible Investment, Mercer Investments

Barney Schauble

Managing Partner, Nephila Advisors

Robert Howie

Principal, Mercer Investments

Steve Virgili

Portfolio Management, New Vernon Wealth Management

Benjamin Jacquet

ILS Underwriter & Cyber Risk Expert, Credit Suisse ILS Strategies

Chris Parry

Managing Director,RenaissanceRe

Edmond Hardy

Market Segments Leader, Deloitte

RenaissanceRe is a global reinsurance and insurance company that has more than 20 years of experience helping our clients solve their most complex risk challenges. RenaissanceRe is listed on the NYSE and manages over $6B of third party capital which is invested in the reinsurance and insurance-linked securities asset class.
Credit Suisse is one of the world’s leading banks, with more than 45’000 employees, offices in over 50 countries and expertise in nearly every facet of banking, investing and finance. In 2006, Credit Suisse acquired the ILS team of Clariden Leu (a former Credit Suisse Group subsidiary) and since then, has developed a growing ILS platform. Today, Credit Suisse is the second largest ILS manager globally.

Nephila Capital Ltd is the largest and most experienced investment manager dedicated to reinsurance and weather risk. Nephila has assets under management of approximately $10 billion as of May 1 2017 and has been managing institutional assets in this space since it was founded in 1998. The firm has 125 employees globally based across four offices.
Leadenhall Capital Partners LLP is a London based investment manager wholly focused on investing in insurance linked investments portfolios for institutional investors. Established in 2008, Leadenhall is a joint venture between an international underwriter of insurance and reinsurance, MS Amlin, and a highly experienced management team.
ARTEMIS is the online heart of the alternative risk transfer, catastrophe bond, insurance linked security (ILS), climate, weather and catastrophe risk transfer markets. Artemis provides up to the minute news, analysis, transaction information, market data and statistics, on topics from cat bonds to longevity risks to parametric weather insurance. Artemis is widely read by over 40,000 people every month. Contact Steve Evans (steve@artemis.bm) for further information or for details of advertising opportunities. www.artemis.bm.