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Investing in Illiquid Collateralised Reinsurance Contracts vs. Cat Bonds
Radio Feature 82: Sona Blessing in conversation with Michael Stahel
 
Monday, August 12, 2013

radio Michael Stahel is a partner and portfolio manager at LGT Insurance-Linked Strategies in Switzerland, which has already raised USD 400 million from three pension fund mandates this year.

He played a key role in LGT’s acquisition of Clariden Leu’s Insurance-Linked Investments boutique in Q1 2012. In his current role, Michael maintains the responsibility for the main investment strategy for all insurance-linked funds and mandates.

In this podcast he elaborates on market developments within the insurance linked securities space and shares his insights on the observed shift towards investing in illiquid collateralised reinsurance contracts...

 Download this feature as MP3 (31.35 MB)

 
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Investing in Illiquid Collateralised Reinsurance Contracts vs. Cat Bonds

Duration: 13:42 

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  • Q1 - Can you give us a sense of and update us on the developments in the insurance linked securities space

    Duration: 02:33 


  • Q2 - What sort of "hazards" (life/non-life) are being reinsured?
    Could you elaborate on the catastrophe - natural/man made; geography; pandemic?

    Duration: 02:19 


  • Q3 - From the perspective of an investment manager, why is it more challenging to enter into direct contractual agreements?

    Duration: 01:41 


  • Q4 - Beyond pension plans, which other investors are investing in insurance linked strategies? What is the duration and expected yield for such an investment?

    Duration: 01:48 


  • Q5 - Could you elaborate on the differences, and also compare the duration and expected yield of investing in illiquid collateralised reinsurance contracts vs. for e.g. in "liquid" cat bonds?

    Duration: 01:53 


  • Q6 - Is there a capturable illiquidity risk premium and would you say it is commensurate?

    Duration: 01:03 


  • Q7 - What is the scope of investing in such strategies, and what is the investible market capacity going forward?

    Duration: 02:25 



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