Alternative capital deal-maker (ILS/collateralised re-insurance) of the year: Securis
In a sector dominated by non-life insurance risks, Securis has continued to maintain its presence in insurance-linked securities (ILS) fund management space through a team focussed purely on life and health insurance risks.
This approach targets what Securis has identified as a compelling opportunity for investors: a predictable fixed income type investment that provides diversification to investors.
According to Securis, the best way to capitalise on this offer is through an experienced asset manager who will maintain their underwriting discipline by not introducing 'non-core' risks into life ILS structures (e.g. credit, legal, equity risk among others).
Acting as a reinsurer, but with an asset management structure and a capital market mindset, has allowed Securis to differentiate from competitors and focus on its offerings – for example, in privately sourced financing, risk management and regulatory capital offerings.
The firm has enjoyed growth in 2017, with net asset value invested three times higher than its historical average, and has launched another life-focused fund, this time with a five-year lock-up that enables investments in higher returning private transactions.
It has also closed bespoke Solvency II transactions, including large capital market-driven longevity hedges and an innovative transaction in Europe to enable an insurer to take credit for an asset on their balance sheet.
Securis is committed to further innovations that improve the capital efficiency of insurers, for example via lapse risk hedging, longevity hedging, contract boundaries monetisations and risk margin solutions.
The company said its deal pipeline "has never been stronger and the strategy of investing in privately originated, highly structured trades is paying dividends."