Reinsurance broker Guy Carpenter has added to its capital markets and insurance-linked securities team, bolstering its secondary catastrophe bond and ILS trading capabilities, with a new hire made towards the end of last year. Sung Yim, an ex-Goldman Sachs and secondary cat bond and ILS trading specialist, joined GC Securities as its first person dedicated to secondary cat bond trading.
With the hire GC Securities are seeking to increase the volume of trades it makes for clients on the secondary cat bond market. Previously it could facilitate trades, but had no single person dedicated to tracking prices and following the market.
Chi Hum, Managing Director, GC Securities, commented; “We now have a dedicated person following the secondary markets which enables GCS to increase its secondary market activity for the benefit of investors and sponsor of cat bonds.”
It’s becoming increasingly important for brokers to have secondary trading capabilities, both for facilitating trades for investors and for knowing the timing of cash inflows and outflows.
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