Hudson Structured Capital Management Ltd.
The Artemis Insurance-Linked Securities Investment Managers & Funds Directory is a one-stop resource for information on insurance or reinsurance linked investment managers and their ILS fund strategies.
Hudson Structured Capital Management Ltd. - snapshot
- ILS manager or company name: Hudson Structured Capital Management Ltd.
- Location (HQ / Domicile): Stamford / Bermuda
- Date of launch: 2016
- Assets under management *: $3 billion (As at Dec 31 2021 - Reinsurance AuM $3bn, firm-wide $4bn+)
- Website link: Hudson Structured Capital Management Ltd. website
Hudson Structured Capital Management Ltd. - Details
Company profile:
Hudson Structured Capital Management Ltd., an investment adviser incorporated in Bermuda and doing business as HSCM Bermuda Management Company (“HSCM”).
Founded in 2015, HSCM is an asset management focused on alternative investments targeting mezzanine level returns for its investors.
Its focus is on core economic sectors that are likely to outgrow global GDP, offer low correlations with broader markets and are experiencing a shift from balance sheet to market financing.
Its flagship strategy, HSCM Bermuda Fund Ltd., invests in reinsurance and insurance-linked assets across all lines of business and all instruments to optimize relative value, as well as mezzanine-level “working layer” risk. Instruments include collateralized re/insurance, catastrophe bonds, sidecar or special purpose reinsurer debt, mezzanine debt or equity, industry loss warranties, quota share arrangements, re/insurance swaps, coinsurance, weather derivatives, loans, and other related instruments.
HSCM will monitor the following categories and opportunistically looking to invest in:
- Natural Catastrophe
- Other Property: Per Risk, Energy, Marine, Aviation, Crop & Weather, Political & Terror, Attritional
- Life & Health: Embedded Value, Specialty Finance, Mortality & Longevity, Short-Term Health, Long-Term Health
- Casualty & Combined: New Issue, Runoff, Tech & Cyber
- Financial: Hedge Fund Reinsurers, D&O, Surety, Bond, Mortgage & Trade Credit Insurance, Regulatory Capital Reinsurance
HSCM also targets opportunities for outperformance due to sector complexity and connectivity, regulatory constraints on traditional capital providers or risks that are more manageable than the market perceives.
Hudson Structured Capital Management Ltd. also invests in transportation through a separate strategy. And, more recently, established a dedicated InsurTech team.
Hudson Structured is led by Michael Millette, the former Global Head of Structured Finance at Goldman, Sachs & Co. where he was a Partner from 2008-2015. Michael co-founded the firm in 2015 with David Andrews, who leads the transport strategy and was most recently with PIMCO as Executive Vice President responsible for a multi-billion Transportation portfolio. The reinsurance team has over 300 years of combined experience and along with Michael Millette, is led by Edouard von Herberstein, Vikas Singhal, and Rachel Bardon.
Type of Investment Strategy:
Hybrid Open-Ended Fund
Team size and structure:
59 Partners & employees, with an additional 14 advisors. Nine of these advisers specialize in the insurance and transport sectors, while two are InsurTech dedicated
Offers private managed accounts?
Yes, depending upon investment size
Other offices or locations:
NYC, Stamford, CT and Bermuda.
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Disclaimer:
The Artemis Insurance-Linked Securities Investment Managers & Funds Directory is provided as-is. Best efforts are made to ensure the contents are accurate at the time of publication but there may be some omissions. Please contact Artemis should you require a change to your ILS manager listing.
*Note: Assets under management are prone to fluctuation so the figures here are either the best available or last submitted by included managers.
It is not always possible for us to track the ‘usable’ assets under management (AUM) of most ILS managers, so the figures above tend to include an element of trapped capital. Few ILS managers report AUM figures that exclude trapped capital, unless they have fronting or other arrangements in front of their ILS funds that allow them to do so more readily.
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