Tenax Capital

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.

Tenax Capital - Snapshot:

  • ILS manager or company name: Tenax Capital
  • Location (HQ / Domicile): London
  • Date of launch: 2004 (ILS strategy launched in 2017)
  • Assets under management: $63 million (EUR 50 million at Feb 2018)
  • Website link: Tenax Capital website

Tenax Capital - Details

Company profile:

Tenax Capital was co-founded in 2004 by Massimo Figna and operates a range of funds, including providing credit to non-financial European borrowers as well as a range of UCITS strategies including catastrophe bonds.

In addition to its investment strategies, Tenax also has a strong network of relationships within the global insurance industry, periodically bringing together chief investment officers in its CIO Forum to discuss and develop key strategic, sectoral themes in a unique industry alliance.

Number of strategies (how many funds, sidecars or strategies):

1

Tenax ILS UCITS Fund

The Tenax ILS UCITS Fund invests in securities exposed to insurance risk, being primarily natural catastrophes such as hurricanes and earthquakes.

The fund takes long positions into Catastrophe Bonds, which are 144a securities issued by special purpose vehicles and providing coverage to the sponsoring re-insurance company against specific events.

The floating structure of the cat bond coupons provide a solid hedge against inflation and interest rate rise, while the returns uncorrelated to global financial markets add to the investment case.

The fund is managed by Massimo Figna and Marco della Giacoma.

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