Artemis Live: Interview with Urs Ramseier & Florian Steiger, Twelve Capital

We’ve just published our latest video interview which features executives from independent insurance-linked securities (ILS), catastrophe bond and reinsurance investment manager Twelve Capital.

All of our Artemis Live video interviews can be accessed directly from our YouTube Channel and we have more interesting discussions with leaders of the ILS and reinsurance industry to come over the next few weeks.

Dr. Urs Ramseier, Founding Partner, CEO & CIO and Florian Steiger, Director of the Cat Bonds Strategy at Twelve Capital, discussed the state of ILS and reinsurance investing through the lens of the pandemic with us.

“In terms of investments, the first few weeks the focus was clearly on client retention,” CEO of Twelve Capital Ramseier explained.

He continued, “After a few weeks, the focus was more on the non-life side of things and in general the particular topic of business interruption.

“We still believe it could be a significant exposure to the industry, these business interruption claims, but the uncertainty is still very high as to what the impact is on ILS portfolios.

“We’re very confident on the cat bond portfolios, that we do not see major impact there, but on private ILS it remains uncertain.”

Steiger, who manages catastrophe bond investments at Twelve Capital, is very positive on the investment potential for cat bonds in the current market environment.

“It’s not only the pricing which is particularly attractive right now, it’s also the structure of the underlying bonds,” Steiger said.

“Legal structure, trigger structure and all the fine legal print, which is an important part of our investment process, that’s also much better now. It’s certainly an improvement on all sides.”

Ramseier explained that the current point in time offers a very good entry point into the ILS asset class for investors.

Steiger agreed saying, “If one’s afraid of a potential global recession or depression in the real economy, there’s potentially not a better place to hide from that than in the ILS space, be it cat bonds or private ILS.”

The full video interview is embedded below and can also be viewed in full, along with previous Artemis Live video interviews, over on our YouTube channel.

You can also listen in audio to these interviews by subscribing to the Artemis Live podcast here.

We will continue to bring you these interviews with leaders of the ILS and reinsurance industry on an ad-hoc basis, as and when our time and that of our contacts allow.

All of our Artemis Live video interviews have a focus on reinsurance, ILS and the efficiency of risk transfer and can be accessed directly from our YouTube Channel.

You can also listen in audio to these interviews by subscribing to the Artemis Live podcast here.

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