Specialist insurance-linked securities (ILS) and catastrophe bond investment manager Fermat Capital Management LLC has recruited Joanna Syroka, who previously worked for the African Risk Capacity (ARC), to a business development role focused on accessing new opportunities to narrow the insurance protection gap.
Syroka has been a pioneer in the weather risk transfer and insurance market throughout her almost two decade career, having spent time developing innovative risk transfer solutions for ARC, the United Nations World Food Programme, the World Bank and Centrica plc.
As Fermat looks to help its investors access new ILS opportunities focused on closing the global insurance protection gap, or providing risk capital where it is not readily available today, Syroka’s experience will enable the manager to develop new investment products, strategies and analytics.
The role Syroka takes on is Director of Business Development for Fermat Capital Management LLC and her experience in sovereign and direct risk transfer for corporates will help the ILS manager move into areas of the market in need of efficient risk capital.
“While we have always believed ILS products play a significant role in narrowing the protection gap, Joanna’s strong track record of creating new insurance markets at the individual, corporate and sovereign level will be invaluable as we expand the opportunities available for our investors,” explained John Seo, Managing Director and co-founder of Fermat Capital.
“I am very excited to be joining the Fermat Capital team at a time when the ILS market is demonstrating its value to the global insurance markets,” added Syroka. “Looking ahead, better data, analytics and modelling technologies will open up new opportunities for investors to expand their role in the space.”
Fermat, with more than $5 billion of ILS and reinsurance assets under management, has always been at the forefront of discussion on how to access risks outside of peak zones and the traditional reinsurance cycle.
With Syroka’s help and experience Fermat can hope to unlock opportunities where its investors capital can be put to work on a fully collateralized basis providing much-needed risk capital to areas of the market that are underserved or even completely untapped to-date.