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Open Protocol reporting template for ILS funds published


The Open Protocol reporting template and associated manual for insurance-linked securities (ILS) and reinsurance linked investment funds has now been published, offering a standardised framework that ILS fund managers can adopt if they choose.

Following the completion of a public consultation and feedback period the Open Protocol Template and Manual for Insurance Funds has now been released, which the working group hopes will “facilitate better risk disclosure about insurance risk exposures.”

The use of reporting templates in the insurance-linked securities (ILS) and reinsurance linked investment fund market could help to address differences between managers, letting investors and advisors compare ILS funds, and better aggregate performance results where they allocate to more than two insurance-linked funds.

The template captures data on what have been deemed the most important areas of insurance risk and facilitates aggregation and comprehensive monitoring of risk exposures. Due to the relatively uncorrelated nature of most insurance risk investments, the Open Protocol Insurance Template provides another layer of risk information about a portfolio, rather than adding to already accepted data norms.

Tony Rettino, Founding Principal and Portfolio Manager of specialist ILS investment manager Elementum Advisors and an active member of the Insurance Open Protocol Working Group, commented; “This initiative is an important step forward in providing a standard reporting framework for funds which will significantly increase the comfort of investors in the space.”

Craig Dandurand, Director, Debt and Alternatives for the Australian investor the Future Fund, also said; “We welcome and support this initiative, which will improve our ability to monitor our insurance investments on an aggregate as well as individual basis.”

Simon Ruddick, Chairman of Albourne Partners who helped to coordinate the Insurance Open Protocol Working Party, added; “It has been an exciting project for us all, reflecting the wide range of risks and activities in the insurance space and the rapid pace of innovation in the market. The Insurance Template recognizes the growing importance of the space to investors.”

The Open Protocol recently gained support from the Hedge Fund Standards Board (HFSB).

Thomas Deinet, Vice-Chair of the Open Protocol Working Group and Executive Director of the Hedge Fund Standards Board (HFSB), stated; “The Insurance Open Protocol is the result of a collaboration process involving managers, investors and other industry stakeholders. I would like to thank everyone who participated in the process for their time, commitment and dedication to improving the overall Open Protocol framework.”

The Insurance Open Protocol Working Group includes ILS fund manager Elementum Advisors, reinsurance firm Renaissance Re, fund administrator and service provider SS&C, and end-investor the Utah Retirement System, amongst others.

The Insurance Open Protocol Template and Manual can be downloaded from the Hedge Fund Standards Board website here.

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