For risk capital
For private capital seeking insurable risk.
We structure insurable risk for private-market investors who want exposure to it — including insurance-linked arrangements and strategies beyond the cat bond — and we bring it to you already analysed.
Who we work with
Private-market investors
Institutional investors, family offices and private capital looking for exposure to insurable risk that is not correlated with the rest of the portfolio.
Insurance-linked strategies
Arrangements beyond the conventional cat bond: indemnity, parametric and bespoke triggers, and risk that has not been securitised before.
Markets and captive managers
Lloyd’s syndicates, reinsurers and captive managers as capacity and counterparties alongside the investors above — not as the audience for this page.
What we bring
A conventional submission asks for a price. Ours sets out a case for allocating capital.
Risk we have already analysed
We do not approach capital until the expected-loss distribution, the drivers and the basis risk have been worked through. You see the risk data and the quantified uncertainty, on a consistent basis; the client’s own pricing view is never shared.
The right question, asked properly
Instead of premium adequacy, a probability-weighted return. Instead of maximum possible loss, downside survivability against a stated threshold. Instead of a loss ratio, a return on deployed capital.
Structures that can be traded
Parametric triggers, index design and multi-year terms with commutation rights — built so that the position retains optionality rather than locking capital into a single view.
How we handle the conflict
We act for the client. We also bring risk to capital. Those two roles only coexist if the information boundary is real.
One direction of information
The client’s internal pricing view is never shared with the market. What you receive is the risk data, the analysis of uncertainty, and the terms we are asking you to consider.
No pressure to place
If the analysis says the client should retain, we will say so — and there will not be a submission. A pipeline that only ever grows is a pipeline nobody believes.
Long-term capacity, not one-off trades
We are interested in relationships where the same risk can be reviewed year after year and the analysis improves with each cycle.
You are not our client
We act for the corporate client. The capital provider is not our client, receives no advice from us, and has no right of reliance on anything we send. Where you need advice, take it independently.
If you are looking for origination with the analysis attached, we should talk.
Tell us the classes, territories and structures you want to see more of, and we will tell you honestly whether our pipeline is likely to reach you.
Talk to us about capacity