Tangency Capital is an alternative investment management firm focused on the insurance industry.
Tangency Capital is an alternative investment management firm focused on the insurance industry.
Diversifying Asset Class
We invest in insurance-linked securities, which offer investors exposure to an asset class "that is largely uncorrelated to capital market risks".
Deloitte, 2016
With the introduction of uncorrelated assets to their portfolios, investors can reduce volatility and improve the position of the Tangency Point, where the capital market line and the efficient frontier connect.
Harry Markowitz, Modern Portfolio Theory, 1952
Investment Philosophy
Aligned
We invest in “quota share” instruments – creating a pro-rata share of (re)insurer portfolios in which we earn premium and pay claims according to a pre-defined percentage.
Through this co-investment approach, we seek to work with best-in-class (re)insurers, which have superior access to risk and are experienced underwriters.
Independent
We are an employee-owned organization with the goal of optimizing risk-adjusted returns for our investors. Being independent of any third-party affiliations, we aim to eliminate potential conflicts of interest, concentration risks and considerations that may inhibit innovation.
Capital Efficient
Unlike traditional insurance-linked securities investments, we capitalize the underlying risk based on economic capital requirements as prescribed by rating agencies and regulators. This generates capital efficiencies that allow our investors to access the asset class as if they had their own reinsurer.
Diversified
We earn risk premia globally and run a balanced portfolio across markets, perils, and (re)insurers. Given the random nature of catastrophe events, diversification reduces the downside risk from individual events.
ESG
We are committed to ESG practices in our investment vehicles and as a firm. Our ESG policy summary can be found here.
Dominik Hagedorn
COO • New York
Dominik has 15+ years of fund management, reinsurance and investment banking experience with a particular focus on alternative capital in the insurance industry. His transaction experience encompasses traditional fixed income and private equity, catastrophe bonds, reinsurance sidecars, contingent capital and other structured finance transactions in both life and non-life insurance. Before starting Tangency, he served as Vice President at Deutsche Bank Securities Inc. with global coverage responsibilities in the insurance and reinsurance sector. Prior to joining Deutsche Bank, he served as Director at UBS Securities LLC, also focused on the insurance industry. Dominik started his career at Munich Re working in the company’s alternative capital team in Munich and the US.
He holds a Master of Sciences degree in Financial Economics, majoring in finance, economics and econometrics from Maastricht University in The Netherlands.
Michael Jedraszak
CIO • London
Michael Jedraszak has more than 20 years of ILS, reinsurance and corporate finance experience. Prior to setting up Tangency Capital, he established Kiskadee Investment Managers, a Hiscox-owned ILS fund platform. At Kiskadee, he acted as Chief Investment Officer and was responsible for Hiscox’s overall ILS strategy including product innovation, portfolio construction and investor relations. He served on the Hiscox Re Board of Directors and on ILS-related boards. Kiskadee was awarded “ILS Fund Manager of the Year” at the Reactions Awards 2017. Prior to setting up Kiskadee, he was Head of International and Agriculture at Hiscox Re, during which time he was rated one of the London reinsurance market’s most influential underwriters in a 2013 Gracechurch Survey. He holds a BSc. (Hons) in International Management from Bath University and Postgraduate Diploma in Financial Strategy from the Said Business School at Oxford University, both earned with distinction. He is also an Associate of the Chartered Insurance Institute in the UK.
Kai Morgenstern
CRO • London
Kai Morgenstern has 25+ years of experience within the reinsurance industry. Prior to co-founding Tangency Capital, Kai joined RenaissanceRe as Vice President in the Ventures Ltd Group in 2006. He served as a Managing Director of DaVinci Reinsurance Ltd. and other third party capital structures managed by the Ventures group and worked on the design, legal review, marketing and execution of sidecars such as Starbound I/II, Tim Re I/II/III and multiple Upsilon transactions. He served as an investor relationship manager for US$2 billion managed by the Ventures group and was the portfolio manager of the ILS fund, Medici, which he created in 2009. Before his time at RenaissanceRe, he headed the Natural Catastrophe group of GE Insurance Solutions and started his career at Gerling Global Re. Kai holds a Diploma (Master) in Geophysics from Kiel University in Germany.
Jo Stanton
Head of Finance • Bermuda
Jo has more than 30 years of experience in the reinsurance sector. Prior to joining Tangency Capital in May 2019, she worked at AlphaCat Managers Ltd. for approximately six years, most recently as Chief Financial Officer overseeing financial management, reporting and operational aspects of the manager. Before joining AlphaCat, Jo was a professional at Expertise Ltd., where she consulted numerous fund administration and reinsurance companies on financial and regulatory reporting and implementation of operational efficiencies as well as acting as interim CFO. Jo is a Fellow of the Institute of Chartered Accountants in England and Wales, a member of the Institute of Directors, and holds a degree in Accounting and Finance from the University of Brighton. She also holds a Certificate in Company Direction.
Francois Delattre
Head of Analytics • London
François Delattre has more than 10 years of experience within the reinsurance and ILS industry. Before joining Tangency Capital in 2018, he was Portfolio Analysis Manager at Hiscox Re & ILS where he set up the analytical infrastructure to manage the in-house ILS Fund Kiskadee Investment Managers. He developed the tools supporting investment decisions and designed hedging strategies through the use of innovative ILW and retrocession structures. He started his career in 2010 at SCOR Global Investments as a quantitative analyst where he helped set up their ILS investment strategy. He was then in charge of the analysis, pricing and modeling of cat bonds and fully collateralized reinsurance portfolios for funds and managed accounts totaling USD 500m at the time. François is a qualified actuary from the French Institute of Actuaries and has a MSc in Economics and Actuarial Science from Ensae ParisTech as well as a MSc in Aeronautics and Space Engineering from SUPAERO in Toulouse.
Luke Barnett
Portfolio Analyst• London
Luke has four years of experience within the reinsurance and ILS industry. Prior to joining Tangency Capital, Luke worked at the Lloyd’s Managing Agency Neon, primarily focusing on Neon’s ILS vehicle NCM Re, the first UK-domiciled protected cell company. He developed the monthly valuation infrastructure, reporting processes and created the marketing analytics for the cell. Additionally he worked on the business planning and forecasts for the Property portfolios, including optimizing the outwards reinsurance placements. He was responsible for the Property Treaty portfolio modeling and he co-developed the analytical reporting tools for the Property Treaty and Global Direct & Facultative portfolios. Luke has a BSc in Mathematics from Durham University.
Tangency Leadership
100+ years of collective industry experience
Dominik Hagedorn
COO • New York
Michael Jedraszak
CIO • London
Kai Morgenstern
CRO • London
Jo Stanton
Head of Finance • Bermuda
Francois Delattre
Head of Analytics • London
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