Twelve Capital führt ein Investmentforum bei Lloyd’s durch

Bitte klicken Sie hier, um die Medienmitteilung in englischer Sprache zu lesen.

Dienstag, 4. Dezember 2018

Twelve Capital Research Spotlight – Rückblick Hurrikan Saison und Ausblick für ILS

Bitte klicken Sie hier, um das aktuellste Twelve Capital Research Spotlight in englischer Sprache zu lesen. Darin blicken wir auf die Hurrikan Saison zurück und geben einen Ausblick zu ILS.

Mittwoch, 28. November 2018

Twelve Capital ernennt Harrington Cooper zur Distribution von Anlageprodukten innerhalb UK und französischsprechendem Europa.

Bitte klicken Sie hier, um die Medienmitteilung in englischer Sprache zu lesen.

Donnerstag, 22. November 2018

Twelve Capital Event Update: Waldbrände in Kalifornien

Bitte klicken Sie hier, um das Event Update zu den Waldbränden in Kalifornien in englischer Sprache zu lesen.

Mittwoch, 14. November 2018

Twelve Capital Event Update Hurrikan Michael

Bitte klicken Sie hier, um das Event Update zu Hurrikan Michael in englischer Sprache zu lesen.

Mittwoch, 10. Oktober 2018

Jamie Rodney auf CNBC - Video

Jamie Rodney, ILS Analytics bei Twelve Capital, spricht mit dem CNBC Squawk Box Team über Hurrikan Florence. Bitte klicken Sie hier, um das Interview in englischer Sprache zu hören.

Freitag, 14. September 2018

Twelve Capital Event Update 2: Hurrikan Florence

Bitte klicken Sie hier, um das 2. Event Update zu Hurrikan Florence in englischer Sprache zu lesen.

Donnerstag, 13. September 2018

Twelve Capital Event Update: Hurrikan Florence

Bitte klicken Sie hier, um das Event Update zu Hurrikan Florence in englischer Sprache zu lesen.

Mittwoch, 12. September 2018

Twelve Capital Research Spotlight – US Life Insurers Q2 2018 Post Earnings Review

Twelve blickt auf die Ergebnisse der Berichtssaison des 2. Quartals 2018 von US Lebensversicherern sowie die Bewertungen dieser Unternehmen zurück. 

Dieses Twelve Capital Research Spotlight beleuchtet aktuelle Möglichkeiten im US Lebensversicherungssektor. Bitte klicken Sie hier, um das Spotlight in englischer Sprache zu lesen.

Donnerstag, 30. August 2018

California Wildfires

A wildfire broke out in Shasta County, northern California, on 23 July, reportedly ignited by a vehicle mechanical failure. At the time of writing, the fire is still burning but firefighting efforts are showing some traction with containment rates gradually improving.

Please click here to read the Event Update.

Tuesday, 7 August 2018

Greece Wildfires

Widespread wildfires broke out across Greece on 23 July with news outlets reporting significant damage. Local authorities estimate that more than 2,500 homes have been destroyed with approximately 4,000 suffering significant damage. The latest reports suggest more than 80 fatalities with a further 180 people injured.
The wildfires are reported to have started near the towns of Kineta, in the east, and close to the port of Rafina, in the west, although the cause of the outbreak is still unclear.

Please click here to read the event update. 

Friday, 27 July 2018

Twelve Capital Perspectives - Investment Outlook für 2H 2018

Die aktuellste Version des Twelve Capital's Perspectives ist verfügbar.

Bitte klicken Sie hier, um den Investment Outlook für 2H 2018 in englischer Sprache zu lesen.

Donnerstag, 05. Juli 2018

Urs Ramseier im GELD-Magazin – Interview

Urs Ramseier, CEO & CIO von Twelve Capital, spricht mit dem GELD-Magazin über Insurance-Linked Securities, Insurance Private Debt und Best Ideas. Bitte klicken Sie hier, um das Interview zu lesen.

Dienstag, 03. Juli 2018

Twelve Capital Event Update: Subtropischer Sturm Alberto

Als erster Sturm in diesem Jahr, kurz vor Beginn der offiziellen Wirbelsturmsaison am 1. Juni, ist Alberto als subtropischer Sturm im Nordwesten von Florida auf Land getroffen.

Bitte klicken Sie hier, um das Event Update in englischer Sprache zu lesen.

Dienstag, 29. Mai 2018

Marcus Rivaldi in CNBC - Video

Marcus Rivaldi, Head of Credit & Equity Analytics bei Twelve Capital, spricht mit dem CNBC Street Signs Team über Zurich Insurance Group und das M&A-Potential im Versicherungssektor. Bitte klicken Sie hier, um das Interview in englischer Sprache zu hören.

Donnerstag, 08. Februar 2018

Twelve Capital Perspectives - Investment Outlook für 1H 2018

Die aktuellste Version des Twelve Capital's Perspectives ist verfügbar.

Bitte klicken Sie hier, um den Investment Outlook für 1H 2018 in englischer Sprache zu lesen.

Freitag, 02. Februar 2018

Twelve Capital Group als Hauptinvestor von drei Private Debt Transaktionen

Bitte klicken Sie hier, um die Pressemitteilung in englischer Sprache zu lesen.

Freitag, 12. Januar 2018

Twelve Capital Event Update: Schlammlawinen in Kalifornien & Erdbeben in Honduras

Der südliche Teil Kaliforniens wurde von verschiedenen Schlammlawinen heimgesucht. Ein starkes Erdbeben der Stärke 7.6 ereignete sich vor der Küste Honduras.

Bitte klicken Sie hier, um das Event Update in englischer Sprache zu lesen.

Mittwoch, 10. Januar 2018

Twelve Capital begibt private Katastrophenanleihe “Dodeka XIV”

Die Pressemitteilung ist in englischer Sprache verfügbar:

Twelve Capital announces the issuance of “Dodeka XIV”, the latest instrument in its series of private cat bonds. Dodeka XIV is a USD denominated USD 35m cat bond covering second event risk across all natural perils in the United States. Cat bonds issued out of Twelve Capital’s bespoke Dodeka programme are only available for funds and mandates managed by Twelve Capital, who have fully absorbed the entire issuance of this transaction.

“The Dodeka programme allows our cat bond funds to invest into perils that are not readily available in securities format, resulting in improved portfolio diversification, or into transactions exhibiting more attractive economic terms. Especially in the aftermath of the recent hurricanes, the Dodeka programme allows Twelve Capital’s investors to benefit from the current increases in premiums across collateralised reinsurance and retrocession markets” says Sandro Kriesch, Managing Partner and Head of ILS at Twelve Capital.

Twelve Capital will continue to securitise private ILS content under its proprietary Dodeka programme if it fits the profile and investment needs of its cat bond funds and mandates.

Mittwoch, 10. Januar 2018

  • Twelve Capital Event Update: Brände in Kalifornien

    In den letzten Tagen hat es in Kalifornien erneut Brände gegeben.

    Bitte klicken Sie hier, um das Event Update in englischer Sprache zu lesen.

    Montag, 11. Dezember 2017

    Twelve Capital Research Spotlight – Hurricane Season 2017

    Twelve Capital beleuchtet in einem Research Spotlight die Ereignisse der Wirbelsturmsaison 2017.

    Bitte klicken Sie hier, um den Bereicht in englischer Sprache zu lesen.

    Dienstag, 28. November 2017
     

    Twelve Capital Event Update: Brände in Kalifornien

    In Kalifornien wüten derzeit heftige Brände. Bitte klicken Sie hier, um das Event Update in englischer Sprache zu lesen.

    Mittwoch, 08. November 2017

    Erdbeben in Mexiko & Hurrikan Maria

    Bitte klicken Sie hier, um den Bericht in englischer Sprache zu lesen.

    Mittwoch, 20. September 2017

    Twelve Capital freut sich, die Anstellung von Aaron Coates in London bekannt zu geben.

    Die Pressemitteilung ist in englischer Sprache verfügbar:

    Aaron joins the company as an Executive Director in the Sourcing team, with a principal concentration on sourcing ILS transactions as well as Private Debt deals in the US.

    With nearly 20 years of industry experience, Aaron joins Twelve Capital from Barbican Insurance, where he spent almost 10 years as Business Group Leader for the firm’s Property Reinsurance business. During his tenure, Aaron’s main responsibilities were the implementation and delivery of the portfolio’s underwriting strategy and the strategic development of the Property Reinsurance portfolio.

    Prior to joining Barbican Insurance, Aaron spent time in Bermuda with Montpelier Re working on the firm’s retrocession portfolio “Blue Ocean Re”. Before this, Aaron worked at GE Frankona Re, having started his career in London with Copenhagen Re in the late 1990s.

    Urs Ramseier, CEO of Twelve Capital, said: “We are truly excited to have Aaron joining the firm. Aaron’s extensive knowledge of the insurance industry will further enhance our ability to serve clients across the firm’s insurance debt and ILS portfolios. We are delighted to welcome Aaron to the team.”

    Montag, 18. September 2017

    Urs Ramseier in CNBC - Video

    Urs Ramseier, CEO von Twelve Capital, spricht mit dem CNBC Squawk Box Team, nachdem Hurrikan Irma am Sonntag, 10. September als Kategorie 4-Sturm in den Floriday Keys auf Land traf. Bitte klicken Sie hier, um das Interview in englischer Sprache zu hören.

    Dienstag, 12. September 2017

     

    Hurrikan Irma trifft in Florida auf Land

    Bitte klicken Sie hier, um den Bericht in englischer Sprache zu lesen.

    Sonntag, 10. September 2017

    Starkes Erdbeben in Mexiko

    Am 8. September 2017 um 4.49 UCT ereignete sich in Mexiko ein Erdbeben der Stärke 8.1 (Text in englischer Sprache verfügbar).

    On 8 September 2017 at 4.49 UTC, there was an earthquake with a magnitude of 8.1 near the Pacific coast line of Mexico. This is likely to be the strongest earthquake in Mexico in more than a century. USGS reports a depth of less than 70km with shaking still being felt in Mexico City.

    Large parts of the country were exposed to significant shakes which is likely to have caused substantial damage to buildings and possibly human life. A Tsunami warning was also issued.

    Generally, the insurance industry's exposure to Mexico is moderate, especially compared to other perils and geographies. Based on currently available information and analysis, we expect an impairment of the IBRD Fonden 2017 Cat Bond transaction covering Mexican earthquake risk. Twelve Capital is an investor in this transaction via some of its managed portfolios. The damage assessment for private ILS transactions is under way and will be conducted as soon as the relevant information becomes available.

    Freiatg, 08. September 2017

    Update: Hurrikan Irma, Karibik

    Ein Update zum Hurrikan Irma ist in englischer Sprache verfügbar:

    Event Summary

    Hurricane Irma remains a catastrophic Category 5 storm despite slightly less strong wind speeds. Sea surface temperature and ocean heat content will be even higher on its projected track. Upper-level atmospheric conditions remain favourable. Irma is likely to remain a Category 4 or 5 hurricane until landfall. A strong ridge of high pressure is expected to steer Irma to the north-west once it reaches the Straits of Florida.

    Track Scenarios

    Most recent weather model guidance shows a relatively high agreement on the storm track. Irma is thus forecasted to travel across the Bahama Archipelago and thereafter to follow one of these scenarios:

    1. Landfall in southern or south-western Florida

    2. Bypass Florida, landfall in Georgia, the Carolinas or even further to the north

    3. Landfall in western Florida or escape into the Gulf of Mexico

    Scenarios 1 and 2 are by far the most probable according to the models. The exact landfall location remains however highly uncertain.

    Impact

    Irma brought great devastation to Antigua, Barbuda, Anguilla, Saint-Barthélémy, Saint-Martin (FR), Sint-Maarten (NL), the British Virgins Islands and the northern part of the U.S. Virgin Islands. All these Islands harbour some 300k+ inhabitants. More than ten fatalities have been reported so far. Puerto Rico (pop 3.4m) was spared from the strongest winds when Irma passed at some distance from its north shore.

    Assessment of Loss Potential

    Substantial and widespread damage has been reported from the islands in Irma’s path. It was a combination of excess wind speeds, storm surge and inland flooding that produced a picture of complete devastation in some places. Apart from damaged residential, commercial and industrial buildings, news pictures reveal also numerous destroyed cars, boats and airplanes. An estimation of insured losses can only be made after the full extent of damage has become evident.

    Other Tropical Cyclone Activity

    Hurricane Katia in the Gulf of Mexico is forecasted to make landfall as a Category 1 storm in Mexico’s province Veracruz on Friday or Saturday. Hurricane force wind and heavy rainfall can be expected. The impact on the insurance industry is likely to be very limited. Hurricane Jose in the Atlantic takes a similar path than Irma. It is already packing Category 1 wind speeds and could strengthen even further. Forecasts indicate a northward turn upon arrival at the Leeward Islands in the Lesser Antilles. It is unclear whether Jose will affect populated areas along its projected track.

    Freitag, 08. September 2017

    Hurrikan Irma, Karibik

    Hurrikan Irma befindet sich gegenwärtig in der Karibik. Bitte klicken Sie hier, um den Bericht in englischer Sprache zu lesen.

    Mittwoch, 06. September 2017

    Hurrikan Harvey, Texas, USA - Erste Eindrücke

    Kommentar in Englischer Sprache verfügbar:

    Event Summary

    “Harvey” made landfall as a category 4 hurricane between Port Aransas and Port O'Connor, Texas, at around 22:00 local time on Friday, 25 August 2017. It is the first major hurricane to make landfall in the U.S. since Hurricane Wilma in 2005. At landfall, “Harvey” packed maximum sustained wind speeds of 215 km/h according to the National Hurricane Center (NHC). Storm surge observations were lower than forecasted, with a surge of around 2.1 meters recorded at Port Lavaca, Texas. There are reports of at least three fatalities from “Harvey”. The storm captured a tremendous amount of moisture over the Gulf of Mexico. As a consequence, torrential rainfall occurred in vast parts of Southern Texas. Houston and neighbouring areas currently experience catastrophic flooding. “Harvey” is expected to move very slowly in the next 48 hours producing more heavy rain in the area.

    Impact

    The area is relatively small and sparsely populated and was affected by hurricane force winds as well as significant storm surge. Substantial damage has been reported mainly from seaside towns like Rockport. Severe flooding affects large parts of Southern Texas. The metropolitan area of Houston experiences unprecedented river levels and the whole situation is likely to become even worse. The impact from the flooding is yet to be determined. It is very likely that apart from residential some major commercial and industrial areas have been affected.

    Assessment of Loss Potential

    As this is an ongoing event, loss estimates are very difficult to make. Like Sandy in 2012, Harvey is mainly a water, not a wind event. Thus, the contribution from flooding to the total insured loss is highly uncertain. Flood losses to residential and commercial buildings are typically covered by policies from the National Flood Insurance Program (NFIP). Occasionally, such losses may “leak” into wind policies. Furthermore, business interruption is likely to contribute heavily to the overall losses as many businesses may be shut down for days or weeks.

    Currently, information provided by the catastrophe model agencies indicate that Cat Bonds are unlikely to have been affected by the hurricane. It will take a few weeks until final loss estimates are available. Some Private ILS contracts are exposed to this event as well. With regard to Insurance Debt, the event is not expected to adversely impact the credit positions of the listed re/insurers we are invested in given that standalone, this will largely be an earnings event as opposed to capital erosion. For Insurance Equity, the greatest uncertainty remains with the extent of flooding damage and business interruption. This may erode 2017 earnings for some of the more exposed businesses.

    Twelve Capital is currently assessing the loss potential using the latest impact reports.

    Montag, 28. August 2017

    Hurrikan Harvey, Texas, USA

    Kommentar in Englischer Sprache verfügbar:

    Harvey is a Category 2 hurricane currently in the Gulf of Mexico heading towards Texas, USA. Central pressure is 950hPa and decreasing, with wind speeds of 175km/h as of 12pm UTC.

    Harvey is forecasted to make landfall on 26 August 2017 in the morning (UTC) as a Major Hurricane. A large part of the Texan coast is expected to be affected, but particularly around Corpus Christi. Winds greater than 175km/h are forecasted, making this a potential Category 3 hurricane.

    Official hurricane warnings are currently in place along the Texan coast, and storm surge warnings for the coast near Houston. Major wind, coastal storm surge and inland flood damage along the storm track can be expected.

    There is still much uncertainty around the track and storm strength, so it is not possible to make damage or loss estimates currently. Investor exposures are being closely assessed and actively monitored on both Cat Bonds and Private ILS investments.

    Freitag, 25. August 2017

    Twelve Capital unterstützt das neue Insurance-Linked Programm der Weltbank

    Die International Bank of Reconstruction and Development (IBRD), Teil der Weltbank-Gruppe, gab kürzlich die Lancierung einer Reihe von Insurance-Linked Securities bekannt. Dabei handelt es sich um Katastrophenanleihen zur Unterstützung von Entwicklungsländern hinsichtlich der Konsequenzen von Naturkatastrophen wie Erdbeben, Tropenstürmen oder Pandemien.

    Twelve Capital partizipierte an diesen Transaktionen über verschiedene Fonds und Mandate ihrer Investoren. Die Entscheidung, sich an diesen innovativen Lösungen zu beteiligen, basierte nicht nur auf der Überzeugung, dass ILS-Strukturen beim Angebot von Versicherungsschutz in den ärmsten Weltregionen eine wichtige Rolle spielen sollen, sondern auch darauf, dass zusätzliche Diversifikation über verschiedene Versicherungsrisiken zu langfristig besseren Rendite-Risiko-Profilen von Kundenportfolios führt.

    Freitag, 04. August 2017

    Twelve Capital Perspectives - Investment Outlook für 2H 2017

    Die aktuellste Version des Twelve Capital's Perspectives ist verfügbar. Bitte klicken Sie hier, um den Investment Outlook für 2H 2017 in englischer Sprache zu lesen.

    Freitag, 14. Juli 2017

    Twelve Capital Research Spotlight – Insurance Relative Value

    Bitte klicken Sie hier, um die aktuelle Ausgabe des Twelve Capital's Research Spotlight zu lesen.

    Donnerstag, 02. Juni 2017

    Twelve Capital Group Hauptinvestor der USD 45.5 Mio. Private Debt Transaktion mit Catalina General Insurance Ltd.

    Twelve Capital Group war als Hauptinvestor des Note Offering von Catalina General Insurance Ltd.

    Um die ganze Pressemitteilung in englischer Sprache zu lesen, klicken Sie bitte hier.

    Mittwoch, 10. Mai 2017

    Twelve Capital gibt die Anstellung von Florian Steiger in Zürich bekannt.

    Das Portfoliomanagement-Team von Twelve Capital wird durch Florian Steiger verstärkt. Sein Fokus wird auf der Verwaltung von Cat Bond-Strategien liegen.

    Zuvor war Florian Steiger bei Cape Capital in Zürich tätig, wo er den Cape Fixed Income Fund aufsetzte und verwaltete. Vor dieser Tätigkeit arbeitete er in verschiedenen Positionen bei ZAIS Group und Goldman Sachs in London und Zürich. In seiner bisherigen Laufbahn lag Florians Fokus auf strukturierten und illiquiden Kreditprodukten, wie CLOs und Kreditderivate, sowie auf Nachranganleihen europäischer Finanztitel.

    John Butler, Managing Partner & Head of Investment Management bei Twelve Capital: “Wir freuen uns sehr, dass Florian zu Twelve stösst. Seine langjährige Erfahrung im Portfoliomanagement trägt weiter dazu bei, solide Renditen in unseren Kundenportfolios zu erwirtschaften. Es freut uns sehr, ihn bei Twelve Capital willkommen heissen zu dürfen.”

    Dienstag, 09. Mai 2017

    Interview mit Urs Ramseier in Institutional Money

    Dr. Urs Ramseier, Group CEO von Twelve Capital, spricht im Interview über die aktuelle Situation am Markt für Insurance Linked Securities (ILS) und erklärt, warum es nocht lange keine Cat Bond-ETFs geben wird. Bitte klicken Sie hier, um das Interview in voller Länge zu lesen.

    Freitag, 31. März 2017
     

    Interview mit John Butler in Insurance Day

    John Butler, Managing Partner bei Twelve Capital, spricht mit Insurance Day über Solvency II. Über die letzten Jahre resultierte daraus bei den grössten Rück- und Versicherer Europas Interesse an Debt-Emissionen. Bitte klicken Sie hier, um den Artikel in englischer Sprache zu lesen (Seite 4).

    Montag, 13. März 2017

    Twelve Capital Perspectives - Investment Outlook für 2017

    Die aktuellste Version des Twelve Capital's Perspectives ist verfügbar. Bitte klicken Sie hier, um den Investment Outlook für 2017 in englischer Sprache zu lesen.

    Montag, 30. Januar 2017

    Marcus Rivaldi in CNBC - Video

    Marcus Rivaldi, Head of Credit & Equity Analytics bei Twelve Capital, spricht mit dem CNBC Squawk Box Team, nachdem Intesa Sanpaolo Interesse am Zusammenschluss mit Assicurazioni Generali Spa bestätigte. Bitte klicken Sie hier, um das Interview in englischer Sprache zu hören.

    Mittwoch, 25. Januar 2017

    Twelve Capital Group ist alleiniger Investor in einer nachrangigen Anleihe in einer auf den Bermuda domizilierten Versicherungsgesellschaft

    Randall & Quilter Investment Holdings Ltd. informiert über ihre jüngste Emission einer nachrangigen Anleihe. Bitte klicken Sie hier, um die gesamte Pressemitteilung zu lesen.

    Freitag, 20. Januar 2017

    Twelve Capital schliesst $19.5 Mio. Dodeka XI Transaktion ab

    Artemis schreibt über Twelve Capital's Abschluss seiner $19.5 Mio. Dodeka XI Transaktion. Bitte klicken Sie hier, um den ganzen Artikel zu lesen.

    Montag, 09. Januar 2017

  • Twelve Capital investiert in USD 30m Private Debt-Deal von United, platziert durch BMS

    John Butler, Head of Investment Management bei Twelve Capital, spricht mit Artemis und Insurance Day über den aktuellsten Private Debt-Deal. Bitte klicken Sie auf die entsprechenden Links, um den ganzen Artikel zu lesen.

    Dienstag, 06. Dezember 2016

    Erdbeben in Neuseeland

    Kommentar in Englischer Sprache verfügbar:

    An earthquake of magnitude 7.8 struck New Zealand's South Island on Sunday, 13 November at 23:02 local time. The epicentre of the main shock lay about 100 km northeast of Christchurch and about 220 km southwest of the capital Wellington. Dozens of significant aftershocks have been registered since then, the strongest ones reaching a magnitude of 6.5. A Tsunami wave was triggered along the east coast of the South Island. It reached a maximum height of about two metres. There have also been a large number of landslides reported.

    According to government officials, at least two fatalities have been reported. The area affected by very strong to severe shaking is thinly populated. Most damage seems to be to infrastructure and residential buildings. There is no Cat Bond exposed to this event. The potential impact on Private ILS transactions is being assessed. Twelve is monitoring the situation very closely.

    Dienstag, 15. November 2016

    Solvenzfinanzierung für Versicherungen über Private Debt

    Die grössten Versicherungen in Europa beschaffen sich Solvenzkapital über Tier-2-Anleihen. Für kleinere Versicherungen gibt es neuerdings Tier-2-Kapital auch in Form von Private Debt - Daniel Grieger und Vittorio Sangiorgio von Twelve Capital zeigen in der jüngsten Ausgabe von Absolut Research, wie diese Art der Finanzierung den Versicherern eine effizienztere Kapitalstruktur ermöglicht und Investoren ein interessantes Anlageuniversum mit attraktiven Renditen eröffnet.

    Weitere Informationen finden Sie hier. Den vollständigen Artikel stellen wir Ihnen auf Wunsch gerne zur Verfügung.

    Donnerstag, 10. November 2016

    Erdbeben in Italien

    Kommentar in Englischer Sprache verfügbar:

    An earthquake of magnitude 6.5 has occurred in the Apennine mountains on Sunday, 30 October at 07:40 local time. The location is northeast of Rome and southeast of Perugia, near the small town of Norcia. The location is further to the north to Amatrice, where an earthquake of magnitude 6.2 had occurred on 24 August. Since the main shock on Sunday morning, a number of aftershocks with magnitude 4 and above have occurred.

    Most damage seems to be to residential buildings. The only Cat Bond exposed to Italy earthquake is Azzurro, which is not affected by today’s events according to our modelling analysis. The potential impact on Private ILS transactions is being assessed. Twelve is monitoring the situation very closely.

    Montag, 31. Oktober 2016

    Katastrophenanleihen: Das Unvorhersehbare voraussagen

    Der Cat Bond-Markt hielt vergangene Woche den Atem, als sich Hurrikan Matthew der US-Ostküste näherte. Nach diesem Ereigniss und in der aktuellsten Ausgabe des "Friday View" Reports, herausgegeben von Portfolio Institutional, zeigen Sandro Kriesch, Managing Partner bei Twelve Capital, und Jan Kleinn, Head ILS Analytics bei Twelve Capital, Auswirkungen von Hurrikan Matthew auf den Cat Bond-Markt auf. Klicken Sie bitte hier, um den ganzen Beitrag zu lesen.

    Donnerstag, 20. Oktober 2016

    Private Debt als Nachrangkapital für kleinere Versicherungen

    In der aktuellen Ausgabe von HEDGEWORK NEWS schreibt Daniel Grieger, Managing Partner bei Twelve Capital, über "Private Debt als Nachrangkapital für kleinere Versicherungen". Bitte klicken Sie hier, um den gesamten Artikel auf Seite 14 zu lesen.

    Hurrikan Matthew - Erste Eindrücke

    Kommentar in Englischer Sprache verfügbar:

    Tropical storm Matthew formed near St. Lucia in the Antilles on 28 September, moved west over the Caribbean Sea and intensified to a hurricane on 29 September. Matthew then turned north and crossed the western tip of Haiti and the eastern tip of Cuba as a category 4 hurricane. The interaction with these two islands lead to a slight weakening, making Matthew a category 3 hurricane when moving towards the Bahamas. Matthew intensified to category 4 again over the Bahamas but was back to category 3 before approaching and moving along the Florida coast. Matthew moved along the Florida coast, weakened to category 2 when moving along the Georgia coast and finally to category 1 while moving along the coast of South Carolina and North Carolina. Matthew did not make landfall in Florida or Georgia, just crossed a bit of the South Carolina coast between Charleston and Georgetown.

    According to a preliminary wind field published by the National Hurricane Center of the US National Weather Service, only a small area over land was affected by hurricane force winds. The overall impact on losses is therefore expected to be limited.

    The last modelling updates from the modelling agencies indicate that cat bonds are most likely not affected by hurricane Matthew. It will take a few weeks though until the final loss estimates are available by the cat bond sponsors. During this time period, we expect to see some mark to market price effects in the cat bond market. Based on currently available information, we expect a mark to market performance effect on our cat bond funds and mandates between
    -0.5% and -2%.

    We will closely analyse further updates from the modelling agencies as they become available and issue further client reporting.

    Montag, 10. Oktober 2016

    Hurrikan Matthew

    Kommentar in Englischer Sprache verfügbar:

    At 5pm Zurich time, Hurricane Matthew was located just 40 km west of Nassau over the Bahamas with maximum sustained winds of about 220 km/h with higher gusts. This makes Matthew a category 4 hurricane according to the Saffir-Simpson hurricane scale. Hurricane force winds (starting at sustained winds of about 120 km/h) extend outward up to about 95 km from the centre and tropical storm force winds (starting at about 65 km/h) extend outward up to 260 km.

    Hurricane Matthew is expected to get close to the Florida coast tomorrow, Friday 7 October, and move along the coast from Melbourne and Palm Bay to Jacksonville. Track forecasts then take Matthew out to the sea, slowly moving away from the coasts of Georgia and South Carolina. No impact on North Carolina is expected according the current forecasts.

    We have evaluated the events provided by the modelling agencies and none seem to be an acceptably close fit to the range of forecast tracks. The suggested modelling events either make landfall or stay too far from the coast. The resulting loss estimates are therefore, in our opinion, not meaningful and give too varying and inaccurate range of possible underlying insured loss values. We therefore continue to observe and analyse the situation and will communicate estimates as soon as we feel confident that they have any material accuracy.

    Donnerstag, 06. Oktober 2016

    Erhöhte M&A-Aktivität im Versicherungssektor

    Kommentar in Englischer Sprache verfügbar:

    Just days into the fourth quarter, the insurance sector has experienced heightened M&A activity, supporting Twelve Capital’s recently launched M&A insurance equity focused portfolios. This week has seen three confirmed approaches, two involving listed (re)insurers, and one private name. The listed space has seen approaches by Sompo Japan Nipponkoa Insurance for Endurance Specialty Holdings, and NN Group for Delta Lloyd. Amongst private (re)insurers two Shenzen Government-owned investment companies have agreed to buy ACR Capital Holdings Pte Ltd, the owner of Singapore's biggest reinsurance firm.

    Aside from the three confirmed approaches, there has also been multiple media reports around additional M&A activity, including amongst listed names that Markel had been in discussions with Allied World regarding a takeover, and within the private space that Apollo Global Management is expected to acquire 50% of Lloyd's (re)insurer Ariel.

    William Hardcastle, Director, and Strategy Head of Twelve Capital’s liquid equity strategy added: “The share price benefit is not restricted to these stocks as investors look to own the next company that may be acquired at a premium to current share price. M&A activity is picking up, and we see no reason why this global trend won’t continue into 2017. The multitude of factors driving M&A remain, including subdued organic growth opportunities, increased importance of scale, cheap financing and currency dislocations.”

    Donnerstag, 06. Oktober 2016

    Falscher Hoffnungsschimmer für Tier 1-Schuldtitel?

    Twelve Capital diskutiert mit InsuranceERM den Markt für Tier 1-Schuldtitel. Bitte klicken Sie hier, um den Artikel in englischer Sprache zu lesen.

    Montag, 03. Oktober 2016

    Katastrophenanleihen: Das Unvorhersehbare voraussagen

    Am Mittwoch, 26. Oktober, wird Sandro Kriesch, Head Private ILS beim auf Versicherungsanlagen spezialisierten Investment Manager Twelve Capital, ein Mittags-Webinar leiten. Es sollen die Vorzüge einer Beimischung dieser unkorrelierten Anlageklasse zu breit diversifizierten Portfolios hervorgehoben werden.

    Das Webinar findet in englischer Sprache statt. Weitere Details finden Sie hier.

    Mittwoch, 21. September 2016

    Twelve Capital Group lanciert erfolgreich ihre Equity Strategie

    Twelve Capital Group hat erfolgreich ihre Equity Strategie lanciert. Die Portfolien, welche bislang lanciert wurden, zielen auf die derzeitige M&A Aktivität im Versicherungssektor ab. Diese Strategieerweiterung stellt einen wesentlichen strategischen Meilenstein dar, da damit Twelve Capital‘s Vision, Investoren Zugang zu interessanten Anlagemöglichkeiten innerhalb der gesamten (Rück-)Versicherungsbilanz zu ermöglichen, ausgebaut wird.

    Bitte klicken Sie hier, um die ganze Medienmitteilung zu lesen.

    Mittwoch, 31. August 2016

    Ausfall des EUR 200 Mio. Cat Bonds durch das Erdbeben in Italien unwahrscheinlich

    Carolyn Cohn von Reuters spricht mit John Butler, Head of Investment Management bei Twelve Capital, über einen möglichen Ausfall des Cat Bonds Azzurro Re durch das kürzliche Erdbeben in Italien. Bitte klicken Sie hier, um das gesamte Interview in Englischer Sprache zu lesen.

    Mittwoch, 24. August 2016

    Erdbeben in Italien - 24. August 2016

    Kommentar in Englischer Sprache verfügbar: An earthquake of magnitude 6.2 has occurred in the Apennine mountains at 1:30 UTC last night. The location is northeast of Rome and north of L’Aquila, where the last significant earthquake took place in 2009 (magnitude 6.3). Since the main shock, seven aftershocks of magnitude 4 and above have taken place, the most intense of magnitude 5.5.

    Most damage seems to be to residential buildings. The only Cat Bond exposed to Italy earthquake is Azzurro, which is not affected by today’s events according to our modelling analysis. The potential impact on Private ILS transactions is being assessed. Twelve is monitoring the situation very closely.

    Mittwoch, 24. August 2016

    Twelve Capital sieht weiterhin Möglichkeiten für flexiblere Mandate in Zeiten volatiler Aktienmärkte

    Kommentar in Englischer Sprache verfügbar:

    Whilst there have been plenty of headlines in 2016 debating nervousness around the equity asset class, Twelve Capital has continued to see compelling opportunities within one of its specialist areas of focus – insurance stocks.  Reflecting on the first half of the year, Dani Grieger, Head of Investment Strategies at Twelve Capital, noted “the strong performance of our global equity allocations over the last few months reflects our conviction that the insurance sector offers investors attractive opportunities within today’s volatile markets.

    On 29 July, the FT noted that "the sprint out of European equity funds entered its 25th consecutive week, draining portfolios of $76bn since the year began".  Yet William Hardcastle, Equity Analyst at Twelve Capital, explained why these conditions can be beneficial to the right investment strategies: “The continued outflow is likely to be creating greater dislocations in prices. The added volatility, whilst negative for trackers, creates opportunities for more nimble mandates. Moreover, the insatiable hunt for yield in other asset classes has only intensified the value of an attractive and robust dividend yield – something that the insurance sector has long delivered.”

    Freitag, 29. Juli 2016

    FT/Willis Towers Watson Global Alternatives Survey 2016

    Kommentar in Englischer Sprache verfügbar:

    In early July, Willis Towers Watson (a global investment consultancy firm) published their latest Global Alternatives Survey. The survey found that “alternative investments grow on flight from bonds and equities”, with continued high demand for private debt (“more specialist strategies will attract greater interest”), and with demand from institutional investors for ILS remaining regardless of premiums. The survey also noted that ILS funds targeting more remote and lower risk events are likely to continue to generate an attractive risk-reward ratio.

    Commenting on the findings, John Butler, Head of Investment Management at Twelve Capital, said, “The survey echoes our belief in the attractiveness of more specialist strategies within illiquid credit and insurance-linked investments.“

    Furthermore, the accompanying FT article notes that despite the rise in allocations to alternative investments, there are concerns that the accompanying risks should be understood and aligned appropriately. James Ray, Head of Consultant Relations at Twelve Capital added “Willis Towers Watson are right to flag up the need for investors to put alternative managers under greater scrutiny before making allocations. We believe there are still solutions for those who are searching for yield but who wish to retain liquidity and may be wary about exposure to riskier (and possibly costlier) alternative investments. Notably, fixed income mandates could look at the higher yields issued by European insurance companies compared to corporate bonds.”

    Montag, 11. Juli 2016

    Twelve Capital Perspectives - Anlageausblick für 2H 2016

    Es freut uns, Ihnen die aktuelle Version des Twelve Capital Perspectives zur Verfügung zu stellen.

    Das Dokument mit dem Anlageausblick für 2H 2016 können Sie hier in englischer Sprache herunterladen.

    Freitag, 08. Juli 2016

    Twelve Capital Research Spotlight - Brexit - June 2016

    Kommentar in Englischer Sprache verfügbar: Twelve Capital’s ‘Research Spotlight’ report aims to highlight some of the most compelling investment opportunities currently available across the universe of insurance related investments, as evaluated by the firm’s analytics team. Post the UK’s referendum on its membership of the European Union, this note takes an initial look at the wider implications that such a decision may have for the insurance sector. To download your copy of the report, please click here.

    Freitag, 24 Juni 2016

    Twelve Capital Research Spotlight - June 2016

    Kommentar in Englischer Sprache verfügbar: Twelve Capital hosted a roundtable meeting at its London offices on 14 April, and over breakfast debated the lessons learnt and outlook for the insurance sector flowing from the first round of financial results under the new Solvency II regime. Benefitting from a few week’s hindsight, this latest Twelve Capital Research Spotlight shares the key conclusions from the discussion. To read more, please click here.

    Donnerstag,  16 Juni 2016

    Twelve Capital Group Ankerinvestor der EUR 50 Mio. Private Debt Transaktion mit Adriatic Slovenica d.d.

    Twelve Capital Group war als Ankerinvestor des Note Offering von Adriatic Slovenica d.d.’s tätig. Dem Unternehmen wird für 10 Jahre Solvency II-Kapital geboten. Um die ganze Pressemitteilung in englischer Sprache zu lesen, klicken Sie bitte hier.

    Dienstag, 07 Juni 2016

    Überschwemmungen in Deutschland und Frankreich – 3. Juni 2016

    Kommentar in englischer Sprache verfügbar: Heavy rainfall caused localised severe flooding in Baden-Württemberg and Bavaria this week. Both events were intense but localised, each affecting only a handful of towns. The risk of further heavy rainfall events is decreasing the next few days.

    Furthermore, flooding is ongoing in Paris and along the Seine upstream and downstream of Paris. The water level of the Seine in Paris is still more than 2 metres below the water level of the great flood in 1910 and should stay below the level in 1982. The flood is expected to peak today and flood levels to recede later today.

    It is too early to get an overview of insured losses. Currently, there is no impact on Cat Bonds expected. Twelve is monitoring the situation.

    Friday, 03 June 2016

    ILS: Preisgestaltung, Diversifikation und Illiquiditätsprämien

    Roman Muraviev, Head Catastrophe Bonds, und Sandro Kriesch, Head Private ILS bei Twelve Capital, diskutieren mit Intelligent Insurer gegenwärtige Dynamiken von Preisgestaltung, Diversifikation und Illiquiditätsprämien im ILS-Markt. Um den ganzen Artikel in englischer Sprache zu lesen, klicken Sie bitte hier.

    Mittwoch, 27 April 2016

    Private ILS-Anlagen bieten Illiquiditätsprämien

    Sandro Kriesch, Managing Partner und Head Private ILS bei Twelve Capital, diskutiert mit Artemis den Private ILS-Markt, ein wachsender Teilbereich des ILS-Universums. Um den ganzen Artikel in englischer Sprache zu lesen, klicken Sie bitte hier.

    Freitag, 18 März 2016

  • Private debt - attractive subordinated capital to insurers

    With the introduction of the Solvency II regulatory regime on 1 January 2016, Private Debt is one option for small- and medium-sized insurers to raise capital in order to meet their solvency requirements. B2B magazine discussed this asset class with Daniel Grieger, Managing Partner and Head Private Debt at Twelve Capital, and the related benefits and risks. The full article (German only) can be downloaded here.

    Source: Twelve Capital

    Tuesday, 15 December 2015

    MultiCat Mexico offers lessons in secondary trading

    Following Hurricane Patricia making landfall in Mexico in October, Roman Muraviev, Head of Catastrophe Bonds at Twelve Capital, talks to Intelligent Insurer about how the ILS investor community has recently been focused on the way some catastrophe bonds can be triggered and the tactical implications around portfolio management that this and other similar events have on the ILS market. Please click here to read the full article.

    Source: Twelve Capital

    Friday, 20 November 2015

    How big cities can use ILS to protect against weather risks

    John Butler, Managing Partner and Head of Sourcing at Twelve Capital, speaks to The Actuary to discuss how big cities can use insurance-linked securities to protect against weather risks. Please click here and turn to pages 31 and 32 to read the full article.

    Source: Twelve Capital

    Monday, 09 November 2015

    Successfully negotiating a challenging environment for fixed income

    Urs Ramseier, Twelve Capital Chairman & CIO, discusses with Investment Week the attractions of investing in insurance company bonds, portfolio positioning and potential M&A activity in the insurance bond sector. Please click here to see the full article.

    Source: Twelve Capital

    Monday, 02 November 2015

    Raising capital to reach new markets - Video

    Daniel Grieger, Managing Partner and Head of Private Debt at Twelve Capital, appears as a panellist at the ICMIF Biennial Conference in Minneapolis discussing the key challenges and potential solutions for cooperative/mutual businesses to raise capital for business growth and specific business projects. Please click here to see the full panel discussion.

    Source: Twelve Capital

    Monday, 26 October 2015

    Twelve Capital Award Win at 2015 Fund Awards

    Twelve Capital were selected as ‘Best Long Term Performing Credit Fund’ and ‘Recognised Leader in Cat Bonds and Private Insurance-linked Securities’ at Wealth & Finance magazine’s 2015 Fund Awards.

    When announcing the award recipients, Nathan Angell, Awards Co-ordinator, said: “With the global economy continuing to go from strength to strength, the continually exceptional performance from the global fund industry has been a key factor in this upward trajectory. With so many professionals and individuals achieving stellar results in this industry, it is an honour to recognise Twelve Capital for their success.”.

    An online version of the Fund Awards 2015 Winners Guide is available here.

    Source: Twelve Capital

    Wednesday, 21 October 2015

    ILS investors seek specific line margins

     

    John Butler, Head of Sourcing at Twelve Capital, spoke to Reactions about the growth of the ILS market and investor interest in how returns from such investments fit within a broadly diversified investment portfolio. For a copy of the full article, please refer to Reactions' latest publication.

    Source: Twelve Capital

    Wednesday, 21 October 2015

    Private cat bonds attract new counterparties

    John Butler, Head of Sourcing at Twelve Capital, speaks to  Intelligent Insurer’s ‘Baden-Baden Today’ about the growth of private cat bonds, ahead of this year’s annual Reinsurance Meeting in the region. For a link to the full article, please turn to page 22 of Baden-Baden Today.

    Source: Twelve Capital

    Monday, 19 October 2015

    Daniel Grieger on Mutuals Finding New Ways to Raise Capital - Video

    Daniel Grieger, Managing Partner and Head of Private Debt at Twelve Capital, discusses the new regulatory environment in Europe which is stifling bank lending to insurers to some degree, forcing them to explore new sources of lending and reinsurance arrangements. Please click here to see the full interview.

    Source: Twelve Capital

    Friday, 09 October 2015

    Twelve Capital Insurance Investment Forum London

    On Tuesday 03 November, Twelve Capital will be hosting a half day event entitled “Insurance investment opportunities in a low-yield environment”. On the agenda will be a broad range of topics related to financing options and corresponding investment approaches across the insurance sector, combining high-level strategic insight with the opportunity for face to face meetings and peer discussion groups.

    This conference is designed to foster dialogue between investors, (re)insurance companies and other market participants to highlight insurance investment opportunities in the current low-yield market environment. Please contact us if you wish to attend.

    Source: Twelve Capital

    Thursday, 24 September 2015

    Marcus Rivaldi on CNBC - Video

    Marcus Rivaldi, Executive Director at Twelve Capital, talks to the CNBC Squawk Box team about Zurich Insurance ending its takeover talks with RSA. For an excerpt of the interview, please click here.

    Source: Twelve Capital

    Monday, 21 September 2015

    Insurance-Linked Products: Investments with Potential

    Since 2013, certain parts of the ILS market have been overbought and yields have been decreasing. There are, however, signs that this trend will slow down.

    B2B magazine discussed the sector with Sandro Kriesch, Managing Partner and Head Private ILS at Twelve Capital, alongside the criteria for successful investing and how risks can be avoided. The full article (German only) can be downloaded here.

    Source: Twelve Capital

    Thursday, 17 September 2015

    Growth in private cat bonds brings new faces to ILS

    John Butler, Head of Sourcing at Twelve Capital, speaks to  Intelligent Insurer’s ‘Monte Carlo Today’ about the growth of private cat bonds, which allow counterparties not previously active in the ILS space to now access this method of risk transfer. For a link to the full article, please turn to page 12 of Monte Carlo Today.

    Source: Twelve Capital

    Wednesday, 16 September 2015

    The evolution of alternative capital

    Dr. Urs Ramseier, Chairman and CIO of Twelve Capital, speaks at an Intelligent Insurer roundtable discussion about the evolution of alternative capital. For a link to the full article, please turn to page 14 of Monte Carlo Today.

    Source: Twelve Capital

    Wednesday, 16 September 2015

    Twelve Capital presents ILS at the Swiss Federal Institute of Technology’s annual Risk Day in Zurich

    Dr. Roman Muraviev, Executive Director and Head of Catastrophe Bonds at Twelve Capital, presented the Insurance-Linked Securities asset class to a forum of industry experts and academicians at the annual Risk Day conference held and organized by the Swiss Federal Institute of Technology in Zurich (ETH Zurich). The event strived to facilitate an intellectual exchange between recognized industry experts in the sectors of Insurance, Risk Management and Finance, alongside academicians working in those fields. Further information around the event can be found here.

    Source: Twelve Capital

    Monday, 14 September 2015

    PRA rules Prudential bond ineligible for Solvency II tier 2

    InsuranceERM interview Marcus Rivaldi, Executive Director for credit and equity analytics at Twelve Capital, around Prudential’s change of conditions on a USD 700m perpetual debt issue, after the regulator ruled that it would not qualify as tier 2 debt under Solvency II. For a link to the full article, please click here.

    Source: Twelve Capital

    Friday, 11 September 2015

    Private catastrophe bonds offer enhanced returns in the ILS market

    John Butler, a Managing Partner and Head of Sourcing at Twelve Capital, discusses with AlphaQ how private catastrophe bonds offer enhanced returns in the insurance-linked securities market. Click here for the August 2015 edition of AlphaQ and turn to page 19 onwards for the full article.

    Source: Twelve Capital

    Tuesday, 01 September 2015

    William Hardcastle on CNBC - Video

    William Hardcastle, Director at Twelve Capital, talks to the CNBC Squawk Box team about how the low rate environment is impacting insurers' earnings and solvency ratios. For an excerpt of the interview, please click here.

    Source: Twelve Capital

    Monday, 24 August 2015

    ILS Puts Reinsurance Market on a New Course

    John Butler, a Managing Partner and Head of Sourcing at Twelve Capital, discusses with Insurance Journal how the company has played its role in expediting the formation and management of funds and specialized vehicles that utilize ILS products primarily as investments. Please click here for the full article.

    Source: Twelve Capital

    Thursday, 20 August 2015

    Twelve Capital awarded “Insurance Fund of the Year” and “Outstanding Excellence in Insurance Investments” at the Global Fund Awards 2015

    Twelve Capital has been awarded the Corporate LiveWire 2015 Global Fund Award for “Insurance Fund of the Year – Twelve Insurance Bond Fund” and the award for “Outstanding Excellence in Insurance Investments”.

    When announcing the award recipients, Corporate LiveWire’s Leah Jones, said: “With such an exciting and growing industry we anticipated that the level of competition would be tough. Not only do the winning firms represent the pinnacle of success, but also continued hard work and dedication....”.

    An online version of the 2015 Global Fund Award Winners Guide is available here.

    Source: Twelve Capital

    Tuesday, 18 August 2015

    Monte Carlo Annual Insurance Conference Preview

    Ahead of this year’s annual Monte Carlo Rendez-Vous conference, Managing Partner and Head of Sourcing John Butler explains that, while a solution to Greece’s sovereign debt travails has dominated financial media, Twelve Capital believes this is largely a non-relevant solvency issue for European insurers and their investors. For the full article, please click here.

    Source: Twelve Capital

    Friday, 14 August 2015

    Twelve Capital shares insights on potential RSA / Zurich transaction

    Twelve Capital analysts Marcus Rivaldi and William Hardcastle speak to Intelligent Insurer about the potential for UK-based insurer RSA to be acquired by Zurich Insurance Group. Please click here for the full article.

    Source: Twelve Capital

    Tuesday, 11 August 2015

    Twelve Capital “UK Niche Investment Manager of the Year (Insurance)” award win

    Twelve Capital has been awarded the ACQ5 Global Award for “UK Niche Investment Manager of the Year (Insurance)” as part of this year’s 10th Annual awards programme.

    When announcing the award recipients, Group Editor of ACQ5, Jake Robson, said: “Every year, we seek the assistance of our readers, the industry itself, in recognising industry leaders, eminent individuals, exemplary teams and distinguished businesses, which we believe represent the benchmark of achievement and best practice...”.

    An online version of the ACQ5 magazine award supplement is available here.

    Source: Twelve Capital

    Tuesday, 11 August 2015

    Twelve Capital shares insights on Solvency II for mutual and cooperative insurers

    Twelve Capital Managing Partner, John Butler, speaks to the International Cooperative and Mutual Insurance Federation (ICMIF) about Solvency II and its implications for mutual and cooperative insurers. To read the whole article, please click here.

    Source: Twelve Capital

    Friday, 07 August 2015

    Marcus Rivaldi on CNBC - Video

    Marcus Rivaldi, Executive Director at Twelve Capital, talks to the CNBC Squawk Box team about Solvency II, the recent discussions around a potential Zurich/RSA transaction, current levels of emerging market insurance penetration and the impact of an anticipated Fed rate increase on the insurance sector. For an excerpt of the interview, please click here.

    Source: Twelve Capital

    Tuesday, 04 August 2015

    John Butler, Managing Partner and Head of Sourcing, talks to Intelligent Insurer

    John Butler, Managing Partner and Head of Sourcing at Twelve Capital, talks to Intelligent Insurer about the increase in cat bond lites and how to use the cat cycle to maximise returns. To read the whole article, please click here.

    Source: Twelve Capital

    22 July 2015

    Twelve Market Perspectives - Investment Outlook for 2H 2015

    To download the Investment Outlook for 2H 2015, please click here.

    Twelve Capital Chairman and CIO, Urs Ramseier, presents at the launch of the OECD Business and Finance Outlook

    On 24 June 2015, the OECD hosted a presentation and high-level roundtable for the launch of its Business and Finance Outlook in Paris.

    Speakers at the roundtable discussions included Ignazio Visco (Governor of the Banca d’Italia), Klaas Knot (President of De Nederlandshe Bank), Larry Zimpleman (Chairman of the Principal Financial Group) and Antoine Lissowski (CFO of CNP Assurances). Twelve Capital’s Chairman and CIO, Urs Ramseier, participated as a panellist on the OECD’s roundtable discussing the challenges and risks that pension funds and life insurers are facing in the current economic environment.

    Panellists discussed the potential implications of persistent low interest rates on insurers’ financial strength, particularly when assurances of guaranteed returns may have previously been made to policyholders. While acknowledging the headwinds that the sector will face, panellists highlighted possible solutions that insurers could look to in the current economic climate. Amongst them, a shift of product offering to defined contributions versus defined benefit plans and a push towards lower capital consuming products, where the investment risks are borne by policyholders, were highlighted.

    It was also noted that low yields will impact insurers differently, depending both on where they are located and on the type of products commercially available. More generally, it became clear that the sector will need to increase the level of risk within investment portfolios, as government bonds will no longer be sufficient to generate the required levels of yield. Insurers will therefore need to develop an internal expertise in more illiquid and higher-yielding asset classes, or alternatively leverage the skills of specialist external investment managers.

    Source: Twelve Capital

    Friday, 26 June 2015

    Twelve Capital Managing Partner and Head of Private ILS, Sandro Kriesch, presents at the CFA UK Fixed Income Conference

    On 23 June 2015, Twelve Capital Managing Partner and Head of Private ILS, Sandro Kriesch, presented at the CFA UK Fixed Income Conference, speaking on the event’s Illiquids and Alternatives panel.

    Sandro presented alongside David Dahan (Managing Director for Secure Income Alternatives at Aviva Investors) and Jerome Jacques (Global Co-Head of Asset Backed Products at Societe Generale).

    The panel discussed a broad range of illiquid/alternative investment opportunities, including Catastrophe Bonds and Private ILS, alongside the skill sets required to invest in such an asset class. Given the search for yield in the current low interest rate environment and increased need for diversification within investment portfolios, the panellists then focused on the most attractive investment opportunities within the illiquids/alternatives space over the coming years.

    For CFA UK Society members, a webcast of the panel session can be accessed here using your normal CFA member login details.

    Source: Twelve Capital

    Tuesday, 23 June 2015

    Twelve Capital announces three new hires to the firm's London office

    Twelve Capital announces three new hires joining the firm's London office: Marcus Rivaldi, William Hardcastle and Ulrich Beck. For further details, please click here.

    Source: Twelve Capital

    Friday, 05 June 2015

    Alternative Investment Award Winners Announced

    Twelve Capital have been awarded the 2015 Alternative Investment Awards for "Innovation in Insurance-Linked Securities" as well as "Independent Insurance Investment Manager of the Year – Switzerland". An online version of the AIA magazine supplement is available here...

    Source: Twelve Capital

    Monday, 01 June 2015

    London's ILS challenge

    “London would have inherent advantages as a centre for insurance-linked securities, but significant obstacles would stand in its way, not least concerns over taxation and the prospect of a U.K. exit from the EU”. Twelve Capital deputy CEO, Christoph Buerer, comments in the following article by SNL Financial. Read more...

    Source: Twelve Capital

    Friday, 29 May 2015

    Risk bundling driven by traditional reinsurance market

    The recent discussion of risk bundling has been wrongly aimed at the insurance-linked securities (ILS) market, according to Zurich headquartered ILS manager Twelve Capital, which points out that self-regulation is actually very strong in ILS. Read more...

    Source: Twelve Capital

    Friday, 22 May 2015

    How small mutual and cooperative insurers can access regulatory capital

    Raising the additional solvency capital required for Solvency II compliance or financing growth is especially difficult for smaller insurers with limited access to capital markets. Private debt placements have recently become an attractive solution to that problem. Read more...

    Source: Twelve Capital

    Wednesday, 20 May 2015

    Asset Management: Darum verliert die Schweiz weiter an Bedeutung

    Die Schweiz will sich als internationales Asset-Management-Zentrum profilieren. Doch schon jetzt habe London die besseren Karten, behauptet Urs Ramseier von der Schweizer Investmentgesellschaft Twelve Capital. Bitte lesen Sie hier weiter...

    Source: Twelve Capital

    Wednesday, 06 May 2015

    Urs Ramseier on CNBC - Video

    Urs Ramseier, Chairman of Twelve Capital, is interviewed by CNBC Squawk Box about investing in a falling interest rate environment and whether insurance companies are being forced to take on too much risk.

    To watch the interview, please click here.

    Source: Twelve Capital

    Wednesday, 22 April 2015

    Media Release - Annual Insurance Investment Forum in Rueschlikon

    Institutional Investors should look to insurance for investment opportunities in a low-yield environment, says Twelve Capital at its annual Insurance Investment Forum

    To read the whole press release please click here.

    Source: Twelve Capital

    Tuesday, 21 April 2015

    Sandro Kriesch on CNBC - Video

    Sandro Kriesch, Partner at Twelve Capital, is interviewed by CNBC Squawk Box Presenter Karen Tso about "Catastrophe Bonds".

    To watch the interview, please click here or read it here.

    Source: Twelve Capital

    Wednesday, 08 April 2015

    Twelve Capital win at the Investors Choice Awards 2015 EMEA

    Twelve Capital is proud to announce that they have won the Investors Choice Awards 2015 EMEA, in the "Credit Fund - Long Term Performance" category for the Twelve Insurance Bond Fund.

    To read the whole press release in English, please click here.The German version is available here.

    Source: Twelve Capital

    Tuesday, 31 March 2015

    InsuranceERM Interview

    Insurers looking to better manage their capital requirements should in most cases issue subordinated (sub) debt rather than buying quota share reinsurance. This has been the conclusion of a study done by Towers Watson. Markus Stricker, a partner responsible for risk management at Twelve Capital, said the report's conclusion - that debt is more of a capital management tool and reinsurance is more of a risk management tool - might have been obvious to some, but it has not stopped many insurers from using reinsurance in this manner.

    To read the whole interview, please click here.

    Source: Twelve Capital

    Tuesday, 03 March 2015

    The Trading Floor Interview

    John Butler, Partner and Head of Sourcing of Twelve Capital, recently shared his views on current market developments, M&A activities and the future role of the reinsurance market, with Trading Risk magazine.

    If you want to find out why he thinks reinsurance needs to get closer to the finance world, please click here.

    Source: Twelve Capital

    Friday, 27 February 2015

    Investment Outlook 2015

    Twelve Capital shares its view on the Insurance Market 2015. To read the whole Invesment Outlook, please click here.

    Source: Twelve Capital

    Thursday, 29 January 2015

    Twelve Market Perspectives 2015

    Capital management is vital for insurance companies, as their capacity to write business depends on their ability to maintain a level of capital that satisfies their most important stakeholders: regulators, rating agencies, policyholders and intermediaries.
    To read the whole issue, please click here.

    Source: Twelve Capital

    Thursday, 08 January 2015

  • Clive O’Connell joins the Board of Directors of Twelve Capital (UK) Ltd.

    Twelve Capital is pleased to announce that Clive O’Connell was appointed a member of the Board of Directors of Twelve Capital (UK) Ltd. To see more information, please click here.

    Source: Twelve Capital

    Friday, 19 December 2014

    Twelve Capital opens London office

    Twelve Capital opens an office in London. On 1 October Twelve Capital (UK) Limited was authorised by the Financial Conduct Authority (FCA) as a MiFID investment firm. 

    To read more, please click here.

    Source: Twelve Capital

    Tuesday, 07 October 2014

    Twelve Capital reinforces ILS Anaytics

    Twelve Capital has engaged in an initiative to strengthen the firm’s analytics capacities. In July 2014 Dr. Jan Kleinn joined Twelve Capital’s ILS team as their Head of ILS Analytics. He will build up a team of analysts covering natural and man-made catastrophes. Twelve Capital is convinced that this is a core expertise and that analytics will remain one of the major alpha generators in the future.

    To read more, click here.

    Source: Twelve Capital

    Monday, 06 October 2014

    Twelve Capital issues the private Catastrophe Bond “Dodeka III”

    Zurich-based independent investment manager Twelve Capital announces the issuance of the private Cat Bond “Dodeka III”. Dodeka III is a USD denominated 10m zero-coupon Cat Bond that expires on 31 July 2015, and covers multi-peril risk in the United States of America. Dodeka III has a well-diversified and balanced structure. In order for the bond to trigger, at least 3 independent events have to reach a predefined loss level.

    Please click here to read the entire media release.

    Source: Twelve Capital

    Tuesday, 12 August 2014

    Artemis writes on Dodeka III launch

    Zurich-based insurance-linked securities (ILS) and reinsurance-linked investment management firm Twelve Capital has announced the completion of its fourth privately placed catastrophe bond transaction, Dodeka III a $10m U.S. multi-peril deal.

    Please click here to read the whole article

    Source: Twelve Capital

    Tuesday, 05 August 2014

    Urs Ramseier on CNBC - Video

    Urs Ramseier, Twelve Capital Chairman and CIO, is interviewed by CNBC journalist on "Alternative Investing" programm on CNBC network.

    To listen to the interview, please click here.

    Source: Twelve Capital

    Wednesday, 02 July 2014

    Twelve Capital and Urs Ramseier in Trading Risk - 25 June 2014

    Urs Ramseier chairman and co-founder of ILS fund manager Twelve Capital has predicted that catastrophe bond index trackers or exchange-traded funds (ETF) will soon be released to the market as part of a natural evolution of the asset class.

    Please click here to read the full article.

    Source: Twelve Capital

    Thursday, 26 June 2014

    Twelve Capital publication in the May 2014 Clear Path Analysis White Paper

    Exploring the evolution of the insurance-linked securities market (ILS) and examining the role of specific instruments in an investor’s portfolio.
    "Insurance-linked securities capital: reinsurance industry threat or saviour?" from Dr. Urs Ramseier, Chaiman and CIO and John Butler, Head of Sourcing and Underwriting. Click here to read the White Paper.

    Source: Twelve Capital

    Tuesday, 20 May 2014

    Dr. Urs Ramseier NZZ: Schlechte Aussichten für institutionelle Vermögensverwalter

    Dr. Urs Ramseier über die Bedeutung des Zutritts von Asset-Managern zu den EU-Ländern. Um mehr zu erfahren, klicken Sie hier.

    Source: Twelve Capital

    Wednesday, 23 April 2014

    Artemis: Twelve Capital issues $25m Dodeka II, its second private cat bond

    Specialist Swiss-based insurance-linked securities (ILS) and reinsurance-linked investment manager Twelve Capital has completed the issuance of its second private catastrophe bond, the $25m Dodeka II.

    Source: Twelve Capital

    Tuesday, 18 March 2014

    Twelve Market Perspectives - January 2014

    The performance of all our portfolios in 2013 was excellent. Our Insurance Bond funds and mandates returned between 11.9% and 13.6%, ILS mandates between 8.5% and 10.1%, and Cat Bond funds between 4.3% and 6.7%. We anticipate a challenging investment environment in 2014. Investors will continue to look for uncorrelated investments and will want to keep the duration of portfolios as short as possible. We see most value in more illiquid assets, as illiquidity premiums are still high compared to levels seen prior to the financial market crisis.

    Please click on the link Twelve Market Perspectives to read details of our 2014 Investment Outlook including our extended offering with all our new products.

    Do not hesitate to contact us directly for further information on info@twelvecapital.com

    Source: Twelve Capital

    Tuesday, 21 January 2014

    High Barriers for Institutional Asset Managers (NZZ on Twelve Capital)

    The outlook for Private Banking is still in doubt. Therefore, the main focus is currently on the asset management industry.

    However, the regulatory environment and limited specialist resources available make it a difficult case.Please read the NZZ article (in German) starting with a paragraph on Twelve Capital.

    Source: Twelve Capital

    Tuesday, 21 January 2014

    Twelve Capital to issue Dodeka I, a USD 25m Private Cat Bond – News on Artemis

    Specialist Swiss-based Insurance-linked Securities (ILS) and Reinsurance-linked Investment manager Twelve Capital is issuing its first Private Catastrophe Bond, named Dodeka I, as a way to acquire transformed risk for its more liquid investment strategies.

    http://www.artemis.bm/blog/2014/01/15/twelve-capital-to-issue-dodeka-i-a-25m-private-cat-bond/

    Do not hesitate to contact us directly for further information on info@twelvecapital.com.

    Source: Twelve Capital

    Tuesday, 21 January 2014

    First Private Cat Bond by Twelve Capital (Dodeka I) - News on Trading Risk

    Twelve Capital is set to launch its first Private Cat Bond, Dodeka I, a USD 25m US multi-peril deal that is expected to generate double-digit returns.

    http://www.trading-risk.com/twelve-to-launch-first-25mn-cat-bond-lite 

    Do not hesitate to contact us directly for further information on info@twelvecapital.com

    Source: Twelve Capital

    Tuesday, 21 January 2014