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In a rapidly evolving re/insurance landscape, Vantage Risk is positioning itself at the forefront of innovation and adaptability, particularly in the insurance-linked securities (ILS) space.

Speaking with Artemis, Chris McKeown, Chief Executive, Reinsurance, ILS, and Innovation, at Vantage Risk, outlined how the firm is approaching capital deployment, navigating current market dynamics, and leveraging ILS to drive sustainable, long-term growth.

The firm has deployed a substantial amount of its $1.5bn partnership capital raise, and expects to deploy remaining capacity of appx. $100 million over the next month. According to McKeown, the firm’s strategy has been shaped by both opportunity and caution.

“We’re ahead of where we were last year,” McKeown said. “The reinsurance market is front-loaded, with most opportunities appearing between January and July. We’ve maintained a focus on demand-driven, customized solutions that differentiate us in an increasingly crowded marketplace.”

A key part of this deployment includes a deliberate allocation to aggregate structures, where underwriting discipline is paramount, and these structures help craft a more diversified investment portfolio.

“These structures require more robust analysis than traditional per-occurrence products. That’s where our data and analytics capabilities provide real advantage, with approximately a quarter of our colleagues devoted to driving insights for underwriters,” McKeown added.

This tailored approach helps Vantage stay competitive, especially in a softening market.

“As supply grows, we need to be more creative with our portfolio. We’re focused on delivering large capacity and swift execution through bespoke deals that meet specific client needs,” McKeown said.

McKeown emphasized that ILS is not just an ancillary part of Vantage’s strategy, it’s foundational to the firm’s future.

“We see ILS as absolutely fundamental to how the market continues to evolve and grow,” he said.

“It gives us access to more capital and supports product development, it brings transparency, promotes product innovation, and disciplines the P&L through frequent and rigorous investor reporting.”

ILS also offers access to deep, scalable capital that may not be available through traditional reinsurance channels during times of market stress. “That kind of capital, when properly managed, allows us to develop new products and extend coverage in ways that wouldn’t be possible relying solely on our balance sheet,” McKeown added.

He cited Vantage’s use of Bermuda’s segregated cell technology as an example of the structural innovation that ILS makes possible. “These structures have helped push the entire market toward greater operational efficiency and clarity.”

Moreover, McKeown acknowledged that while margins in the property catastrophe space have come down slightly since 2023, investor appetite for ILS remains strong, provided the value proposition is clear.

“ILS remains non-correlating and provides tail protection in an investor’s portfolio,” he said.

“Given the diversifying nature of re/insurance, it almost always makes sense to have some allocation to this asset strategy, even in parts of the market cycle where we may see softening pricing.”

More importantly, Vantage is seeing increased interest from investors in other lines of business.

“We’ve had a lot of discussions around expanding into marine, energy, aviation, and cyber. These areas offer different market cycles and return expectations, which can help balance an investor’s exposure beyond just property cat,” McKeown explained.

Ultimately, McKeown sees flexibility and alignment as core tenets of Vantage’s ILS strategy.

“We’re not just an asset-gathering platform. We’re here to ensure that every line of business we write delivers a return that resonates with investors,” McKeown concludes.

Read all of our interviews with ILS market and reinsurance sector professionals here.

ILS Is fundamental to market evolution and growth: McKeown, Vantage Risk was published by: www.Artemis.bm
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Property Claim Services (PCS), the unit of Verisk that is a provider of industry loss estimates and loss data to the reinsurance and ILS industry globally, has hired Harry White as its new Head of Commercial Strategy, while also naming Ted Gregory as its new Head of Research and Operations.

The company explained that its “refreshed leadership structure” shows its continued strong commitment to the insurance, reinsurance and insurance-linked securities (ILS) market, while enhancing PCS’ capabilities across natural and specialty lines catastrophe events.

Harry White joins PCS after spending more than 14 years working at Verisk and AIR Worldwide, in roles focused on catastrophe bonds and the insurance-linked securities (ILS) market.

White began working at AIR Worldwide in 2010 in business development, working to help entities across the reinsurance market, including ILS funds, adopt the AIR catastrophe risk models.

In 2016 White moved into roles focused solely on ILS securities at AIR and then Verisk, working on catastrophe bond risk analysis reports, offering circular information, and assisting with ILS related RFP’s and other liaison with ILS fund managers regarding the AIR model suite.

He ultimately became a Senior Manager for the Verisk Extreme Event Solutions team, playing a leading role in much of the cat bond and ILS related work and business development there over the last few years.

As a result, White brings an interesting perspective to the Head of Commercial role at PCS, with deep understanding of the cat bond offering, how ILS managers utilise models and data, as well as experience across the range of risk transfer structures.

In addition, White has a proven track-record in client engagement and development, as well as highly technical understanding for the use-cases of PCS and its industry-loss reporting, data and indices offerings.

“I’m thrilled to be joining PCS as Head of Commercial Strategy at such an exciting time for the business,” commented White. “Having spent most of my career at Verisk. I’ve seen first-hand the critical role PCS plays in delivering trusted insights to the global (re)insurance sectors.

“I look forward to working closely with clients and partners to deepen market engagement and advance the company’s commercial strategy that supports PCS’s growth and innovation.”

In addition, PCS has also made another senior change, appointing long-standing employee Ted Gregory to the newly created role of Head of Research and Operations.

Gregory has been a leader at PCS since joining in 2013 and was made its Head of Operations in 2023.

Gregory will now take on an expanded role in leading both research and operational activities for PCS.

The company said this move and the expansion of Gregory’s role “reflects PCS’s continued emphasis on analytical precision and transparency and as a trusted partner to the industry.”

“It’s critical we continue to advance our commitment to delivering deeper, more analytically rigorous insights in line with growing global (re)insurance and ILS markets,” Gregory explained. “We are continuing to enhance the foundation of our natural catastrophe and specialty market methodologies to ensure they remain robust, transparent, and aligned with evolving client needs.

“I’m very much looking forward to continuing this journey with PCS.”

Recall that, PCS is a key provider of data to the catastrophe bond, insurance-linked securities (ILS) and industry-loss warranty (ILW) markets.

The data PCS provides is used in triggers for industry-loss index based reinsurance and retrocession risk transfer arrangements, with the company acting as a reporting and calculation agent for transactions.

PCS hires White to lead commercial strategy, names Gregory head of research & operations was published by: www.Artemis.bm
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European insurers are increasingly revisiting aggregate catastrophe cover to protect against high-frequency events, with alternative capital providers showing greater interest in supporting these structures, according to Hamish Dowlen, Managing Director and Head of EMEA at Gallagher Re.

Dowlen spoke to Artemis about the renewed demand for frequency protection across Europe, the evolution of reinsurer strategies in response, and how insurance-linked securities (ILS) markets are identifying aggregate structures as an area of growing opportunity, particularly as cedants grapple with elevated retentions and a multi-peril environment.

“Increasingly, we’re having conversations with clients who say: if the frequency in any one year gets to a level where we’re having to retain that kind of per-event loss again and again, then we’re very interested in buying something that will cap that,” Dowlen said.

He noted that the supply of aggregate capacity had declined in recent years, but market conditions are shifting.

“In the last few years, a lot of those aggregate covers fell by the wayside, either because the structures were no longer sustainable, or the pricing wasn’t at a level that cedants found acceptable. But now, we’re in a situation where the market has become a little more flexible. We’ve identified solutions that are placeable.”

While the resurgence in demand spans much of the continent, the German-speaking markets remain a focal point.

“Germany, Austria, and Switzerland traditionally bought more aggregate cover than other European markets. So they’ll be particularly interested in what’s available going forward,” Dowlen explained.

Asked about ILS involvement in these structures, Dowlen confirmed a growing role for alternative capital.

“Yes, we absolutely do see growing interest. I think all reinsurers, both traditional and ILS, are assessing where they want to play in the European markets, and aggregate is an area where they see the chance to differentiate themselves.”

While he does not expect ILS to dominate, Dowlen sees it as an important complement.

“I don’t believe ILS will become the dominant force in the European aggregate market, but I do think there’s an opportunity for it to play a greater role. I expect that will grow over the next few years.”

He also stressed that traditional capacity remains active and committed.

“There’s still a lot of traditional capacity out there from European reinsurers, as well as from Bermuda and London. Those reinsurers are very keen to participate on a traditional basis.”

Dowlen added that reinsurers are rethinking how best to support clients in today’s risk environment.

“Reinsurers are starting to look at how they can be more relevant to clients in Europe, how they can be meaningful to them and address the additional concerns they’re facing,” Dowlen concluded.

Read all of our interviews with ILS market and reinsurance sector professionals here.

ILS appetite grows for EU aggregate cat cover as cedants seek earnings protection: Gallagher Re’s Dowlen was published by: www.Artemis.bm
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Specialty insurer Beazley is enhancing its property parametric underwriting capabilities with the appointment of Swiss Re’s Stefan Wunderlich as Head of Parametric Insurance.

In his new role, Wunderlich will be based in Zurich, Switzerland, where he will report to Richard Montminy, Group Head of Property Risks.

The hire comes as Beazley continues to deepen its long-term commitment to the property market.

Since 2022, the organisation has trebled the size of its property underwriting portfolio, building a strong presence in the U.S. excess and surplus (E&S) market, expanding its specialist capabilities across Europe, and developing targeted parametric solutions to complement traditional coverage.

Wunderlich brings two decades of experience at Swiss Re, where he specialised in modelling and underwriting property and natural catastrophe risks.

Over his career, he has held a number of senior roles, including building out parametric solutions for corporate clients and, most recently, leading teams supporting corporate clients to better manage their climate risk exposures

His most recent position was Chief Product Officer, Risk Data & Services at Swiss Re Corporate Solutions.

Wunderlich also serves on the Board of Directors of insurtech emilian Ltd., where he provides strategic guidance and oversight.

“Property risks are ever more complex, requiring specialist solutions, effective modelling and underwriting expertise to deliver outcomes that meet the needs of business across the world. Parametric underwriting is a highly effective response to the risk environment, often adding more immediacy, certainty and scalability than traditional methods of property underwriting,” commented Richard Montminy, Group Head of Property Risks.

“Stefan Wunderlich, is a seasoned expert, with the leadership experience and personal commitment to this specialism and I look forward to working with him as we further build out our parametric offering,” Montminy added.

Read all of our parametric risk transfer news here. 

Beazley hires Swiss Re’s Wunderlich as Head of Parametric Insurance was published by: www.Artemis.bm
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Investor appetite for insurance-linked securities (ILS) continues to grow, but the asset class must evolve structurally to sustain momentum, address friction points like trapped capital, and engage a broader investor base, according to Rudy D’Cunha, Global Head of Insurance Services at Apex Group.

During a recent interview with Artemis, D’Cunha shared his perspective on how the market is maturing, where innovation is focused, and what it will take to unlock the next wave of capital.

“What ILS has done extremely well is the marriage of capital markets and insurance risk,” says D’Cunha, who has observed a healthy uptick in ILS growth and investor diversification over the past three years.

“The ILS market has seen healthy growth over the past three years, gaining more investor attention and capital inflows. There’s a mix of traditional investors who remain committed and optimistic, and new entrants, particularly family offices, attracted by the diversification benefits. Despite earlier volatility, the market has proven resilient, offering solid returns and presenting an attractive alternative in today’s uncertain macroeconomic climate.”

As capital flows broaden, so too does the appetite for more customised investment vehicles.

According to D’Cunha, structures like sidecars, quota shares, and managed accounts are gaining relevance as institutional investors seek greater control and alignment with their risk preferences.

“Yes, all of these structures continue to be relevant and are actively used. Traditional structures like funds and sidecars remain the standard and reliable mechanisms for capital deployment. However, managed accounts are seeing increased interest, particularly from larger investors seeking bespoke portfolios and more control over exposures.

“There is also a growing curiosity around digital assets as a potential capital source, though this remains largely untapped. While digital asset-backed structures haven’t yet gained meaningful traction in ILS, many industry participants are monitoring developments closely, recognizing that as use cases mature, this could represent a significant pool of alternative capital.”

D’Cunha also notes that the expansion of the asset class beyond property catastrophe risk is a key trend, with areas such as casualty, cyber, life, MGAs, parametric covers, and Lloyd’s syndicates gaining traction

“In addition to new sources of capital there are additional exposure segments being added to the existing Property Cat offerings namely Casualty, Cyber, MGAs, Life, Parametric, Lloyds Syndicates etc. all gaining substantial interest in recent years,” he explained.

“Innovation in capital structures is currently focused on extending and adapting these established models to meet the needs of a broader and more diverse investor base. Rather than reinventing the wheel, the market is working to refine and scale tried-and-tested formats to improve access, customization, and efficiency,” D’Cunha continued.

“Ultimately, the flexibility of these structures, particularly managed accounts, offers investors the ability to allocate capital in a way that aligns more closely with their individual risk appetite and strategic objectives, which is critical in today’s market environment.”

When asked what structural changes are needed to help make ILS capital more efficient, particularly in regards to trapped capital, D’Cunha stated: “Trapped capital remains a persistent issue in ILS. While some solutions are being explored like multi year contracts, accelerated contract commutations, fronting, etc. completely eliminating trapped capital is unlikely due to the fundamental nature of reinsurance contracts.

“The key is to better manage the timing of loss evaluations and payouts without altering core contract mechanics.”

To unlock more consistent capital inflows, D’Cunha stresses the need for education, transparency, and risk management.

“Greater awareness and education are essential, especially among younger investors as well as intermediaries who might overlook ILS in favour of flashier assets like crypto. Diversification should be a key component for portfolios and ILS as an asset class can offer just that. Industry events help, but more proactive outreach and transparency are needed,” D’Cunha said.

“As a service provider, at Apex we continue to significantly invest in newer technology to provide our clients and their clients greater transparency and efficiency. Risk management is also crucial; protecting downside risk, even at the expense of some returns, will build trust and encourage long-term investment,” he further explained.

New tools like blockchain-based smart contracts and tokenization may also play a role.

“Using blockchain for smart contracts, thoughtful ESG and impact investing alignment, and allowing for fractional ownership via tokenization can also be a step in the right direction,” D’Cunha added.

Lastly, D’Cunha explains how he see’s ILS managers adapting to a more complex landscape through data, infrastructure, and collaboration, especially in global ILS hubs.

“Managers are becoming more sophisticated, with better data and tools for risk modelling and capital deployment. Larger, established managers benefit from scale and infrastructure, while emerging managers need support, often provided by ecosystems like Bermuda, Cayman Islands and Luxembourg.

“Newer managers are trying to compete with larger managers, they have to understand that they’re competing with people who have years of operational history, infrastructure, and technology. One of the things Bermuda has been really good at is supporting a lot of the new managers in that space, having the right professionals, a wide support group.”

“Established managers are often locked into how they’ve been doing things, while new entrants can spot gaps and move quickly. However, it really depends on the stage the manager is at, whether they’re new or traditional, but in both cases, the investment in time, infrastructure, and identifying market gaps is what really makes the difference,” D’Cunha concludes.

Read all of our interviews with ILS market and reinsurance sector professionals here.

Rather than reinventing the wheel, ILS must refine and scale: Apex’s D’Cunha was published by: www.Artemis.bm
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