Eryn Bacewich
speaker
51 appearances
1 recordings
1 series
first heard Jul 2026
last heard 20 Jul
Eryn Bacewich’s voice in public audio — every appearance, attributed to the second.
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There are also specialized insurance link securities managers as well as institutional investors.
And I'll say um that's where I see primarily uh the investment in this space.
So happy to talk more about that throughout the conversation.
Yes, absolutely, David.
Um, and maybe just to provide a little bit of background.
So um throughout my career, I've worked with a number of different institutional investors, not only insurance clients, but also pensions, endowments, um, who do not get the prime the majority of their net income from insurance underwriting.
So historically, in the early phases of the ILS um market, uh, many of my non
Insurance clients were actually in very interested in ILS type investments because they were attracted to the idea that catastrophe risk could deliver a premium for taking the insured event risk that wasn't necessarily driven by equity markets or the corporate credit cycle.
We've talked about that, you know, several several ways now in this podcast.
But I will say so that the market has changed and since interest rates rose.
post 2022.
Um now a second value proposition has emerged and this is you know along the same themes that we've been talking about throughout
the conversation but but really looking at insurance assets as a source of investable flow and and stable income um that that component of it is is very important particularly in an investment environment where um rates are provide or interest rates were between four and five percent of course those have come down a bit since now uh or since then but uh you can still
generate pretty meaningful economic benefits from where rates are at today.
From an asset management perspective, and this is the interesting component when we look at you know the development of the market from cat cat bonds to more of these sidecars.
The asset management community has really found a way to participate, not only as investors, um, but also as the asset manager.
Um, so so you know, essentially these asset managers look at it in a similar way as you know, my my non-insurance clients did historically, in that this is a differentiated source of of you know income, um, tapping into insurance liabilities, but then
they're also able to make money um on on the float while also generating an investment premium.
So, you know, overall, um, you know, I think when we look at asset managers who are involved in these reinsurance sidecars um as investors, they're really co they're really co-investing alongside um the reinsurer, right?
So again, they're they're sharing in the underwriting profit and loss, which does
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