Laurent Rousseau
speaker
103 appearances
1 recordings
1 series
first heard Jul 2026
last heard 20 Jul
Laurent Rousseau’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
Thank you, David.
Um the first answer to this major hurricane in early nineties was actually the creation of Bermuda as a hub for traditional capital.
And Bermuda became a hub for traditional reinsurance.
So you had a number of private equity investors, hedge fund investors putting in traditional capital in a traditional way in Bermuda.
And I insist on the traditional way because this is what we call in our recent report the old war's limits, in the sense that since then, financial investors have actually realized that there would be a different way to back insurance risks than by putting in hard capital in an offshore center.
And so what we have seen and really taking off in the early 2000s is
Financial investors looking at
Natural perils as a source of diversified uh uh risks.
And so the cat bond market, the catastrophe bond market, really started taking off in these early 2000 years and really became a a key part of the reinsurance industry since.
And I would say since the uh mid-2010.
We have seen the growth of a different kind of market, far less liquid, far less catastrophe exposed, and much closer to insurance risks with what I would call sidecars or more ground-up insurance risks vehicles.
And so to answer your question, the first answer since 1992 was Bermuda as a traditional balance sheet place, cat bonds in the early 2000s, and since
twenty fifteen or so, having sidecars really picking up.
Course.
So if you look at site at at cat bonds as Erin described them rightly, they're essentially
A bond, a financial instrument exposed to high severity events with a low frequency, so exactly wind and quake.
But investors have found that that could be also getting exposure to other types of risks that would be more frequent and less severe.
And so as opposed to coming in and having to
To pay claims in very extreme situations, actually, they could get a premium for risks that would be a lot more frequent, and those premiums would would consequently be higher.
And so what we've been seeing is the so-called sidecars.
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