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 over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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Critical thinking · Trends and Opportunities in (Re)insurance · 20 Jul 2026 podcast

I say more often than not, because if you look at the early 20th century.

Quake on the West Coast in the US.

So if you look at the 2011 Tohoku event in Japan, there has been a correlation with financial markets, but that correlation is very remote.

So you can have a recorrelation in the tail of the events, but this is extremely rare.

But essentially the prime motivation for those investors were to see.

Seek uh non-correlated returns on very volatile uh events, which in a portfolio construction can be uh very efficient.

The more recent sidecar's uh motivations are a bit different here, and and Erin will talk about it, I'm sure.

Th there are two kinds of motivations.

Some of them is to really get exposure to the same business of receiving premiums and paying claims.

This is what insurance companies do.

And insurance companies, uh, again, more often than not, would make a profit, what we call a technical profit, on this business of paying claims and premiums.

But there is alongside this a business that uh Warren Buffett has called the float, which is long established, which is that there is time value of money between the moment an insurance company receives the premiums and has to pay the claims.

If your portfolio is well diversified, well structured, actually you could have three, five, or even more years than this to invest the premiums in between.

And so we see an increasing number of investors rediscovering the value of the float since 2022, with interest rates being higher.

And here, basically, discovering the charms of insurance as a way to create float and for them to deploy their investment.

investment strategies.

You know, as opposed to Berkshire Attaway, there would be more uh credit type strategies, but essentially it could be any, provided that the liabilities are well modeled, that the liability profile is well understood, and that the investor has the liquidity to pay off the claims when they have to.

Let me start with the first one.

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