Former Kiskadee and DaVinci Re execs launch new $50m ILS fund

Three experienced ILS executives including one of the founders of Hiscox-owned Kiskadee Investment Managers and a former managing director of RenRe-owned DaVinci Reinsurance have formed a new hedge fund-backed ILS venture, according to a May 16 Reuters report.

Hedge fund backed Tangency Capital has launched with $50 million in assets under management. It will invest in non-life reinsurance risks ahead of the next hurricane season.

The startup has been launched by Dominik Hagedorn, Michael Jedraszak and Kai Morgenstern. All three are veterans of the risk-transfer industry.

Hagedorn most recently served as vice president at Deutsche Bank Securities with global coverage responsibilities in the insurance and reinsurance sector. Prior to joining Deutsche Bank, he served as director at UBS Securities, also focused on the insurance sector. He started his career at Munich Re working in the company’s alternative capital team in Munich and the US.

Jedraszak helped establish Kiskadee Investment Managers, a Hiscox-owned ILS fund platform. At Kiskadee, he acted as chief investment officer and was responsible for Hiscox’s overall ILS strategy including product innovation, portfolio construction and investor relations. Prior to setting up Kiskadee, he was head of International and Agriculture at Hiscox Re.

Morgenstern joined RenaissanceRe as vice president in the Ventures Group in 2006. He served as a managing director of DaVinci Reinsurance and other third party capital structures managed by the Ventures group. Before that, he headed the natural catastrophe group of GE Insurance Solutions and started his career at Gerling Global Re.

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