Investment Overview

Strategy Description

The reinsurance market is undergoing significant dislocation, with risk-adjusted returns up 40%+ since 2016, while offering a low correlation of 0.03 to the S&P 500 since 2005. Tangency Capital invests in the space by creating a portfolio of pro-rata positions with selected reinsurers in the sector: we research the market to identify the most attractive counterparties to create an aligned, globally diversified and capital efficient portfolio, which reduces drawdown risk from individual events. The current portfolio offers a no-loss/median return of 20.9%/13.5% at an Omega Ratio of 631.
Investment Highlights

Investment Category

Hedge Fund

Investment Strategy

Re-Insurance

Investment Structure

Fund

Objective

Our Performance Goal
Efficient Access to the Re-Insurance Market

Investment Opportunity

What We Believe
Our portfolio companies can offer non-recourse leverage in the Re-Insurance market, thereby offering efficient access to better risk-adjusted returns.

Return Driver - Alpha

Our Edge
Finding Mispricings, Deal Sourcing Network
Implementation of Strategy
Tactical Approach

Market Sector Exposure

Insurance Linked Security

Instruments Traded

Re-Insurance Investments, Quota Share Transactions

Risk Management

Diversification
Investment Structure

Legal Structure

Limited Parnership

Domicile

Bermuda

Fund Minimum Investment

Service Providers

Administrator

Horseshoe Fund Services

Auditor

Ernst & Young

Legal

Simmons & Simmons