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 event