Kalista Global pursuing innovation rather than market share
Kalista Global is pursuing an approach that values innovation in the ILS space rather than competing over market share, says its CEO Spencer Conway.
Kalista Global, a Bermuda-based re/insurance company specialising in the origination, structuring and execution of ILS products has launched a cat bond issuance platform, a parametric cat reinsurance product, an El Nino parametric cover and a suite of crop industry loss warranties in recent months as it builds out its capabilities in the ILS space.
Talking with Bermuda:Re, Conway said that recent launches had been well-received by the market. “With these new products we don’t compete for market share, rather we see niches and create relevant products that offer real innovation to the market.”
Conway said that there is significant capital interest in the ILS space at present, with levels of capital entering the space helping to drive innovation. Kalista is looking to extend accessible and affordable products to the market, he said, satisfying demand among those companies that have baulked at the cost and complexity of traditional cat bonds and ILS.
Conway said that Kalista has five more products currently in development which they plan to roll out in 2013 and 2014 in order to satisfy rising demand for innovation in the ILS space.
Addressing Bermuda’s central role in the ILS space, Conway likened starting up an ILS company on the Island to establishing a tech company in Silicon Valley. “In ILS, Bermuda is the place to be. Period”.