Tangency Capital launches ahead of hurricane season

Hedge fund backed ILS venture Tangency Capital has launched with $50 million in assets under management and with offices in Bermuda and London, according to a May 16 Reuters report. It will invest in non-life reinsurance risks ahead of the next hurricane season.

Tangency Capital was created by three veterans of the risk-transfer industry, Kai Morgenstern, Michael Jedraszak and Dominik Hagedorn.

Hagedorn most recently served as vice president at Deutsche Bank Securities with global coverage responsibilities in the insurance and reinsurance sector. Before 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 Hiscox-owned ILS fund platform Kiskadee Investment Managers. 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.