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Over the past two years, collateralized reinsurance has displaced catastrophe bonds as the fastest-growing area of insurance-linked investing. The private, customizable nature of collateralized reinsurance deals provides investors and cedents with significant flexibility, but also produces a largely illiquid and oftentimes hard-to-value investment.
This rise in collateralized reinsurance makes having a robust, independent valuation process in place even more important. There are a number of ways in which Milliman can partner with investors to ensure a transparent and effective valuation process for collateralized reinsurance.
Hedge funds that specialize in catastrophe-linked investing have seen a rise in the concentration of collateralized reinsurance in their portfolios, which can make valuation and performance tracking more difficult. As a result, it can be more difficult for these funds to provide a robust level of transparency when reporting the NAV of their holdings. Milliman can provide an independent estimate of NAV, allowing funds to improve the quality of their reporting and show their commitment to their investors.
Milliman can also partner with funds to perform an independent review of their existing valuation processes and analyses. Primarily, this entails a review of the techniques and workpapers used by the fund in their valuation process to estimate the NAV of their portfolios. The operational aspects of the process are reviewed through interviews and interaction with the key personnel (underwriters, modelers, and managers) involved in the valuation process. Past experience and industry benchmarks are used to help funds build and maintain a best-practices valuation and reporting process.
Aaron Koch is a principal and consulting actuary with Milliman's Insurance-Linked Securities (ILS) Group, US P&C Division.
Karl is a principal and consulting actuary with Milliman. He joined the firm in 1999. He works primarily for Bermuda-based clients.
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