Sector developments and company hires

Cyber cat bond debuts

Specialist insurer Beazley has launched what is believed to be the first cyber catastrophe bond. The US$45m private Section 4(2) bond is tradeable under Rule 144A resale and provides Beazley with indemnity against all perils in excess of a US$300m catastrophe event, with the potential for additional tranches to be released through 2023 and beyond. The aim is to provide the firm with the flexibility to scale over time and support its continued, sustainable growth in cyber.

The bond is designed to cover remote probability catastrophic and systemic events. Developing effective solutions for catastrophe risk is vital to allow the supply of capacity to the cyber (re)insurance market to increase, to meet growing demand for cover from business and society.

The bond is backed by a panel of ILS investors, including Fermat Capital Management, and was structured and placed by Gallagher Securities.

In other news…

Asset manager merger completed

Nassau Financial Group has merged with Angel Island Capital Management (AIC), with the latter set to become a subsidiary of Nassau Asset Management. Founded in 2008 by Golden Gate Capital, AIC is a specialty credit investment firm that currently manages US$3.6bn in assets, including its balance sheet capital of approximately US$300m. AIC will continue to be led by ceo and md Alex Dias and lead portfolio manager and md Jonathan Insull.

AIC will complement Nassau’s existing asset management businesses, adding new credit capabilities to its suite of specialty finance strategies. Nassau’s asset management business currently oversees more than US$18bn of assets, as of 30 September 2022.

Loan sourcing agreement inked

Alberta Investment Management Corporation (AIMCo) and the Public Sector Pension Investment Board (PSP Investments) have unveiled a new commitment to invest in loan transactions sourced by PSP Investments, with the aim of positioning the organisations for stronger market presence. Under this loan sourcing agreement, PSP Investments will source loan investment opportunities for funds earmarked by both organisations. This collaboration will allow both organisations to grow their respective credit investment portfolios.

AIMCo started investing in private credit in 2010 and currently manages C$6.1bn, having committed C$12.5bn of capital since inception. PSP Investments launched its credit investment practice in November 2015 and manages C$21.9bn in net assets under management. From offices in New York, London and Montréal, PSP Investments' credit investments focus on non-investment grade credit investments in North America and Europe, across private and public markets, as well as rescue financing opportunities.

North America

Alberta Investment Management Corporation (AIMCo) has appointed David Scudellari as senior executive md and head of international investment. In his new role, he will act as vice-chair of AIMCo's investment committee and oversee several key investment functions, including international expansion, credit and private debt, and management of key external relationships.

Scudellari joins AIMCo after seven years at the Public Sector Pension Investment Board (PSP Investments), where he was global head of credit investments and private equity and a member of the executive committee. Prior to joining PSP Investments, he held leadership roles at Barclays and Goldman Sachs.

The move comes amid the signing of a loan sourcing agreement between AIMCo and PSP Investments (see separate story above).

Silver Creek Capital Management has recruited Jessica Hans as an md, focusing on investments across non-corporate debt and real assets, as the firm seeks to strategically grow its private credit and real assets portfolios. She will also serve as a member of the firm’s investment committee and real assets investment committee.
Most recently, Hans served as investment director at UC Investments, focusing on the endowments and retirement plans of the University of California. Earlier in her career, she held roles at Blackstone, Credit Suisse and Bain & Company.
The addition of Hans follows Silver Creek’s promotion of Amy Wells to chief client officer. Wells has worked at Silver Creek since 2006, serving as an md responsible for the firm’s investor intake, client reporting and technology processes.