Toby Pughe – Insurance-Linked Securities (ILS) Analyst Tenax Capital, The Fundamentals of ILS – online course
Toby Pughe is part of the investment team Tenax Capital of the Insurance-Linked Securities (ILS) Fund. Tenax Capital Limited is a private limited company registered in England & Wales. Tenax Capital is a boutique hedge fund. The ILS UCITS Fund invests in securities exposed to insurance risk, primarily natural catastrophes such as hurricanes and earthquakes.
The fund takes long positions into Catastrophe Bonds, which are 144a securities issued by special purpose vehicles and provide coverage to the sponsoring (re)insurance company against specific events. The floating structure of the cat bond coupons provide a solid hedge against inflation and interest rate rise. Cat bonds are a diversified asset class, that are uncorrelated to traditional equity and bond markets, as well as the broader economy.
He joined Tenax in 2021 from AXA XL in London where he was underwriting North American and International catastrophe (re)insurance. His most recent position as an Assistant Underwriter in the London Wholesale Property division of AXA XL.
Prior to that, Pughe worked at XL Catlin since 2016, which became AXA XL after the acquisition. He has also worked at CFC Underwriting for a year at the start of his career.