Tenax Capital Hires Pughe from AXA XL as ILS Analyst

Tenax Capital, the London-based hedge fund founded by its CEO Massimo Figna and offering a UCITS catastrophe bond fund to its investor clients, has hired AXA XL’s Toby Pughe as Insurance-Linked Securities Analyst.

toby-pughe-tenax-ilsTenax capital launched its first ILS strategy in 2017, a UCITS compliant catastrophe bond investment fund, the Tenax ILS UCITS Fund.

The Tenax ILS fund has been managed by Marco della Giacoma, a former executive of Swiss Re Capital Markets since its launch, but now that the catastrophe bond-focused fund appears to have grown, the company needs additional support, so Pughe has hired as an ILS analyst.

Timing is also important, of course, and catastrophic bond market growth and robust issuance levels put Tenax on track to grow its UCITS cat bond fund right now.

Strategies for UCITS cat bond funds have been incredibly popular of late, attracting an influx of investors in 2020 and 2021.

Tenax’s UCITS cat bond fund is only about $50 million, while we believe the company has slightly more ILS assets than it has under management.

So there is definitely an opportunity to grow in ILS for Tenax Capital and hiring the first ILS analyst will help with that.

Toby Pughe joined Tenax Capital this month, September 2021, from his most recent position as an Assistant Underwriter in the London Wholesale Property division of AXA XL.

Before that, Pughe had worked at XL Catlin since 2016, which became AXA XL after the acquisition.

He also spent a year at CFC Underwriting at the start of his career.

Like a memory, FOSUN International Limited, the Chinese private global investment conglomerate that also owns a stake in the reinsurance company Peak Re, acquired a majority stake in Tenax Capital Limited in 2019.

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