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This episode was recorded on 26 January 2024 and therefore does not reflect any events after this date.

In this week’s episode, Mary Spencer and Jacob Shah explore insurance-linked securities with David Garcia, investment consultant within LCP’s manager research team.

Before we interview David, we also speak to Alex Waite, Partner at LCP, for our “Views from the Boardroom” feature. With Alex, we discuss artificial intelligence, the discussions he’s been having with a wide range of groups on AI, what he thinks puts people off using AI and where to start.

With David we discuss:

• A background to insurance-linked securities, when this market was created and why a market emerged. How catastrophe bonds fit in.
• Reasons behind the stellar performance of insurance-linked securities in 2023 and David’s outlook for performance going forwards. Spoiler alert – last year may be called a “unicorn year” for a reason.
• How insurance-linked securities fit into an investors’ portfolio.
• How to think about climate change in the context of catastrophe bonds.

What’s one thing you would like listeners to take away from this?

• Insurance-linked securities have a role in diversified portfolios and provide risk mitigation through low correlations to equities and bonds.

Any recommendations for good books or podcasts:

• The Shortest History of England by James Hawes

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Each LCP investment uncut podcast is for information and marketing purposes only and does not constitute any form of investment or financial advice or a financial promotion (under the Financial Services and Markets Act 2000). All views expressed by the podcast hosts and guests are purely their own opinions and do not represent those of LCP, its clients or affiliates. Our podcast listeners should always seek independent financial or legal advice before making any financial or investment decisions. Please refer to the Legal Notices section on the LCP website for further information.​