Sweden-based Entropics Asset Management, an asset manager specialized in Insurance Linked Securities (ILS), has expanded its presence into the Finnish market.
The company has hired Mika Mäkinen as its representative in Finland. He will work as a country representative through his company Helsingin Aktuaarikonsultointi Oy.
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He will be responsible for building up relations with institutional investors in Finland and will also inform institutions about how the asset class is treated in the implementation of the Solvency 2 directive.
"In the Solvency 2 directive, cat bonds are considered an insurance risk on the asset side of the balance sheet. This contributes to a lower capital requirement compared to other asset classes with a similar return profile," Mäkinen said.
Currently, Mäkinen runs an actuarial consultancy, Helsinki Actuarial Consulting, and is also a member of the board for mutual insurance company Pohjantähti. Prior to this, he worked as CEO of the Retro Life Assurance Company Ltd and the Finnish Mutual Insurance Company for Pharmaceutical Injury Indemnities.
Additionally, Entropics is planning to launch its UCITS compliant SEF Entropics Cat Bond Fund to institutional investors in Finland, with plans to be distributed on the retail market soon.
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By GlobalDataThe fund is now available to institutional investors in all EU countries and can be made available to retail consumers on national markets via a notification process with the national financial surveillance authority.
"Entropics offers investors access to uncorrelated returns and thus function as diversifiers in traditional portfolios. But they also provide benefits to those exposed to catastrophe risk by enabling insurance coverage, making them interesting from a responsibility perspective. I look forward to improving cat bond knowledge in Finland," added Mäkinen.
Entropics Asset Management CEO Robert Lindblom said: "We are very happy to have Mr Mäkinen joining our team. It will not only strengthen our dialogue with Finnish institutional investors but also contribute additional qualified mathematical and actuarial skills to Entropics."
