Market Background

Collateralized Reinsurance vs the Investment Universe

• Estimated Global pension funds assets under management – $35 trillion
• Pillar Capital focuses on Non-Life Property Risk, specifically Property Catastrophe Risk:
  • Hurricanes; earthquakes; tornadoes; hail storms; brush fires…
• These risks:
  • Are “short tailed” (events are known within 12 to 18 months)
  • Involve returns dependent on natural events rather than economic activities
  • Have shown limited correlation to the broader financial markets