Tangency Capital
is an alternative investment management firm
focused on the insurance industry.

Tangency Capital
is an alternative investment management firm
focused on the insurance industry.

Diversifying Asset Class

We invest in insurance-linked securities, which offer investors exposure to an asset class "that is largely uncorrelated to capital market risks".
Deloitte, 2016
With the introduction of uncorrelated assets to their portfolios, investors can reduce volatility and improve the position of the Tangency Point, where the capital market line and the efficient frontier connect.
Harry Markowitz, Modern Portfolio Theory, 1952

Investment Philosophy


We invest in “quota share” instruments – creating a pro-rata share of (re)insurer portfolios in which we earn premium and pay claims according to a pre-defined percentage.

Through this co-investment approach, we seek to work with best-in-class (re)insurers, which have superior access to risk and are experienced underwriters.


We are an employee-owned organization with the  goal of optimizing risk-adjusted returns for our investors.

Being independent of any third-party affiliations, we aim to eliminate potential conflicts of interest, concentration risks and considerations that may inhibit innovation.

Capital Efficient

Unlike traditional insurance-linked securities investments, we capitalize the underlying risk based on economic capital requirements as prescribed by rating agencies and regulators.

This generates capital efficiencies that allow our investors to access the asset class as if they had their own reinsurer.


We earn risk premia globally and run a balanced portfolio across markets, perils, and (re)insurers.

Given the random nature of catastrophe events, diversification reduces the downside risk from individual events.


We are committed to ESG practices in our investment vehicles and as a firm. Our ESG policy summary can be found here.

Tangency Leadership

100+ years of collective industry experience

Dominik Hagedorn
COO • New York
Michael Jedraszak
CIO • London
Kai Morgenstern
CRO • London
Jo Stanton
Head of Finance • Bermuda
Francois Delattre
Head of Analytics • London
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