Global Insurance: A defensive sector in a world of rising uncertainty…
Lead Fund Manager, Global Insurance Team
Fund Manager, Global Insurance Team
Insurer earnings have been resilient through tough times in the past, including the global pandemic and some of the more active catastrophic years, thanks in part to the sector’s defensive qualities and focus on underwriting profits over premium growth. Nick Martin and Dominic Evans, managers of the Polar Capital Global Insurance Fund, explain why insurers’ inherent conservatism will continue to stand them in good stead and why rising inflation and interest rates are positive for their portfolio companies, as well as giving their outlook for both underwriting market conditions and future book value growth.
Nick joined Polar Capital in September 2010 and is fund manager of the Polar Capital Global Insurance Fund (previously the Hiscox Insurance Portfolio Fund).
Nick has worked on the Fund since 2001 when he joined Hiscox plc. He participated in the management buyout of Hiscox Investment Management in 2007 when the business was renamed HIM Capital Ltd. He has developed a broad knowledge of the insurance sector during this time and from working for the chartered accountants, Mazars Neville Russell, where he specialised in audit and consultancy work for insurance companies and brokers.
Dominic joined Polar Capital as an investment analyst in October 2012 from KPMG and, since March 2022, is a fund manager on the Global Insurance Fund.
Dominic previously worked as part of KPMG's insurance segment which he joined as a graduate trainee. At KPMG, he obtained broad experience working on a range of global insurance companies through roles within M&A and IPO due diligence, audit and markets. Prior to KPMG he worked for a year in corporate finance focusing on natural resource companies.