Calidris Investment Partners has been launched as a Bermuda-based insurance and reinsurance opportunities focused investment start-up by former Ontario Teachers’ insurance-linked securities (ILS) specialist Philippe Trahan and former Blackstone insurance transaction specialist Daniel Miller.Trahan and Miller have launched Calidris Investment Partners as Co-CEO’s of the new company and have secured institutional backing to build out a platform specialising in capital solutions for the insurance and reinsurance market, we understand.The pair bring a significant amount of experience in sourcing, structuring and investing in opportunities across the insurance and reinsurance risk tower, balance-sheet and value chain.Philippe Trahan has a track-record as one of the longest-standing end-investor allocators to the insurance-linked securities (ILS) market from his tenure at Ontario Teachers’ Pension Plan (OTPP).

Trahan was Managing Director of ILS at the pension plan, who he had worked for from 2007 to 2024, during which time he had allocated significant capital to insurance-linked securities (ILS) and reinsurance opportunities.While leading the ILS business there, OTPP had as much as $3.5 billion deployed into ILS opportunities under Trahan’s watch.during a restructuring of investment teams at the pension.

This news is the first sign of his plans to remain in the ILS sector with this new venture Calidris Investment Partners.In his time at OTPP, Trahan worked on numerous ground-breaking transactions in the ILS sector, across the full-range of syndicated structures and private ILS deals.Calidris is a Bermuda based investment company and according to its website will specialise in “executing strategic capital partnership transactions within the insurance sector.” Calidris is said to already have backing from two institutional investment firms that have a track record in building financial services businesses, to help it build-out a platform and operations.

Calidris Co-CEO Daniel Miller was most recently employed at investment giant Blackstone as a Managing Director within its Tactical Opportunities group, working out of London with a focus on insurance partnership transactions.Miller has more than 20 years of experience as an insurance corporate finance specialist within industry, sellside, and buyside roles.Prior to Blackstone, Miller spent time at Deutsche Bank in its financial institutions group working on insurance opportunities, prior to which he worked at Nomura in the insurance solutions team and spent time at HSBC as well, again with an insurance investment and financing focus.

Miller has worked on third-party capital reinsurance structures including sidecars, as well as other capital partnership initiatives in the sector.While details are limited on company plans at this time, the track-records of Trahan and Miller suggest Calidris Investment Partners will specialise in assisting institutional investors to access the returns of opportunities sourced from the insurance and reinsurance market, including in ILS formats..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.

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