“To achieve my professional success, I’ve always tried to be the most knowledgeable and most accessible person (ie, the expert) who will work the longest hours and be willing to travel no matter what.”
Name: Cory Anger
Company: GC Securities Job:
Global head of ILS Structuring
Timeline: 2008—Global head of ILS structuring, GC Securities
1999—Senior vice president, Lehman Brothers 1994—Office of the Comptroller of the Currency
Cory Anger, global head of ILS structuring at GC Securities, is a pioneer in creating the world’s most innovative catastrophe bonds. GC Securities is a division of MMC Securities Corp., a US broker-dealer and member of FINRA/NFA/SIPC. Last year, Anger spearheaded two groundbreaking transactions. She led the GC Securities team that structured the first catastrophe bond issued by the World Bank. This transaction bond programme was structured for the World Bank on behalf of the Caribbean Catastrophe Risk Insurance Facility to provide protection from hurricanes and earthquakes affecting 16 Caribbean countries. She also led Assicurazioni Generali’s Lion I Re transaction,
the first ever 144A cat bond to provide indemnity protection against European windstorm risks. Lion I Re is the first Italian- sponsored bond and includes a new methodology that allows cedants to access capital markets protection at a different time than their traditional reinsurance renewal without paying excess premium.
In 2013, Anger led GC Securities in the completion of the novel
cat bond MetroCat Re—the first ever solely to provide protection for peril of storm surge risk. The bond was created to benefit New York’s Metropolitan Transportation Authority after its traditional avenues for re/insurance contracted following Super Storm Sandy. It also was the first time that the MTA utilised the cat bond market. That same year, Anger also led GC Securities on the structuring of Bosphorus 1 Re to benefit the Turkish Catastrophe Risk Insurance Pool (TCIP) to manage earthquake
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What are your career aspirations now? To lead the expansion, acceptability and application of alternative capital markets-based risk transfer capacity to corporations, insurers and reinsurers; bring new perils/risk classes to capital markets investors; innovate new structures to assist cedants in best achieving their goals and demonstrate that GC Securities is one of the top providers of capital markets services for insurance risk transfer.
2015 | INTELLIGENT INSURER | 11
risks in the Istanbul region. It was also the first time that TCIP had directly used the cat bond market. In 2014 Anger spearheaded the first catastrophe bond to benefit the Texas Windstorm Insurance Association (TWIA). She followed it up this year with the second Alamo Re cat bond for TWIA with a USD 700 million bond shelf programme.
What has been the highlight of your career so far? There are several highlights to my career and they all surround completion of “first of its kind” innovative transactions. For example, in 2004, I completed a unique contingent capital transaction for an energy insurance mutual insurer, sEnergy Insurance Ltd. It was critical in providing additional capital to support their new operations. Fast-forward to 2013 and there were two transactions that have been very rewarding: (1) completion of a catastrophe bond to manage earthquake risks in the Istanbul region (which I had been exploring and discussing since 2001) and (2) completion of the first ever storm surge catastrophe bond.
What has been the biggest challenge you have
encountered? My biggest challenge has been—and continues to be—balancing my work and my personal life. To achieve my professional success, I’ve always tried to be the most knowledgeable and most accessible person (ie, the expert) who will work the longest hours and be willing to travel no matter what. However, that comes at a cost in the time available to my personal life, particularly because I have two children under six. Nevertheless, meeting the demands of a personal life has helped me to become more efficient with my work, better identify where to apply resources and build a team to leverage the work product—all skills that are needed in senior management.
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