Longevity Derivatives/Trading
Hi. I was wondering if anyone knew anything about reinsurance trading; longevity derivatives, mortality bonds, and the like. I know it's quite a new thing on Wall Street, and I was wondering whether starting in that career vs a traditional investment banking stint would be a good idea, or whether it would pigeonhole you into something too removed from the markets. Thanks.
Goldman has an operation in the field, but from my understanding they just picked up an individual from the credit desk, gave him some books and told him to have fun. It's by far the largest market, if you consider pension and retirement accounts, but it's not necessarily as connected to the rest of the markets. I wouldn't recommend starting there, unless you wanted to end there, since it's kind of like the wild-wild west of trading right now--other than a quantitative mindset, the skills that you'll pick up aren't necessarily known even to the people in the field.
I am also interested in hearing about this. I heard that CS, JPM, and a number of others all have reinsurance desks as well. CS's group was supposedly the most profitable unit per head in the entire bank. Citadel and a good number of other hedgefunds are investing in reinsurance. However I'm not sure how liquid the market is and how quantitative someone actually needs to be.
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