Capital Markets

Suitable for asset managers investing in, or looking to invest in, ILS.

(Re)insurers

Suitable for conventional and alternative (re)insurance practitioners.

Public Officials

Suitable for public officials looking to transfer sovereign risk more efficiently.

Make More Informed Decisions With The Knowledge Of Insurance-Linked Securities

Boost your career

Whether you are new to ILS or you are an experienced industry practitioner, this course will teach you the fundamentals of Insurance-Linked Securities. The course covers the foundations of ILS, their pricing, and application in real life.

Our Vision
  • To narrow the protection gap through ILS
  • To create greater synergies between the (re)insurance and capital markets
  • To use ILS as an ESG compliant, uncorrelated asset class
Our Mission
  • Inform you on how to use ILS in theory and practice
  • Educate you on the advantages and disadvantages of ILS
  • Give you the skills necessary to use and invest in ILS
Renowned issue

The gap between economic and insured losses is wide

The protection gap, the difference between economic and insured losses, is a damning reflection on both the (re)insurance market and those responsible for managing risk.

  • Developing countries have a disproportionate share of uninsured losses
  • Natural disasters have crippling economic and socioeconomic impacts on vulnerable groups
  • The destruction of critical infrastructure can severely impact the quality of life for a generation
$ 0 bn

Economic losses from natural disasters in 2024, which is 14% above the 21st century average.

$ 0 bn

Were insured with a disproportionate share coming from developed markets. 54% above the 21st century average.

$ 0 bn

A 60% Protection Gap, rising to 90%+ in developing countries

explore more
Professional development
education

The course

Our course is 100% online. When you sign up, you will have access to the Moodle LMS portal,

allowing you to learn at your own pace, wherever you are in the world.

Online

7 weeks

Fair pricing

We charge gross average monthly wage in the participant's tax jurisdiction

click to check yours or get in touch for a quote

Early bird*, group, students' and regulators'** discounts. Payment plans***.

* - 10% (if enrolled 45 days before the cohort), ** - 25% (2+ people, day students, regulatory authorities), *** 3- or 6-months interest free

Since its inception in Autumn 2021, our Insurance-Linked Securities (ILS) Education Programme has grown into a unique and globally recognized initiative. With more than 120 alumni from 51 countries, it continues to be the only dedicated executive education programme focused exclusively on ILS. We provide participants with essential knowledge and practical skills to thrive in the evolving intersection of (re)insurance and capital markets – a convergence that has become increasingly important in managing modern global risk.

Pace of the market developments in Alternative Risk Transfer (ART) inspired us for the creation of comprehensive ILS education programme, designed to examine ILS from three critical perspectives:

  • As an investment asset class offering uncorrelated returns and ESG alignment
  • As a risk transfer solution for (re)insurers seeking capital efficiency
  • As a sovereign disaster risk finance mechanism for emerging markets


Over the past four years, we’ve delivered 14 online cohorts and introduced an in-person Swiss Summer School, offering participants the opportunity to network with global industry leaders and UN agencies while exploring advanced content. Our alumni represent a diverse spectrum of the global ILS ecosystem, including professionals from major (re)insurers (32%), brokers (13%), asset managers and investment banks (11%), sovereign risk pools (9%), development institutions (8%), and regulatory bodies (4%).

The programme spans three sequential 7-week online modules, each combining live instruction with over 24 hours of on-demand lectures and reading materials. Live sessions are conducted twice a week to foster interaction, while the platform also serves as a resource hub, ensuring flexible and continuous learning. Participants benefit from both theoretical grounding and practical application in key ILS areas such as:

  • Catastrophe bond structures and real-world case studies;
  • Industry Loss Warranties (ILWs);
  • Legal frameworks across jurisdictions;
  • ILS pricing methodologies;
  • ESG considerations in portfolio allocation;
  • Role of ILS in reducing protection gaps in low- and middle-income countries.


A stand-out feature of the programme is exclusive access to leading industry practitioners. Through our Investor Day, participants hear directly from four senior market professionals who offer insights into the evolving investor landscape. We also host guest speakers from across the value chain, including top-tier legal experts, sovereign risk pool managers, and academic researchers who bring practical, policy, and theoretical perspectives to the classroom.

While historically the ILS space has been dominated by the (re)insurance sector, there has been a noticeable and positive shift. Sovereign governments and public finance entities are increasingly exploring parametric solutions for disaster risk transfer, and we are proud to support that movement through education. Our programme is actively contributing to building the capacity needed to operationalize such solutions at scale.

Despite these advances, challenges remain. The most significant is the need to raise awareness and build understanding among both public and private actors. Are vulnerable regions sufficiently aware of ILS as a risk transfer solution? Are insurers and regulators doing enough to educate stakeholders about the tools at their disposal?

Through the Fundamentals of Insurance-Linked Securities course, we are addressing this gap. We offer an inclusive and globally accessible learning experience that empowers individuals to not only understand ILS, but also to apply that knowledge in practice – whether as investors, sponsors, regulators, or public officials.

By continuing to bridge this critical educational divide, we aim to foster a deeper, more informed, and more resilient global ILS market – one capable of protecting people, assets, and economies from the growing frequency and severity of natural disasters.

“This submission stands out for its exceptional education program in the Insurance-Linked Securities (ILS) sector. The program’s blend of online and in-person learning, real-world case studies, and practitioner access addresses a rapidly growing, specialized market segment. It effectively spreads knowledge across numerous firms, benefiting the wider industry. The initiative’s focused approach to developing qualified professionals is highly valuable. Overall, it is a top-tier contribution to industry education.”

Judges’ comments (Next Gen Initiative of the Year)

Curriculum
FOR the

Course

  • First ever (and so far the only) global executive education and certification programme in Insurance-Linked Securities (ILS) 
  • 3 online cohorts per annum (early-February, mid-April & mid-October) and 5-days in-person Swiss summer school on 21st-25th July’25
  • Next online group starts: 14th October 2025
  • Duration: 7 weeks, 100% online
  • Commitment: 6-8 hours per week
  • Online course fee: Gross average monthly wage in the participant’s country (get in touch if in doubt).
  • Inform you on how to use ILS in theory and practice
  • Develop a better understanding of when and why ILS are more suitable than traditional methods of risk transfer
  • Critically evaluate investment projects and opportunities relating to ILS
  • Speak the international language of ILS
  • Why Risk Transfer is so Important;
  • Introduction to Insurance-Linked Securities;
  • ILS Peak perils presentation;
  • Catastrophe Bonds – Case study;
  • Legal issues in ILS;
  • Reading a Reinsurance Tower. Basis Risk between Trigger Types. Bond Spreads. Bond Pricing Fundamentals;
  • Industry Loss and Industry Loss Warranties (ILW);
  • How ILS are used today. Marketplace overview. ILS in investor portfolio;
  • ILS Fund Managers’ Perspective;
  • Pricing: Bottom-up perspective. Top-down perspective. Relative Value (RV). Live demo of ILS Pricing Model;
  • ILS for (re)insurers: Traditional credit risk. Credit risk for (re)insurers. Collateralization. Diversified source of capital. Accessing new territories. 
  • Sovereign Disaster Risk Management: Insurance penetration data. CCRIF. The Pacific Alliance. 
    Pandemic Emergency Financing Facility (PEF). Africa Risk Capacity (ARC); 
  • ILS & ESG;
  • Qualifying Exam, comprising 50 multiple choice questions to be answered within 3 hours time.

Kirill Savrassov, MSc., LLB (Hons.), Dip ILS, Cert AMS & Toby Pughe, FCII, Dip ILS – founders & co-lecturers

Industry leading experts as guest speakers from both the private and public sector at the end of each module. To learn more go to Faculty Page

This course is entirely online.

Modules are released weekly and can be undertaken in your own time, wherever you are in the world. This interactive course has been designed for busy professionals and students alike.

When enrolled, you will have access to the Moodle learning portal, and you’ll be able to work at your own pace, whenever and wherever you like.

Upon successful completion of the program, you’ll receive a formal Certificate as proof of your knowledge of the subject and a «Cert ILS» (Certified ILS Specialist) designation to underline your ILS knowledge commitments.

The content of this course has been certified by the CPD Certification Service as conforming to continuing professional development principles and may be applicable to individuals who are members of, or are associated with, UK-based professional bodies. The course has an estimated 60 hours of learning. To learn more on UK CPD click HERE.

To learn more VISIT our CPD Page.

Please Note: Should you wish to claim CPD activity, the onus is upon you. Phoenix CRetro Limited accept no responsibility, and cannot be held responsible, for the claiming or validation of UK CPD hours or points.

Download prospectus
Look forward
to see you

the Fundamentals of Insurance-Linked Securities post-graduate course

Formal Certificate
"Cert ILS Specialist" designation on successful course completion
60 CPD hours/points to claim

Next (autumn) online cohort to start on the 14th of October 2025
Time left to join:
Days
Hours
Minutes
To enroll or ask questions
Contact Us
Flag_of_Switzerland.svg
In-person
swiss

Insurance-Linked Securities
Summer school

STARTS 27th JULY 2026
ZURICH-LAUSANNE-GENEVA
TIME LEFT TO JOIN:
Days
Hours
Minutes
To enroll or ask questions
Learn more
Geography
and occupation

of our participants

Over 120 alumni
From 51 countries
Since autumn'21
Testimonials
from our alumni and partners

What They Say

"My experience prior to the course was mainly in catastrophe model development and reinsurance analytics, with occasional exposure to modelling aspects of cat bond transactions. This course gave me the big picture on ILS as a whole from multiple perspectives (insurers, investors, sovereigns and academics), as well as filling in the many gaps in my knowledge and understanding of the details.

The course has been well-structured by Kirill and Toby; the lectures are very informative, with plenty of opportunities to ask questions of active practitioners in the field. The guest lecturers are also excellent, providing some of the different perspectives.

I can recommend the Fundamentals of ILS course to anyone seeking to deepen and broaden their knowledge in this growing area."
Mutahar Chalmers, Cert ILS
Mutahar Chalmers, Cert ILSSenior Catastrophe Research Analyst
AON
London, United Kingdom
"As a Sophomore in college, I have developed a strong interest in the ILS sector. Although this course targeted a more experienced demographic, it provided me with an opportunity to further explore this asset class in detail. I’m extremely grateful to Kirill for making a strong effort to welcome me and ensure I had all the necessary information.

My primary goal in taking this course was to deepen my understanding of ILS and build a solid foundation for a future career in the field. That goal was more than accomplished. Kirill and Toby consistently cultivated a professional, well-structured, and approachable learning environment that effectively conveyed various aspects of ILS.

I highly recommend this course to anyone interested in the ILS market, as I gained valuable insights and had the chance to meet some incredible people along the way!"
Guglielmo Sola, Cert ILS
Guglielmo Sola, Cert ILSStudent
Swarthmore College
Pensylvania, USA
"Thoughtfully structured and well organized, this course delivers exactly what it promises. Kirill and Toby are commensurately professional, yet approachable, with a palpable passion for sharing their depth of industry experience and knowledge in a format that is clear and digestible.

Already working within the sponsor space of collateralized reinsurance, this course has valuably enhanced my viewpoint from an investor perspective while broadening my understanding of how we are uniquely positioned within the global marketplace of ILS products.

Beyond just the fundamentals, the instructors maintain an excellent pulse on current developments and bigger picture trajectory of this evolving world of alternative risk transfer."
Leslie Hern, Cert ILS
Leslie Hern, Cert ILSAVP, Collateralized Portfolio Analyst
RenaissanceRe
Pembroke, Bermuda
"The Fundamentals of ILS class was extremely informative and well developed.  Kirill, Toby, and their guests made learning a complex topic easy to understand with real world examples supporting ILS academic principles.

I would recommend this class to anyone with any level of knowledge of either traditional risk transfer or alternative risk transfer solutions with an interest in learning more about Insurance Linked Securities (ILS).  The course certainly expanded my understanding of the global ILS market.” 
Drew Taylor, Cert ILS
Drew Taylor, Cert ILSHead of Insurance
Tabit Insurance
Greater Philadelphia, USA
"This carefully designed interactive program explores the various facets of Insurance-Linked Securities (ILS). Led by Toby and Kirill, along with sessions from industry experts, the program provides participants with a comprehensive understanding of this growing sector within the global insurance landscape.

Whether you are working in a developed or developing market, gaining insight into ILS will be beneficial for your insurance career. This program is highly recommended for all insurance professionals."
Vinayak Pai, Cert ILS
Vinayak Pai, Cert ILS Assistant General Manager - Reinsurance
Dhofar Insurance Company S.A.O.G.
Muscat, Oman
"I really enjoyed the whole course which was quite detailed and informative in nature. It will surely allow me to implement it in practical world.

I would recommend to all the aspirants who are interested in ILS industry.

Thanks to Kirill & Toby for amazing program."
Kirtiraj (Raj) Jadeja, Cert ILS
Kirtiraj (Raj) Jadeja, Cert ILSFounder & CEO
Altor Re Limited
London, United Kingdom
"This program helped me quickly grasp the potential of insurance-linked securities (ILS) and related tools in managing climate and disaster risks.The learning path was thoughtfully designed—starting with the essentials and gradually progressing to complex, real-world scenarios. Hearing directly from practitioners made the content highly understandable and immediately relevant.

The involvement of expert lecturers was especially valuable, offering a wealth of knowledge through engaging, case-based sessions. The program significantly deepened my understanding of ILS by highlighting the practical applications of these mechanisms.

Highly recommended for anyone looking to advance their knowledge in innovative risk financing."
Artak Voskanyan, Cert ILS
Artak Voskanyan, Cert ILSProject Coordinator
United Nations Development Program (UNDP)
Yerevan, Armenia
"This ILS Course offers (re)insurance and financial practitioners a comprehensive understanding of the asset class from various angles. ILS from various domiciles are covered, and it is a course that is suitable for beginners who look for a well-rounded coverage on the topic.

Expect lively and entertaining lectures from the lecturer and guest speakers. Lecturers are very knowledgeable on the topics and offered great "in-the-market" insights to recent events.

Definitely recommended for those who may be a sponsor or investor of ILS, as this course offer insights that are different from brokers and consultants."
Cena Leung, Cet ILS
Cena Leung, Cet ILSSenior manager - Insurance Business Operations
HKMC Insurance Limited
SAR Hong Kong, China
"Concise and comprehensive! This fundamental ILS course delivered practical knowledge in just two months. Expert insights and recorded sessions were invaluable. Highly recommended for beginners."
Adrian Tay, Cert ILS
Adrian Tay, Cert ILSGroup CFO
Lexasure Financial Group
Singapore
"The ILS course delivery was exceptional, featuring live interactive lectures by highly professional lecturers, recorded lectures, and sessions with industry leaders and expert speakers. The practical content was particularly impressive, with real-life examples from both current and past events.

The course timings were flexible, making it suitable for busy professionals and accommodating various time zones. The combination of live and recorded lectures ensured that I could revisit the material at my convenience. We were prepared very well for the exam with ample time to revise. One could only fail if they chose to.

I would highly recommend this course to anyone interested in the field, as it offers a well-rounded and engaging learning experience."
Nemwel Sing'ombe, Cert ILS
Nemwel Sing'ombe, Cert ILSConsultant
Bermuda Monetary Authority
Hamilton, Bermuda
"The course is an excellent introduction to the topic of Insurance Linked Securities and their market practice. The faculty, consisting of experienced practitioners and academics, competently provides practical insights from a sponsor and investor perspective into the rational and operational aspects of managing ILS. The weekly lectures were enjoyable and the digital set-up made it easy to follow the course (incl. recordings). Thank you!"
Stephan Schreckenberg, Cert ILS
Stephan Schreckenberg, Cert ILSSenior Governance & Operations Manager - Reinsurance Solutions
Swiss Re Group
Zurich, Switzerland
"I recently completed the ILS certification course, and I must say it exceeded my expectations. The course is expertly structured, offering in-depth coverage of a wide range of critical topics in the world of Insurance-Linked Securities (ILS).

The live lectures were engaging and informative, with each session diving into key concepts like the basics of ILS, pricing strategies, and industry-specific case studies. The guest speakers, including Clive O'Connell, Vittorio Sangiorgio, and Alex Braun, added tremendous value with their expertise and unique perspectives.

The content was clear, well-paced, and up-to-date with industry trends, and the practical applications were highlighted throughout, making it easy to understand the complexities of the ILS market. The inclusion of ESG aspects and sovereign disaster risk management was an excellent addition, ensuring the course covered emerging issues in the field.

Overall, this course has greatly enhanced my understanding of ILS and its role in risk management, both from the perspective of insurers and investors. I highly recommend it to anyone looking to deepen their knowledge of ILS in a structured and practical way. Thanks Toby and Kirill for this innovative course."
Nayanmoni Baishya, Cert ILS
Nayanmoni Baishya, Cert ILSAssistant Director - Catastrophe Bonds
Moody's Corporation
Noida, India
“Taking the Insurance Linked Security (ILS) class has been an invaluable learning experience. Kiril and Toby did a phenomenal job curating and explaining all the topics, from the very basic concepts to the more complex ones. The lectures were structured in a way that was easy to follow, with a logical progression from foundational knowledge to advanced case studies and scenarios.

The guest speakers brought a wealth of insight, particularly on the legal aspects of ILS, including common structures, how to set them up, and associated legal issues. Their contributions added immense value to the course and provided a real-world perspective that was incredibly beneficial.

As someone who had very limited knowledge about ILS before starting the class, I can confidently say that this course is a must for anyone looking to enter the field. The depth of knowledge shared by the speakers was impressive and comprehensive. To everyone out there interested in starting off in the ILS world, I highly recommend beginning with this course. It has been an invaluable learning journey.”
Gabriele Tirabassi, Cert ILS
Gabriele Tirabassi, Cert ILSInsurance Risk Analyst
Insight Risk Technologies
Valencia, Venezuela
"As a professional with years of experience in property and casualty insurance and in particular reinsurance in the Caribbean, I was eager to deepen my understanding of Insurance Linked Securities (ILS) especially their role in ex-ante risk management. The course on ILS exceeded my expectations in every way.

The curriculum was well-structured, offering a comprehensive exploration of the intricacies of ILS. The instructors brought a wealth of up-to-date real-world knowledge and experience, which made complex concepts accessible and engaging.

  I left the course feeling more confident in my ability to leverage ILS as a viable solution for addressing the financial challenges posed by extreme events. I highly recommend this course to anyone in the insurance or reinsurance fields looking to expand their knowledge in this innovative segment of the market. It is a great investment in one’s professional development and understanding of risk management in today’s rapidly changing environment.”
Heather Timothy, Cert ILS
Heather Timothy, Cert ILSRegional Project Coordinator - CRAIC
CCRIF CPC
Trinidad & Tobago
“I really enjoyed The Fundamentals of ILS course, in particular the very competent lectures by Toby and Kirill.

With a background in catastrophe model development and some previous experience in the parametric insurance space, the course equipped me with much deeper insights and knowledge of the world of insurance linked securities. Especially all the material that comes with the course and the constant support and real-world ILS market examples via the WhatsApp Group were excellent. I really appreciated the lessons given by guest speakers covering legal aspects, the investment manager's perspective as well as the latest academic research related to ILS.

  I can fully recommend this course to anybody interested in catastrophe bonds and other ILS types. Thank you!.”
Hubert Bast, Cert ILS
Hubert Bast, Cert ILSTechnical Director
JBA Risk Management
Gijón, Spain
“Fantastic eye-opening course, ably presented by Toby and Kirill with guest speakers.

Incredibly interesting, little known, and understood corner of the insurance world. The ILS area of insurance could be a bright spot for the insurance industry and capital markets if developed and nurtured in a meaningful way.

  This course goes a long way in breaking down the mystic and could help to open up the sector for the development of new and innovative products as well as providing social solutions to devastating catastrophic losses. Just imagine what the benefits and possibilities could be for the world.

Well done and thank you.”
Robert Tutchener, Cert ILS
Robert Tutchener, Cert ILSPartner
Blackwood Capital Partners
Melbourne, Australia
“I enjoyed every minute of this great course. 

As an insurance veteran of 30 + years I got now the insights of something I had only known as "buzzword".

Thanks to our lecturers Kirill and Toby.”
Günter Becker, Cert ILS
Günter Becker, Cert ILSPartner, Formerly Lead for Mining at Munich Re
Blackwood Capital Partners
Frechen, Germany
“The ILS Fundamentals course has been an outstanding learning experience. Coming into the course, I had a limited understanding of Insurance-Linked Securities (ILS), but the content and teaching delivered far beyond my expectations.

The course was well-structured, covering everything from foundational concepts to more advanced topics like explaining ILS products to Pricing. Real-life case studies and practical examples made complex ideas clear and actionable.

I want to thank all the teachers for their exceptional dedication and guidance. A special thanks to Kirill and Toby, whose expertise and engaging teaching style truly enhanced the experience. Their insights gave me a deeper understanding of ILS markets and confidence to pursue opportunities in this innovative sector.

  I highly recommend this course to anyone looking to build a solid strong foundation in ILS. It’s an invaluable resource for navigating the evolving world of risk transfer and insurance solutions.“
Yağız Kıroğlu, Cert ILS
Yağız Kıroğlu, Cert ILSEngineering Underwriter
VHV Reasürans A.Ş.
Istanbul, Türkiye
“The courses on ILS fundamentals are outstanding learning experience. The courses are well structured, explanations were as clear as possible and i was able to get highly professional practitioners' and academics perspectives of insurance linked securities. 

I really enjoyed as it gives me deeper understanding on different Insurance Linked Securities instruments and strengthen my skills in disaster risk management strategies and risk transfer mechanisms.

  I will highly recommend this course to anyone looking to build a solid strong foundation in ILS.”
Abdourazack Alassane, Cert ILS
Abdourazack Alassane, Cert ILSTechnical Lead, Crisis Anticipation and Risk Finance
Start Network
London, United Kingdom
“Fundamentals of ILS course gave me a deeper understanding of investments in securities, disaster risk management strategies and alternatives risk transfer mechanisms for catastrophic risks.

I would highly recommend it to re/insurance professionals, risk management experts in government and donor funded agencies involved in disaster risk management programs.

Thank you, Toby and Kirill, for the valuable insights and lectures.”
Kevin Mokua, Cert ILS
Kevin Mokua, Cert ILSManager
Seculink Insurance Agency
Nairobi, Kenya
"I stumbled across this course while exploring the LinkedIn profile of one of its pioneering alumni. Intrigued by their journey, I immediately began researching the program and was drawn to the idea of learning about Insurance-Linked Securities (ILS).

From the very first session, it was evident that this course is a labor of passion and expertise. Toby and Kirill have masterfully crafted a well-structured, engaging, and highly informative program that serves as the perfect gateway into the world of ILS.

The 7-week learning journey has been nothing short of transformative for me. It has not only deepened my understanding of this dynamic and fast-growing market but also equipped me with practical insights and tools that can be directly applied in the real world. The blend of technical depth, real-life case studies, and interactive discussions ensured a holistic grasp of the subject.

If you’ve ever been curious about ILS or want to broaden your understanding of this evolving market, I’d wholeheartedly recommend this course. It’s been an invaluable experience that I’ll carry with me into my career. It’s not just about knowledge; it’s about perspective."
Wycliffe Kiplagat, Cert ILS
Wycliffe Kiplagat, Cert ILSDirector of Programs
IBISA Network
Nairobi, Kenya
"I enjoyed the experience of learning this Fundamental Insurance-Linked Securities (ILS) Course; it has provided me with a profound understanding of ILS and its role in disaster financing strategies.

My main interest was in catastrophe bonds (Cat-Bonds) - specifically how they are structured, the roles of the sponsor, SPV, and investor, and how the public sector can leverage capital markets for disaster financing.

Kirill and Toby delivered the course content with exceptional clarity, and the modules exceeded my expectations, including ESG and Sovereign Risk Transfer. They were very responsive to questions in the chat group, and the questions and discussions from other participants helped deepen my understanding.

This course has enhanced my knowledge, which I can directly apply to my work on developing parametric insurance and disaster risk financing strategies. I highly recommend it to professionals seeking to build expertise in this field."
Nazaruddin (Raja) Puteh, Cert ILS
Nazaruddin (Raja) Puteh, Cert ILSProject Manager - Parametric Insurance in the Caribbean
Munich Climate Insurance Initiative
Bonn, Germany
"I wholeheartedly recommend the ILS course to anyone seeking a transformative educational experience. The curriculum is wonderfully designed, providing not only comprehensive theoretical knowledge but also practical skills that are invaluable in real-world applications. The instructors are incredibly knowledgeable and passionate, making each class engaging and insightful.

Moreover, the collaborative learning environment encourages thoughtful discussions and fosters a deeper understanding of the material. From the modern facilities to the supportive community, every aspect of the course contributes to an exceptional learning experience.

In short, the ILS course is a remarkable journey that profoundly enhances one's skill set and provides an enriching educational adventure."
Juan Sebastian Santa Vargas, Cert ILS
Juan Sebastian Santa Vargas, Cert ILSMarine Manager
Marsh Latinoamérica
Bogota, Columbia
"The ILS course was truly enlightening experience. As someone without a background in ILS, I could understand the complex topics which were very good explained by Toby and Kirill, thank you both.

The course content was well structured and the presentations and recording definitely helped. The inclusion of the guest speakers added depth to the course.

Overall, I highly recommend the course to anyone in the insurance market. "
Marija Milenkovic, Cert ILS
Marija Milenkovic, Cert ILSParametric Underwriter
Generali Global Corporate & Commercial
London, UK
"A great tandem of professionals (Toby & Kiril) connecting solid material to real-world/industry examples. The course is very well constructed, and I appreciated the enthusiasm for the subjects which made the class engaging."
Nizar K. Farhat, Cert ILS
Nizar K. Farhat, Cert ILSSenior Underwriter - Alternative Solutions
SCOR SE
Paris, France
"Risk transfer is a fascinating area totally essential in actual time because of three major dimensions : the global risks increase (climate change) and the necessary need to cover the protection Gap and to help the risks specialist (insurer, reinsurer) to do more and more with more capital and resiliency.

The course shows how ILS works and the precise parameters (legal, strategic, technic) you need to understood for these not easy tools for sponsors and investors. Lectures with industry leaders are equally beneficial.

Be sure actuarial spirit will help to develop ILS market !"
Jérôme Isenbart, Cert ILS
Jérôme Isenbart, Cert ILS Chief Risk and Actuarial Officer
CCR Re
Paris, France
"I recently had the opportunity to take the Fundamentals of ILS course, and must say it was truly informative and inspiring experience. The course was expertly prepared by Kirill and Toby, who provided a comprehensive overview of the key concepts and practices in the world of Insurance-Linked Securities.

The lectures were well-structured and engaging, making it easy to grasp the complexity of this field. I particularly appreciated the in depth explanations and real-world examples that were provided, which helped me develop a solid understanding.

Overall, the course exceeded my expectations and I would highly recommend it to anyone looking to expand their knowledge in this topic."
Selin Celik, Cert ILS
Selin Celik, Cert ILSTeam Head ILS Middle Office
Schroders
Zurich, Switzerland
"I thoroughly recommend The Fundamentals of Insurance Linked Securities, it is extremely well structured and comprehensive. The accompanying material is excellent and a great for future reference.

Well done Kirill and Toby for your thought leadership."
Dinesh Pawar, Cert ILS
Dinesh Pawar, Cert ILSCEO & Strategy Head of Liquid Insurance Debt
Twelve Capital UK
London, United Kingdom
"The seven week course was a great learning experience! A big thanks to Kirill and Toby, the fantastic faculty behind the Insurance Linked Securities course. Their expertise and dedication made learning enjoyable and accessible.

The course simplified complex concepts, and the flexible recordings allowed us to learn at our own pace. Kirill and Toby's commitment to simplifying complex concepts, always being available to answer our questions on multiple forums, and providing quality resources makes them invaluable to this learning experience.

I would highly recommended this course for anyone interested in insurance-linked securities!"
Neha Yadav, Cert ILS
Neha Yadav, Cert ILSBusiness Development
Descartes Underwriting
Singapore
"I can't recommend the course held by Kirill and Toby highly enough! The course was incredibly informative, providing a comprehensive overview of the subject matter. It helped me grasp the complexities of insurance linked securities and understand its significance to the insurance sector.

What stood out to me was the course's ability to make complex concepts accessible and enjoyable. Overall, it was a valuable learning experience that I thoroughly enjoyed. If you're looking to deepen your understanding of insurance-linked securities, this course is a must!"
Thorsten Weimar, Cert ILS
Thorsten Weimar, Cert ILSHead of Legal
R+V Versicherung AG
Wiesbaden, Germany
"The ILS Course «The Fundamentals Of Insurance-Linked Securities» was extremely beneficial with very good lectures and interactive Q&As from our excellent lecturers Kirill Savrassov and Toby Pughe.

I learned a lot and enjoy every moment in this specialized field which bridges traditional reinsurance and finance on risk transfers."
Laurent Montador, Cert ILS
Laurent Montador, Cert ILSDeputy CEO
CCR Re
Paris, France
"Der Kurs zu Insurance-Linked Securities (ILS) „The Fundamentals of ILS course“ war für mich faszinierend und sehr informativ! Die präzisen Erklärungen und die praktischen Fallstudien haben mir ein tieferes Verständnis für dieses facettenreiche Finanzinstrument vermittelt.

Ich war besonders beeindruckt von der klaren Darstellung der verschiedenen Trigger-Typen und deren Auswirkungen auf die Risikoübertragung. Die interaktive Natur des Kurses wird mir mit Sicherheit ermöglichen, das Gelernte direkt in der Praxis anzuwenden und zu vertiefen. Ich bin nach Absolvieren des großartigen Kurses deutlich besser gerüstet, um die Möglichkeiten und Herausforderungen von ILS in meinem beruflichen Umfeld zu verstehen und zu nutzen.

Vielen Dank an das Team von Kirill K. Savrassov und Toby Pughe für dieses erstklassige Erlebnis!“
Jaroslaw Kortas, Cert ILS
Jaroslaw Kortas, Cert ILSGeschäftsführer
Allianz Hauptvertretung
Baden-Baden, Germany
“The Fundamentals of ILS education program was a fantastic introduction to the world of Insurance Linked Securities, fuelling my ever-growing interest in the cross-section of the (re)insurance industry and capital markets.

I particularly enjoyed the breadth of topics covered during the course with my personal favourite being the in-depth session on catastrophe bond pricing. Toby and Kirill were professional and thorough in the delivery of each lecture and were consistently on-hand to answer questions as we progressed – thank you.

I would highly recommend this course for those looking to take their first step into this captivating market.”
Chris Swann, Cert ILS
Chris Swann, Cert ILSCatastrophe Ananlyst
AON Reinsurance
Sydney, Australia
"Highly recommend this course if one is interested in getting into the ILS segment of the reinsurance industry.

The lecturers are very accommodating , regardless of your experience level or tenure in the industry, and explore the ILS sector both professionally and academically, and from all viewpoints. Questions relating to the classroom content, or related to the ILS industry on the whole, are welcome and promptly answered . The course also discusses ILS from an ESG perspective.

As demand for alternative risk transfer increases, this course is a sure way to pivot yourself to be well equipped for that."
Arion Rattan, Cert ILS
Arion Rattan, Cert ILSSenior Consultant & Reinsurance Accountant
Renaissance Re
Hamilton, Bermuda
"My insurance education took flight with The Fundamentals of ILS course. Kirill and Toby's expert guidance, real-life case studies, and professionally crafted lectures enriched my understanding of ILS products like never before.

I now confidently navigate the ever-evolving world of alternative capital, empowered by this transformative experience."
Anup Kumar Roy, Cert ILS
Anup Kumar Roy, Cert ILSRisk Engineering I Nat Cat | Property Insurance | Cyber | Digital Products
Swiss Re Corporate Solutions
Houston, USA
“Kirill and Toby, along with the invited guest speakers, have developed this introductory ILS Program that is recommended for persons working in the ILS spectrum to expand their knowledge of other segments and territories, persons in the traditional (re)insurance spectrum seeking to understand how ILS works and its real time application in the industry or even persons with general interests of how these two sectors operate.

The presentations are well structured, the guest speakers are recognized leaders in their respective fields, the discussions extremely interactive and the additional reading links provided provide the perfect foundation for an level of attendee. ,

The Cert ILS designation is surely one that would surely attract attention and recognition against the other standard (re)insurance qualifications.”
Robert Ali, Cert ILS
Robert Ali, Cert ILSDeputy Chief Operating Officer
Active Re
Trinidad & Tobago
"This "Fundamentals of ILS" course is an excellent resource for learning the basics and practice of ILS. The curriculum covers a wide range of topics, from the background of ILS to the recent market environment and the latest trends. The course also includes review and self-directed assignments, allowing students to learn effectively and efficiently in two months.

The lecturers are highly knowledgeable and experienced, and they explain each topic in a clear and engaging way. In addition to the core curriculum, the course also features guest speakers who are leaders in the ILS industry. This provides students with the opportunity to learn from the experts and gain insights into the real world of ILS.

I highly recommend this course to people working in the traditional (re)insurance world. The risk transfer mechanism toolkit of Insurance-Linked Securities naturally complements traditional (re)insurance market practices. The course is well-paced, informative, and engaging. It has given me a solid foundation in ILS and has helped me to expand my knowledge of ART.

I loved the global vibes, with people tuning in from all over the planet. It fills me with hope that we are making progress towards closing the significant global protection gap for non-peak perils within the next decade."
Alexandros Tsantoulis, Cert ILS
Alexandros Tsantoulis, Cert ILSSenior Analyst, Aggregation
Lloyd's of London
London, United Kingdom
"As a participant in the Summer 2023 Cohort, I found the course to be extremely informative.

I have been able to utilize the knowledge gained in my current role as a Catastrophe Analyst and highly recommend to anyone interested in the ILS and Cat Bond space.

The above statement is my own and not reflective of the opinion of Allianz Commercial"
Molly Farrell, Cert ILS
Molly Farrell, Cert ILSCatastrophe Analyst
Allianz Commercial
Burlington, USA
"Thanks Kirill and Toby for a very informative couple of months learning about alternative risk transfer mechanisms.

As the world around us changes, it's good to keep up with how the insurance industry needs to adapt and this course does a good job in that respect."
Kevin Watson, Cert ILS
Kevin Watson, Cert ILSChief Operating Officer
First Equity Insurance Group
Durban, RSA
"Thanks to Kirill and Toby I discovered this incredible asset class - Insurance Linked Securities.

Being uncorrelated with broad traditional market indices, the ILS market provides a great alternative to traditional financial instruments. This is particularly important during periods of financial instability when the demand for safe assets becomes especially high. Thanks to its robust structure this asset class along with traditional instruments can act as a «flight to safety» in times of uncertainty.

The Fundamentals of Insurance-Linked Securities provides a comprehensive view of ILS as a special asset class covering all aspects of the matter from its structure and pricing to up-to-date climate issues. Excellent guest speakers with impressive backgrounds share their unique experience in a friendly and interactive atmosphere with personal insights and constant feedback.

Highly recommended not only for (re)insurance professionals but also for portfolio managers of all kinds to expand their professional competence and an investment horizon."
Michael Badamov, Cert ILS
Michael Badamov, Cert ILSGlobal Macro Ananlyst
Family Office
Yerevan, Armenia
"I came into this course with no prior knowledge of the insurance industry, and I was initially unsure about whether to pursue it. However, I am extremely grateful that I made the decision to enroll.

The course provides a comprehensive introduction to various ILS (Insurance-Linked Securities) products and delves into the intricacies of each one. The content is beautifully designed and is delivered methodically, making it easy to absorb.

What sets this course apart are the moderators who are not only industry experts but also great guys and exceptionally patient. They went above and beyond to address even the smallest of my doubts, providing detailed explanations and fantastic examples. Their guidance helped me keep up with the rest of the cohort.

Throughout the course, we had the privilege of learning from various industry experts who shared their wisdom. This provided valuable insights into the current affairs of the industry, making the learning experience truly enriching.

I wholeheartedly recommend this course to anyone, regardless of their background in insurance. It offers a deep understanding of the ILS market and how it facilitates the transfer of risk from the insurance sector to capital markets, covering everything in between.

I want to express my sincere appreciation for Kirill and Toby for their outstanding work. Their willingness to answer questions in great detail during and after the sessions was instrumental in making this course a success. Thank you for this invaluable learning experience!"
Anmol Khanna, Cert ILS
Anmol Khanna, Cert ILSCatastrophe Model Developer
AON
Bengaluru, India
“ILS as an asset class is still reasonably new and only a small number of market participants are active in it. With this course it allows people with different backgrounds to learn about the specifics of ILS and especially about potential new developments.

Kirill and Toby, the two responsible lecturers, have created a very attractive, well structured and interesting course. Together with external experts, who are bringing in their market experience, the cohort was able to gain a great inside into the various topics of Insurance-linked securities.

Being now part of the ILS community, I am very much looking forward to the various market developments and the respective product solutions. Kirill and Toby, Many thanks for having me in your course and many thanks for your tremendous work!.”
Andreas Luethi, Cert ILS
Andreas Luethi, Cert ILSManaging Director, Cross Asset Sales
Bank J. Safra Sarasin AG
Zurich, Switzerland
“Very well organized and conceived. By following the course, I was able to learn the concepts without much difficulty. The support from tutors both Kirill and Toby was first rate.

This Learning experience taught me skills that will enable me to continue to develop my Career in Reinsurance and Retrocession and I highly recommend this course.”
Koushik Chandrasekar, Cert ILS
Koushik Chandrasekar, Cert ILSHead of Treaty Reinsurance
Oman Insurance Company
Dubai, UAE
"This is a great ILS course. I appreciate the value from systemic ILS training, practical industry knowledge sharing and broad & multicultural alumni connection.

Thanks to Kirill, Toby and all colleagues for the wonderful learning experience.”
Richard Zhang, Cert ILS
Richard Zhang, Cert ILSHead of Alternative Risk Transfer
WTW
SAR Hong Kong, China
“I had the privilege of completing a well-structured course on Insurance-Linked Securities (ILS), and I can't express how valuable this learning experience has been for me. From the moment I enrolled, it was evident that this course was meticulously designed to provide a comprehensive understanding of the intricate world of ILS.

The course content was exceptional, offering a perfect blend of theoretical knowledge and practical insights. The instructors were not only experts in the field but also fantastic communicators who made complex concepts easily digestible. Their real-world examples and case studies illuminated the application of ILS in the insurance and financial sectors, making the subject matter approachable for all levels of learners. I would like to thank Kirill Savrassov, Toby Pughe and guest speakers for their excellent delivery of the course content.

The course also kept pace with industry trends, ensuring that I was up to date with the latest developments in the ILS market. 

I highly recommend this course to anyone looking to gain a deep understanding of ILS in a structured and engaging manner. It's an investment in knowledge that I'm confident will pay dividends in the future.”
Ruan Roscher, Cert ILS
Ruan Roscher, Cert ILSSenior Finance Analyst
IAG
Sydney, Australia
"Coming from a broking background with a working knowledge of ILS i found the course informative, well structured and fantastically taught. The concepts and application were based on practical examples and I feel extremely confident discussing ILS with my clients. "
Jag Jass, Cert ILS
Jag Jass, Cert ILSSenior Broker (ex Gallaher Re)
Augment Risk
London, UK
"With excellent and engaging training delivered by actual practitioners working in the industry this course is an excellent practical grounding in the practicalities of operating in the alternative Risk Transfer space.

I am delighted by the quality and value delivered - the lessons learned are being applied "in real life" and the network created via fellow course attendees and alumni is in no small part responsible for being able to do this.

I have no hesitation whatever in recommending this course."
Jonathan Biles, Cert ILS
Jonathan Biles, Cert ILSFounder
Gate Insurance Group
Dubai, UAE
"The online course of the Fundamentals of Insurance-Linked Securities surpassed my expectations with its comprehensive curriculum, knowledgeable instructors, and insightful guest speakers. The real-world examples and interactions enhanced my understanding of complex concepts. The inclusion of industry experts as guest speakers provided valuable insights into the practical applications of insurance-linked securities."
Ruomei Zhang, Cert ILS
Ruomei Zhang, Cert ILSAssistant Manager - Prudential Supervision
Hong Kong Insurance Authority (HKIA)
SAR Hong Kong, China
"The “The Fundamentals of Insurance-Linked Securities” is the first global certificated Course in ILS. The course is unique; comprehensive; and well-balanced.

The course would equip you with not just theoretical knowledge on ILS but also practical insights through real-world cases. You would also be provided with invaluable opportunities to access directly to keynote speakers who are all specialists and leaders in the ILS market.

Last but not least, you would become part of an extensive professional alumni group where you can connect and network with insurance practitioners around the globe. Many thanks to both Kirill and Toby for organising this."
Tommy Lam, Cert ILS
Tommy Lam, Cert ILSManager - Prudential supervision
Hong Kong Insurance Authority (HKIA)
SAR Hong Kong, China
The Fundamentals of Insurance-Linked Securities course offers a high caliber foundational exploration of ILS; balanced between theoretical and practical views.

I particularly valued the opportunity for intimate discussion with the panel of global thought leaders featured throughout the curriculum.

I strongly endorse this executive program for those looking to expand their professional knowledge of the industry."
Kyle Muscat, Cert ILS
Kyle Muscat, Cert ILSCommercial insurance broker
FCA Insurance Brokers
Toronto, Canada
"I am proud to share that I have successfully completed the course on "The Fundamentals of Insurance-Linked Securities", and with it, am eligible to use the designation: Certified ILS Specialist (Cert ILS).

This global executive education and qualification program on Insurance-Linked Securities (ILS) is the first ever (and so far the only) course to offer this education and is known to go well beyond just the 'fundamentals' by their distinguished alumni.

The course provides a mixture of the technical aspects of ILS along with practical examples, providing insights on the different types of ILS solutions, how they are used, and the role they play in narrowing the global protection gap. Of particular interest is the future of parametric insurance solutions for broader disaster risk management and helping emerging economies to #buildbackbetter following natural disasters.

Personally, completing this course is part of an overall effort to accelerate my understanding of the (re)insurance industry and how ILS plays a part in this fascinating space.

Thank you to Kirill Savrassov, Cert ILS, Toby Pughe and the extended faculty for your phenomenal efforts."
Philip Karp, Cert ILS
Philip Karp, Cert ILSSenior Associate
PwC
Hamilton, Bermuda
First of all, I should thank Kirill Savrassov and Toby Pughe for the great lecturing and confident approach for all listeners over the last two months; as well as separate compliments for their initiative to move the knowledge in the world and find specialist to unite them.

The modules, charts, discussions, tools were perfectly organized, always available, timely prepared, meaningful and extremely useful for further application. Technical support of the course and its structure as well as on-line platform was on a very high level. Professionals and world recognized specialists invited for the lectures made vivid and live communications.

Fundamentals of ILS is a highly recommended course for those who have desire and ability to master new professional skills in the financial market with further finding out new perspectives of such instruments as derivatives or such fundamental long-term enterprise strategy as ESG. The course is a push for self-education.

I see new possibility how to use the ILS in the reinsurance of nuclear risks from Ukraine increasing thus, the reinsurance capacity of Ukrainian Nuclear Pool, triggering new events and making revolution and evolution in the nuclear industry, opening for it new and enormous global financial capital.
Yuri Radionov
Yuri RadionovHead of Reinsurance & Loss adjusting Department
Ukrainian Nuclear Pool
Kiev, Ukraine
"Getting our ILS certification was the first step in a detailed analysis of the alternative risk transfer market potential for our company.

The rapid expansion is another evidence of the attractiveness of the business model, which involves bringing insurance to a larger group of investors in a way that is both more robust and simpler than investing in an insurance firm.

The most important thing, however, is that our team can not only highly appreciate this course for making most of the ILS basic crystal clear, but also for giving a lot of clues to our company continued growth and expansion, especially in fields beyond ART itself."
Kirill Patyrykin, Cert ILS
Kirill Patyrykin, Cert ILSChief Marine Analyst
Sun Underwriting Agency
Dubai, UAE
"Before the course started, I thought we were just going to revisit the pre-recorded video content, but I was very pleasantly surprised to find that the pre-recorded course was like a global overview and the actual live course went into a different but complementary content digging into the actual ILS practice.

We were very well served in any format; pdf documents, podcasts, videos, links to specialized websites and even invitations from professionals and industry heavyweights.

I have never been so well served in knowledge, thank you very much Kiril and Toby"
Kokou Kpotivi, Cert ILS
Kokou Kpotivi, Cert ILSPrevention Analyst
Saham Re
Lome, Togo
"Congratulations to my industry colleagues for completing this highly recommended course.

Thank you to our lecturers Kirill and Toby for presenting us with your expert tutelage.

I can recommend it to anyone interested in the topic! ART is indeed an art."
Natasha Parry, Cert ILS
Natasha Parry, Cert ILSGeneral Manager
SATIB Insurance Brokers
Johannesburg, South Africa
"The entire course experience was world class!

Content, delivery, organization, additional material, availability and response at all hours to any queries. Thorough and enlightening with great guest experts to provide worldly insights.

Highly recommended! Thank you"
Andre du Toit, Cert ILS
Andre du Toit, Cert ILSExecutive Head - New Business Development
First Equity Insurance Group
Umhlanga Rocks, South Africa
"The Insurance Linked Securities course was fun, exciting and very comprehensive.

The lectures and the lecturers were fantastic and ensured that we the students understood what was taught.  We received all learning materials from slides to online videos to guest lecturers and industry experts. Truly amazing learning experience.

I highly recommend the course for anyone that wants to know about Insurance-Linked Securities."
Ernest Aziagba, Cert ILS
Ernest Aziagba, Cert ILSDivisional Director - Head of General Insurance Actuarial and Reinsurance Department
Leadway Assurance Company Limited
Lagos, Nigeria
"It was a great pleasure to attend the course.

The Fundamentals of ILS course is a perfect mixture of theory and practice orientated approach. It is fully reaching the declared goal to describe the advantages of the synergy insurance and capital markets.

The course is highly recommendable for the insurance and risk management professionals."
Sergej Tretjakow, Cert ILS
Sergej Tretjakow, Cert ILSSenior Client Manager - CEE
Deutsche Rückversicherung AG
Düsseldorf, Germany
"A very well-designed course with practical examples and cases. The course delivery was stupendous. I did not mind at all joining the lectures at around 12.00 midnight from Fiji as I learned new concepts and mechanics of ILS in every lecture.

I highly recommend it to those interested in enhancing their ILS knowledge and understanding.

I wish to profusely thank Kirill Savrassov and Toby Pughe for sharing their insights."
Pankaj Singh, Cert ILS
Pankaj Singh, Cert ILSFinance & Planning Manager
Pacific Catastrophe Risk Insurance Company (PCRIC)
Suva, Fiji
"The Fundamentals of ILS course was excellent - a great mixture of technical content and relevant examples, delivered by global experts, very well organized and presented, and made accessible to anyone anywhere in the world!

A highly recommended course for those wanting to build their knowledge of the ILS industry and it's applications across both the insurance sector and for broader risk management. Thank you!"
Richard Poulter, Cert ILS
Richard Poulter, Cert ILSTechnical Advisor – Product & Actuarial
Pacific Catastrophe Risk Insurance Company (PCRIC)
Quito, Ecuador
“The course covers the fundamental knowledge we need to know about ILS from the various parties participating ILS.

The lecturers and guest speakers provided in-depth insight of ILS that you cannot find easily.

This course is the best entry point if you are interested in ILS and would like to develop further.

Thanks Kirill and Toby for organizing this! “
Rick Yim, Cert ILS
Rick Yim, Cert ILSAssociate - Alternative Risk Transfer
WTW Hong Kong
SAR Hong Kong, China
"Glad I survived all these late night sessions with London in the past three months! This special opportunity to see the beadth and depth of reinsurance market, as well as how ART can be applied in (Re)Insurance, capital market, and public sectors… I wouldn’t trade it for anything.

Special thanks to Kirill Savrassov, Cert ILS , Toby Pughe and guest speakers for generously sharing the insights!"
Sylvia Wang, Cert ILS
Sylvia Wang, Cert ILSLead, Analytics
IAG (Insurance Australia Group)
Sydney, Australia
“I found the ILS course very special and exciting in its structure and delivery. The course is delivered in a practical manner with case studies taken from current market cycles.

It was refreshing that the facilitators are experienced and knowledgeable practitioners within the ILS value chain. They addressed the topics authoritatively and were also keen to share their own professional views and experience. As a mid-career reinsurance professional, the timing of the course was just perfect for my growth.

The content is relevant to the moment, as we in the African (re)insurance sector continue to seek alternative and/or complimentary solutions to the intractable problem of the protection gap in our motherland and much of the developing world.

I'm therefore thankful that I attended the course and I'm ecstatic to be designated Cert ILS!”
Aggrey Mwesigwa, Cert ILS
Aggrey Mwesigwa, Cert ILSSenior Manager – Underwriting
African Reinsurance Corporation
Lagos, Nigeria
“I am very happy to have completed this course on Fundamentals of Insurance Linked Securities (ILS). What makes the course unique is the different perspectives that the trainers bring on board, from academics to ILS practitioners and to seasoned lawyers.

The course has enriched my understanding of ILS products such as catastrophe bonds, parametric insurance products, sovereign disaster risk management tools among others.

I certainly recommend this to anyone willing to learn more about the world of ILS.”
Lanre Jagunlana, Cert ILS
Lanre Jagunlana, Cert ILS Senior Manager – Actuarial & Analytics
African Reinsurance Corporation
Lagos, Nigeria
“The advantages of this course are twofold.

First, you can get to know and contact people who are experts in the ILS world and familiarize yourself with different thoughts from insurer and investor standpoints. The next is the contents covered by the course, which I found interesting, particularly the pricing section.

For me, who has been researching CAT bonds with a concentration on theoretical stuff, it has been a crucial point to understand some concepts that have been applied in different ways. This course helped me to find out the answers to some of the questions I had in mind.”
Saeid Safarveisi, Cert ILS
Saeid Safarveisi, Cert ILSPhD student
KU Leuven University
Leuven, Belgium
"The Fundamentals of Insurance-Linked Securities” is a unique, comprehensive course that places places meeting disaster risk financial innovation in a global context. The agenda provides practical insights into the way that disaster risk finance and reduction instruments can fill critical financial gaps, which are necessary to stimulate economic development and to protect vulnerable populations.

The curriculum is organized in a way to build solid comprehension over the short two month period, and to provide practical insights and understanding of ILS instruments.

The lecturers were world-class and attentive to the questions and learning needs the student cohort.

As a legal and governance advisor to three sovereign risk pools covering nearly 80 countries, I found the course an invaluable addition to build multidisciplinary tools and the knowledge-base required to serve disaster risk finance initiatives.
Many thanks to Kirill, Toby, and the many expert lecturers."
Dr. Timothy Nielander, Cert ILS
Dr. Timothy Nielander, Cert ILSFounder & President
GP3 Institute
Irvine, CA, USA
"Having just passed my examination, and having been awarded the qualification of Cert ILS, I thought it timely to provide my feedback and testimonial for this unique global executive education and certification program.

The Fundamentals of Insurance Linked Securities course is a fully accredited, extremely well curated learning experience. It is presented in an engaging format by two highly experienced ILS practitioners, Toby Pughe FCII and industry doyen Kirill Savrassov Cert ILS. With two live lectures a week totalling three to four hours, an online resource platform filled with news archives, fact sheets and pre-recorded lectures, I had everything at my fingertips to maximise my ILS knowledge upload.

The live lectures are professionally prepared with both depth and breadth of information, imparted at a pace that allowed discussion and plenty of time for Q&A throughout. The guest lecturers included leading ILS luminaries such as Dr Urs Ramseier, Founding Partner and Chairman of Twelve Capital, top reinsurance lawyer Clive O’Connell, Oleg Kapinos CAIA, Senior Investment Product Specialist at Tokyo Marine Asset Management and Phillip Pettersen, NED at African Risk Capacity.

Executive education courses really don’t come much better than this. If you are committed to being at the forefront of the growing alternative risk transfer/ILS and disaster risk financing industry then this course, in my humble opinion, is a must.

Each year I undertake an online executive education programme with a six-to-twelve-week duration, often with globally renowned institutions. The Fundamentals of Insurance Linked Securities course is, without doubt, the best constructed and delivered course I have undertaken to date.
Richard Griffith, Cert ILS
Richard Griffith, Cert ILSManaging Director
Meridian Human Capital (Meridian HC Ltd)
London, United Kingdom
"I was slightly apprehensive when I enrolled into "The Fundamentals of Insurance-Linked Securities" considering that I have been a non-Life intermediary for the past 20 years with no exposure to ILS.

We were guided far past just the fundamentals, and the exposure to real-time industry specialists created an environment of active learning and understanding of alternative risk transfer and the capabilities thereof. The course is designed with the busy professional in mind and the lecturers, permanent or guest, provided valuable insights into the world of ILS.

If you want to have a peak into the future of risk transfer, don’t wait to enrol!"
Dewald Cillie, Cert ILS
Dewald Cillie, Cert ILSExecutive Head
SATIB Insurance Brokers
Johannesburg, RSA
“The Fundamentals of Insurance-Linked Securities” is the best resource for learning the basics and practice of ILS. The curriculum covers a wide range of topics from the background of ILS to the recent market environment and the latest topics. The course also includes review and self-directed assignments, allowing students to learn effectively and efficiently in two months.

The lecturers are considerably knowledgeable and explained each topic in an easy-to-understand and multifaceted manner. In addition, there are opportunities to network with specialists in the industry, which is one of the great attractions. I would highly recommend this course to both beginners interested in ILS and experts in this field.

I would like to thank you Kirill, Toby, and everyone involved.

本コースは、ILSの基礎や実務を学ぶ上で最高の教材です。カリキュラムはILSの背景から、近年のマーケット環境、最新のトピックスまで幅広くカバーされています。予習復習、自主課題も完備されており、2ヶ月で効果的・効率的に学習することができます。

講師の方々はとても造詣が深く、各内容をわかりやすくかつ多角的に解説していただきました。また、本業界のスペシャリストたちとのネットワーキングの機会があることも大きな魅力の一つです。ILSに興味がある初心者もこの領域のエキスパートにもとてもお勧めできます

Kirill, Toby, 関係者の皆様に感謝いたします。
Suguru Fujita
Suguru FujitaActuary
Guy Carpenter Japan, Inc.
Tokyo, Japan
“The Fundamentals of Insurance-Linked Securities” is the best informative courses I have ever attended. No book, journal or even Google can provide the kind of information shared during the sessions.

The course was well designed covering all the aspects of ILS from insurer, reinsurer, assets manager and disaster risk management point of view.

The credit point earned upon qualifying will help in further studies in universities across Europe is another important aspect of the course.

Thanks to Toby & Kirill for taking the initiative to promote the importance of ILS across the globe."
Shib Shankar Saha, Cert ILS
Shib Shankar Saha, Cert ILSHead of Reinsurance & Commercial Underwriting
Future Generali India Insurance Company
Mumbai, India
"Having spent much of my insurance experience underwriting a very niche insurance product, the lack of availability of insurance capacity has always been a challenge. The convergence of insurance/reinsurance, capital markets and risk appetite has spurred Insured Linked Securities and plugged the capacity gap.

It was with this in mind, I enrolled onto the online course on The Fundamentals of Insurance-Linked Securities so as to gain insight on how such securities are used and applied in the global market. I highly recommend this course to anyone seeking to understand the ILS industry."
Samuel Bobo, Cert ILS
Samuel Bobo, Cert ILSMD - Head of Underwriting
Opus Underwriting Limited
London, United Kingdom
In 2020, I was appointed to the Board of African Risk Capacity (ARC) Limited, a Specialized Agency of the African Union established to help African governments improve their capacities to plan, prepare and respond to extreme weather events and natural disasters.

I leapt at the opportunity to participate in this pioneering post-graduate “ILS Fundamentals” course which runs twice a week for six-weeks. It turned out to be a real godsend since it updated my knowledge of this market.

The course exceeded my expectations in the following ways:

- The ILS market is evolving rapidly, both in value at risk and as an additional tool for investor diversification and as non-correlating assets. The course therefore brings you to the forefront of market movers and shakers, whilst updating your ILW knowledge to being relevant for right now.

- It covered the value drivers of ESG, and the roles and perspectives of all the stakeholders in the ILS chain, e.g., sponsors/issuers, the client, structurers, modelers, the role of the SPV, pricing and spreads, the ILS Fund Managers, book runner and managing the expected risk return profile of the investors and collateralisation of the coupon and trust agreements.

- It delved deeply into Catastrophe Bonds (Indemnity /non indemnity), Industry Loss Warranties (ILW), Contingent Loan Financing, Weather Derivatives, the role of Risk Pools and the economic drivers of finding solutions for the enormous impact that climate change will have on the world, as well as the significant ILS role that it can play in that space.

This is just a mere taste of the fascinating course chapters that build your interest in the ILS world, which are complemented by real clients and key industry heavyweights such as Urs Ramseier of Twelve Capital which share their story.

I thoroughly recommend the course and its presenters for anyone linked to the industry or anyone who wants to expand their knowledge in this unique market segment.
Phillip Pettersen, Cert ILS
Phillip Pettersen, Cert ILSBoard Member
African Risk Capacity
Johannesburg, RSA
"I believe the course “Fundamentals of Insurance-Linked Securities (ILS)” is the best online learning program for people interested in ILS industry. You can learn lots of basic and advanced knowledge of ILS through the lectures, materials and discussion with lecturers and guest speakers. Also, you can build valuable network with notable ILS practitioners and classmates including alumni from all over the world.”

“Fundamentals of Insurance-Linked Securities (ILS)”は、ILS業界に関心がある方々にとって最高のオンライン学習プログラムだと思います。講義、教材及び講師やゲストスピーカとのディスカッションを通じて、ILSに関する基礎的・応用的な知識を幅広く習得できます。また、著名なILS実務家や世界中のクラスメート・卒業生との貴重なネットワークも構築できます。”
Kosuke Inada, Cert ILS
Kosuke Inada, Cert ILSChief Executive Officer
Time Machine Underwriters Inc.
Japan
"For me, it was a great learning opportunity as this course shed light on Insurance-Linked Securities industry. All the knowledge included in study materials and resources is unique. The experience shared by lecturers and guest speakers add a relevant value to entire program.

I highly recommend for anyone interested in expanding knowledge in Insurance Linked Securities world."


"Para mim foi uma grande oportunidade de aprendizado uma vez que o curso destaca a indústria de Insurance-Linked Securities. Todo o conhecimento trazido pelos materiais de estudo e recursos são únicos. A experiência compartilhada pelos conferencistas e palestrantes convidados adicionam valor relevante ao programa.

Eu recomendo fortemente para aqueles que tem interesse em expandir o conhecimento no mundo de Insurance-Linked Securities."
Octavio Kurosaka, Cert ILS
Octavio Kurosaka, Cert ILSHead of Reinsurance Brazil
Swiss Re Corporate Solutions
Brazil
“Just completed an interesting course in Insurance Linked Securities (ILS) that shed more light on the structuring and use of ILS in the disaster risk management sector with practical case studies of real-word examples.

I greatly recommend for anyone wanting to expand their knowledge in Parametric risk transfer, Disaster Risk Financing and gain more insights on how Insurance Linked Securities are used in the global markets to respond to natural disasters. You won't be disappointed.”
Wesley Chitsike, Cert ILS
Wesley Chitsike, Cert ILSActuarial Analyst
African Risk Capacity Ltd.
Republic of South Africa
“Having been searching for the most relevant course in Insurance Linked Securities, this course has quenched my insatiable desire for cutting edge knowledge in structuring Catastrophe bonds, Industry Loss Warranties, Sidecars, Sovereign risk management solutions etc. The lectures were excellent and exciting especially with the involvement of technocrats as guest speakers from leading corporations such as Twelve Capital, Tokio Marine Asset Management and UNDP. The course material was very relevant, and the course convenors were flexible in teaching, tailoring the programme to meet the industry expectations.

Furthermore, I gained a lot of exposure to the other delegates and got a great opportunity for networking. After attending the course, I am applying the skills that I learnt which I believe will be a great contributor to the result of the projects I work on. I have and will continue to recommend this course to others”
Chamunorwa Mataranyika, Cert ILS
Chamunorwa Mataranyika, Cert ILSHumanitarian Hub Manager
UN Migration Agency (IOM)
Tanzania
“The ILS course is the best value ILS course there is with a unique mix of theory and practical teaching. The course is laced with ILS practitioners of considerable experience and expertise giving participants in-depth insights into the real world issues that pertain to ILS. The online interactive sessions are delivered weekly which make them accessible and much easier to integrate into a normal working day unlike many executive education courses.

I highly recommend this course to anyone who has an interest in ILS. At African Risk Capacity our entire Underwriting & Actuarial team has participated in the course and all the participants are unanimous in their appreciation of the course. We will be working with the convenors of the course to increase the participation through innovative partnerships.”
Malvern Chirume, Cert ILS
Malvern Chirume, Cert ILSChief Underwriting Officer
African Risk Capacity Ltd.
Republic of South Africa
“Thanks to Kirill Savrassov and Toby Pughe for the great lectures and discussions during the last two months! Really pleased to expand my knowledge into the interesting ILS world and learn about other useful mechanisms that are also helping to reduce the protection gap!”
Jose Antonio Izaguirre, Cert ILS
Jose Antonio Izaguirre, Cert ILSStructurer (Innovative Risk Solutions)
Swiss Re Corporate Solutions
Mexico
"The course has been excellent, I have enjoyed because of the way the modules are scheduled. I joined course to find alternation solutions to traditional reinsurance product after completion of the Course I am in confident to design solution for parametric ILS product considering global climate change concerns . I take this opportunity to thanks Toby, Kirill and guest lecturers for providing intensive lectures course with interactive case study’s demonstration and training.

Session from a guest lecturer is a unique chance for communication with international ILS experts/Leaders and gain more insight of the ILS market dynamics. I would highly recommend this course who are keen to understand ILS market, opportunities to change the way of looking and climate risks."
Laxmeekant Walikar, Cert ILS
Laxmeekant Walikar, Cert ILSChief Underwriting Officer
AXA XL India Branch
India
"First of all I should thank Kirill Savrassov and Toby Pughe for the great lectures and discussions over the last two months!

In the class, the professor organized theoretical knowledge and practical cases related to insurance, securities, and risk, including the "Belt and Road" project case study, as well as the analysis of natural risks and disasters. These methods will be very helpful for my future career. Although I passed the course and received the certificate, I will continue to learn about financial insurance. And I would recommend this course to anyone who wants to expand their understanding of financial risk transfer and gain insight into the exciting world of insurance-related securities. Not to be outdone, the course also attracts leaders from the ILS field who will share their knowledge and experience in a knowledgeable manner. This comprehensive approach helps to consolidate learning and understand how ILS works in the real world from the people who know it best.

I am sure you will love it!"

首先，我应该感谢Kirill Savrassov和Toby Pughe在过去两个月的精彩讲座和讨论!在课堂上，教授组织了与保险、证券和风险有关的理论知识和实际案例，包括 "一带一路 "项目的案例分析，以及自然风险和灾害的分析。这些方法对我今后的工作很有帮助。虽然我通过了课程并获得了证书，但我将继续学习金融保险知识。而且，我会向任何想扩大对金融风险转移的理解并深入了解与保险有关的令人兴奋的证券世界的人推荐这一课程。该课程有来自ILS领域的领导者，他们将毫无保留的分享他们的知识和经验。这种全面的方法有助于巩固学习，并从最了解它的人那里了解ILS在现实世界中是如何运作的。我相信你会喜欢它的!
Ben Li, Cert ILS
Ben Li, Cert ILSMaster’s student (Project Management)
School of Business of BSU
China
“Risk transfer is a fascinating area based on the globalization of the economy, and the ILS course opens up a whole new world. By combining the basics with case studies, the course shows how ILS works in full, so that even a beginner can quickly understand it. Of course, the lectures from industry leaders are equally beneficial.

I am sure that the introduction of this course into China will be a great surprise to the Chinese insurance industry. After all, the role of the ILS in the "Belt, and Road Initiative" project is obvious to all. I hope that more people can find the ILS course fascinating!”

在经济全球化的过程中，风险转移是一个极其重要的领域，而ILS课程为我们打开了一个全新的世界。该课程通过将基础知识与案例研究相结合，充分展示了ILS是如何运作的，即使是初学者也能迅速理解。当然，来自于行业领袖者的讲座也让人受益匪浅。

我相信，将这门课程引入中国，可以给中国的保险业带来巨大惊喜。毕竟，ILS在“一带一路”项目中的作用是有目共睹的。我希望有更多的人能够领略到ILS课程的魅力！
Tiantian Yang, Cert ILS
Tiantian Yang, Cert ILSChina Desk
Phoenix CRetro Ltd.
China
“After two months and a total of 48 hours of study, I spent a pleasant study time with the teachers of ILS.

During this period, the teachers organized theoretical knowledge and practical cases related to insurance, securities and risks, including the case explanation of the Belt and Road project, as well as the problem analysis of natural risks and disasters. Method has helped to a great extent.

Until today, I have passed the exam of this course and obtained the relevant certificate, which will help me in my personal career, and I will also recommend it to my business partners and schoolmates. Learn more about the course content at ILS together”
Shichao Wang, Cert ILS
Shichao Wang, Cert ILSMaster’s student (Project Management)
School of Business of BSU
China
"With a background in "Traditional" re/insurance, the Fundamentals of ILS Course provided the perfect introduction, and exposure to, the world of alternative risk transfer. Starting with any level of related knowledge, this course brings the fundamental elements of ILS together, and demonstrates how they are implemented using practical, real-world examples.

In addition to a core body of theoretical lectures, the course also brings in leaders from across the ILS spectrum, who share their knowledge and experience unfiltered. This combined approach helps consolidate learning and understand how ILS works in the real world from those who know it best.

I would recommend this course to anyone wanting to expand their understanding of financial risk transfer, and to gain insight into the exciting world of insurance linked securities."
Nick Hassam, Cert ILS
Nick Hassam, Cert ILSCo-founder & Chief Commercial Officer
Reask
Adelaide, Australia
"I have been working in the areas of natural disasters and climate resilience, and insurance analytics solutions. The insurance-linked securities (ILS) market and applications have grown as an uncorrelated asset class and alternate risk transfer solution.

It was a great, timely opportunity to be part of this unique ILS program with excellent teaching faculty and guest lecturers.

My favorite parts of this program were: detailed analysis of some recent cat bonds and other ILS asset classes and insights about the role of ILS from multiple perspectives – asset managers, (re)insurers, and sovereign risk transfer.

Overall, it was a very enriching experience!"
Naresh Raheja, Cert ILS
Naresh Raheja, Cert ILSOne concern, Inc.
Principal Solutions Strategist, Insurance
San Francisco, USA
"For someone without any insurance background, the course provided a comprehensive view of the asset class - covering perspectives from the sponsor/issuer, investor, public sector. Excellent repository of information - comprising not just lecture notes, but additional materials from both an academic standpoint, and recent market news. This is especially commendable given how difficult it is to find what you are looking for in ILS! Great insight from market participants, invaluable to hear straight from the horse's mouth.

Well-paced and twice-weekly consistency ensures good retention of learning.Systematic delivery and good course structure - no other platform as such. My prior experiences trying to search for information has been very challenging and time-consuming and the course is an effective and efficient means to learn.

Warm class atmosphere where open dialogue is encouraged and all questions are welcome. Small, inclusive class size, great starting point to know people with similar professional/academic interests. Direct access to guest speakers who are market and academic professionals as well."
Cheryl Wai Xinting, Cert ILS
Cheryl Wai Xinting, Cert ILS Business Development Manager
Minterest Private Limited
Singapore
"The course is unique in may ways be it pioneer in bringing ILS as a course or an approach to amalgamate practical and theoretical knowledge bundled in a curriculum.

The course helped me not only to understand the ILS market and its fundamental but also how to view a particular product (eg: Cat bond) from the perspective of all parties involved such as the investor, sponsors and intermediaries etc.

The best part of the course was touching all aspects of ILS branches and practical knowledge of the lecturers. Its also worth mentioning that the wealth of repository offered for the course adds value to my understanding for long run."
Sunil Kumar Kola, Cert ILS
Sunil Kumar Kola, Cert ILS Senior Treaty Manager
Kuwait Re
Kuwait
“As a practitioner in international development cooperation, the focus throughout my career has been on technical issues surrounding climate change adaptation and disaster risk reduction measures that help enhance resilience.

Increasingly, the topic of climate and disaster risk finance and insurance and its many advantages is being discussed among national and local governments, the private sector and civil society and within the wider development partner landscape.

No single approach promises to be a "silver bullet" in responding to some of the greatest challenges of our time, however-- the course instructors manage, equipped with excellent facilitation skills, patience and expertise, to conceptually blend ILS as a specific asset class and risk transfer solution into an integrated approach towards resilience building efforts. This helps bring together a wide array of "communities" of professionals whose background and language may differ vastly and thus addresses a critical gap in capacity development and higher education.

The course, "Fundamentals of Insurance-Linked Securities (ILS)" assisted me in to further building and elaborating in-depth knowledge on this innovative modality of risk transfer and convergence with the capital markets that is certainly unique in its offering and comes with a plethora of shared materials, lectures and a warm and embracing style of delivery of the topic at hand.

I can only recommend this whole-heartedly to anyone who is currently looking into solutions to further close the global protection gap and their knowledge thereof.” 
Timm Walker, Cert ILS
Timm Walker, Cert ILSPolicy Advisor (Climate and Disaster Risk & Resilience)
Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ) GmbH
Germany
"Fiquei muito feliz de ter recebido hoje meu certificado do primeiro curso global de ILS por ter completado a carga horária e passado o examen.

Gostaria de agradecer a Kirill Savrassov e Toby Pughe pelo entusiamo e visão em criar o primeiro curso certificado global em ILS ministrado, e todo o esforço dedicado para que nos dessem todas as perspectivas da cadeia ILS, bem como a importância que tem nas Catástrofe e outros mercados e como este tipo de Transferência Alternativa de Risco (ART) pode ajudar governos e economias em diferentes eventos catastróficos e como as seguradoras e resseguradoras também o utilizam. E, claro, qual é o ponto de vista do investidor nisso tudo.

Kirill e Toby ainda estão fazendo um importante trabalho e esforço para aumentar o apoio que este curso internacional já obteve de várias associações e universidades internacionais.

Muito obrigado por esta experiência e grata por ter conhecido todos vocês."
Maria de Larrea, Cert ILS
Maria de Larrea, Cert ILSHead of Reinsurance (Ceded) Treaty & Facultative
Sompo Seguros
Sao Paolo, Brazil
"I highly recommend this course no matter your ILS experience level. I am in the first cohort. We have a wide diversity of professional disciplines represented by the students. The course goes beyond fundamentals.

The lectures and course materials are robust, covering the topic from different perspectives, i.e. investor, issuer, etc.

I am completing my dissertation on alternative risk transfer and this course is providing a wealth of information."
William F. Fawcett, Cert ILS
William F. Fawcett, Cert ILSGeneral Counsel & Head of Legal - North America
Allianz Global Corporate & Specialty (AGCS)
Washington D.C., USA
Download testimonials
Organizations
our alumni & participants

Work for
Artemis
catastrophe bond

Deals & ILS Vacancies Boards

Cat Bond Deals (Issuance) Directory
Cat bond defaults (loss) directory
ILS jobs and vacancies board
Recent
INDUSTRY

News

All news
Our Convenors
articles

In the press

Workshop to advance DRR financing in Armenia
Why educating the industry about ILS is so important
ILS: simple, powerful, and accessible for all
Africa Re
The Prospects for Parametric Catastrophe Bonds in Africa
Education can unleash the power of ILS
Africa: primed for new ILS markets
Hybrid solutions for China's natural catastrophes
Artemis logo transparent
Cat bonds can reinforce economic stability for ECIS countries: UNDP
Library

ILS Can Play Major Role In
Closing Protection Gap

Protection Gap Tops Discussions
at Rendez-Vous 2023

ILS Reshapes Risk Management
for Developing Nations

World Bank & EC call for scaled up European disaster risk transfer & cat bonds

Artemis, 24th May 2024
FULL STORY

Cat bonds one of the most prominent innovations in sustainable finance
in the last 15 years

International Monetary Fund: An Overview of the Green and Catastrophe Bond Markets, 7th July 2022
FULL STORY

I have recently been calling for more and better catastrophe-triggered instruments, easier access to flexible finance and increased support for regional adaptation and financing

António Guterres, UN Secretary General @ IDF Summit 2021
FULL STORY