The Fundamentals of ILS

Convenors & lecturers

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Kirill K. Savrassov

Course convenor & co-Lecturer

With almost 25 years of experience in the (re)insurance industry Kirill runs Phoenix CRetro, a specialised full cycle ILS company with a focus on emerging markets. He has extensive connections in CEE, Eurasia, London, Bermuda & the United States at both corporate and government pillars and regularly speaks at international industry events on the topics of Insurance-Linked Securities (ILS), sovereign catastrophe bonds and Alternative risk transfer (ART). Also, he reads the course of Strategic Management for Chinese magistrate students of BSU’s School of Business.
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Toby Pughe FCII

Course convenor & co-Lecturer

Toby is a Fellow of the Chartered Insurance Institute (equivalent to an academic Degree in insurance) with a graduation thesis dedicated to ILS. He has written extensively about the use of Insurance-Linked Securities and how they can help bridge the gap between economic and insured losses. He has also written in depth about the opportunities for ILS in a post Covid world, and how climate change will impact financial markets and the industry as a whole. Toby currently works in the ILS team at a boutique hedge fund in London.

Each module ends with a session from a guest lecturer, allowing you to learn from the wisdom and experience of the leading experts in their fields, so “to feel the beat” of the ILS industry.

Market practitioners
industry leaders

Experts & Contributors


Clive O'Connell

Head of insurance and reinsurance
mccarthy denning law firm
Clive is the Head of lnsurance and Reinsurance at law firm McCarthy Denning. Since qualifying as a Solicitor in 1982, he has specialised in the areas of reinsurance & risk transfer. Over the time, Clive has handled some of the largest and most complicated disputes in the area, many running into hundreds of millions of dollars in a variety of jurisdictions, which made him one of the world’s leading (re)insurance legal experts. A former General Counsel of International lnsurance Society and Board Member of the New York chapter of the CPCU, Clive is currently a Non-executive Director of one of the largest European ILS investment fund managers as well as non-executive chairman of an insurtech start up. In 2014, lnsurance Day named him as one of the 50 most influential people in the world of insurance; the only lawyer to appear on that list.

Prof. Dr. Alexander Braun

Director,Institute of Insurance Economics
of the University of St. Gallen (HSG)
Alexander Braun is Director at the Institute of Insurance Economics of the University of St. Gallen (HSG) in Switzerland, where he also holds the Associate Professorship in Insurance and Capital Markets. During his doctoral and postdoctoral phase, Mr. Braun completed stays at the University of Michigan (US) and the University of Essex (UK). Later he held visiting scholar positions at the Wharton School (Penn) and Fox School of Business (Temple University) in the US. He started his professional career in the Capital Markets Division of Lehman Brothers in London. Natural Catastrophe Risk and Insurance-Linked Securities (ILS) are one of the main focus areas of Mr. Braun. His research and teaching activities have been awarded, among others, by the American Risk and Insurance Association (ARIA), the Asia-Pacific Risk and Insurance Association (APRIA), the Geneva Association, the International Insurance Society (IIS), and the Casualty Actuarial Society (CAS).
Oleg Oleg

Oleg Kapinos, CAIA

senior investment product specialist
tokio marine asset management
Oleg is an investment professional and entrepreneur who spent a large part of his career in Asia. His expertise spans ILS, equities, hedge funds and venture capital. 5 years of his time in Tokyo were dedicated to conducting due diligence and promoting products of the leading ILS investment managers as well as other alternative asset classes at Japan Alternative Investment (now Mitsui & Co. Alternative Investments) where he raised over USD100 mln. for 2 highly successful products. Prior to that he was also working on CIS deal origination at Daiwa Securities SMBC (now Daiwa Capital Markets). He has authored articles in Japanese and European professional publications and is a regular presenter at investment conferences across Europe.

Armen Grigoryan

UNDP Regional Cluster Leader
Disaster Resilience & Global Energy Policy Advisor
Armen is a Regional Cluster Leader - Climate Change / Disaster Resilience & Global Energy Policy Advisor for Europe and CIS region in UNDP’s Bureau for Policy and Programme Support. In this role, he oversees work on DRR, CC/A, Energy and Crisis Response, as well as risk integration and resilience. Mr. Grigoryan comes with over 20 years of experience in UN system on DRR at country, regional and global levels. He has extensive experience working on DRR and Climate issues from previous assignments in UNDP (BCPR). Armen has also extensively worked on UNDP Led interagency initiative – CADRI (Capacity for Disaster Reduction Initiative), which focuses on capacity development for DRR. He served as BCPR Training Coordinator.

Kirill Ilinski, PhD

Managing Partner
Fusion asset management
Kirill is a Managing Partner of Fusion Asset Management since 2004 and is involved in all aspects of the day-to-day running of the firm. His primary focus at Fusion is overseeing the investment management team, development of new investment products and services. He started his professional financial career joining Chase Manhattan Bank where he focused on proprietary modelling, options trading and risk management. After the merger of Chase and JPMorgan Kirill was involved in developing quantitative trading strategies for equity options and hedging of the bank’s own convertible bonds book. Kirill studied physics at Leningrad State University and obtained his PhD at the Mathematical Institute of Russian Academy of Sciences. He is the author of more than 40 scientific papers and author of two books on financial economics. Kirill is a frequent speaker at investment conferences globally, as well as contributor to leading financial media and press.

Youbing Zhang, PhD

Geophysics & Seismology
Youbing specialises in quantitative analysis and natural catastrophe modelling, closely following the development of catastrophe (re)insurance and Insurance-Linked Securities (ILS). He is interested in risk transfer and the migration and application of scientific insights to financial markets. During his time at the University of Edinburgh and University College London he developed a new method to calculate the uncertainties of earthquake moment magnitude scale, calibrated British earthquake magnitude (Cwml-lynfell EQ 2018) & reviewed seismic record catalogues in Southwest area of China (Yunnan province). Youbing is a known presenter at international conferences (AGU, EGU) and has done a number of peer-reviewed publications in international scientific journals.
International Education

Support team

Kseniya Kolyago

Teaching Methods Specialist - SB BSU

Aksana Khartava

International Programs Director - CBA

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