The Big Short Complex: the evolution of mortgage reinsurance risk from 2007

The Old Library, Lloyd's
Wednesday, 20 November 2019
1:10 pm – 1:55 pm
    • Steven Rance, Managing Partner, Mortgage Risk, Capsicum Re
  • Reinsurance webinar

In this IIL reinsurance lecture Steven Rance addressed the staggering potential offered by the US mortgage world, largely driven by the activities of Fannie Mae and Freddie Mac post crisis.

The US mortgage system undeniably suffered its greatest setback during the Global Financial Crisis, since the Great Depression. Whilst the media (and movies) would have us believe that US mortgage risk represents some of the worst excesses, Steven used contemporary data and analysis to demonstrate why this class of business offers some of the best risk/return opportunities available today for (re)insurers.

By the end of this lecture members would have gained an insight into:

  • Background to the US mortgage market - pre and post crisis
  • An overview of the regulatory driven mortgage (re)insurance opportunities and structures
  • An understanding of why the current risks are so attractive - and how to evaluate them

Simon Crone, Senior Underwriter, Fidelis.

  • The Old Library, Lloyd's
  • One Lime Street
  • London
  • EC3M 7HA
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Registration & Security

IIL lectures are open to CII and PFS members
CII and PFS members must register online by 12pm one working day before the lecture
For lectures held in The Old Library, Lloyd's pass holders may also attend and do not need to register
All attendees (at any venue) must produce photo ID - either a Lloyd's pass, driving licence with photo or valid passport


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  • Attendance confirmations are non-transferable to any other person or lecture
  • All venues have limited capacity and registration and/or a Lloyd's pass does not guarantee admission

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Please contact Patricia Pedraza (020 7397 3911) with any queries regarding the CPD events programme.

CII Accredited

This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.

3/4 hours' CPD can be claimed for this event if relevant to your learning and development needs.

It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at