Shuriken Capital Management LLC is launching as a new insurance-linked securities investment manager. The firm has a mandate to allocate capital to catastrophe bonds and other collateralized reinsurance or ILS instruments, while it is supported and backed by Florida-headquartered Safepoint Holdings, Inc., the parent of Safepoint Insurance Company.
Shuriken Capital Management has a seasoned investment committee with a commitment to disciplined risk transfer and capital efficiency.
The ILS investment manager will have its main focus on allocating to natural catastrophe bonds, but its core strategy, the Shuriken ILS Fund, will also utilise other collateralized reinsurance and ILS opportunities to achieve optimal portfolio diversification and to maximise returns.
With an ownership stake from and relationship with Safepoint Holdings, new ILS manager Shuriken Capital Management also has access to deep underwriting expertise and risk analytics from a company that writes catastrophe exposed property risks and has a history of sponsoring its own catastrophe bonds to augment its protection, so is very familiar with the capital markets side of reinsurance.
Shuriken Capital Management aims to deliver non-correlated returns for its investors, through allocating to natural catastrophe risk instruments.
With decades of expertise in analysing catastrophe risks as well as the insurers ceding them, Shuriken Capital Management also intends to adopt a trading mentality when it comes to managing portfolios of cat bonds and other ILS instruments, to identify opportunities and capitalise on market forces.
Shuriken will also seek to leverage the institutional experience and infrastructure of Safepoint to bolster its operations and finance, as well as in underwriting and risk analytics.
The team behind Shuriken Capital Management has decades of experience across reinsurance, capital markets and alternative investments.
The investment committee consists of:
Rocky Russell, the Chief Operating Officer of Shuriken Capital Management and a former U.S. Navy SEAL Captain, an operational leader with expertise in enterprise risk, governance, and strategic execution. Russell is also Director of Investor Relations and Operations Management at Safepoint.
David Flitman, the CEO of Safepoint Holdings and the former Chief Actuary and Underwriter at a leading global reinsurance company Flagstone Re. Flitman has extensive P& C operating and governance experience, as well as a long-tenure of accessing capital markets for efficient reinsurance and working with ILS investors.
Brad Corbett leads the Investment Committee with over 30 years of experience managing public and private fixed-income portfolios, including roles at Franklin Street Partners, Verity Asset Management, and Barclays Capital.
Brad Chance is an experienced insurance executive, investor and hedge fund manager with a background in alternative investments and portfolio management. Chance has also previously founded an ILS start-up and backed numerous innovative insurance and MGA ventures.
We spoke with some of the Shuriken Capital Management investment committee members to gain more insight into the ILS start-up.
David Flitman told us, “I’ve appreciated this asset class — and the role capital markets play in providing alternative reinsurance capacity — since my time at Flagstone Re.
“This is a growing market with meaningful opportunities for institutional investors to earn attractive, non-correlated returns. One of Shuriken’s key goals is to help new investors access the cat bond market and navigate the learning curve around its structures, risks, and expected returns.”
Rocky Russell added, “Our investment approach is simple: combine underwriting expertise, rigorous analytics, and disciplined portfolio management to capture mispriced risk and produce durable returns.”
Brad Corbett further explained, “With decades in catastrophe analytics and fixed income experience, Shuriken offers investors a transparent, data-driven way to access catastrophe risk while minimizing unexpected outcomes.”
Corbett also highlighted that, “We’re bringing trading discipline to a market that’s historically been slow to adapt. That’s where the opportunity is.”
The Shuriken team aim to develop their ILS management platform to follow a repeatable investment process that brings together the use of proprietary insurance analytics, tactical trading strategies, and disciplined portfolio management, aiming to capture catastrophe risk premia for investor clients and deliver stable, uncorrelated returns.
Using a proprietary Shuriken ILS Analytics platform, the investment team intend to both take large tranches of risk through structured transactions and identify dislocation opportunities in the market through navigating the cycle, watching for pricing disparities and closely following secondary cat bond market spreads.
The Shuriken ILS Analytics platform provides a single portfolio level view across multiple positions and asset types, offering portfolio level metrics and benchmarks and helping to identify diversification opportunities that are additive to forward-returns.
Shuriken Capital Management’s first ILS fund strategy, a Delaware structure named Shuriken I, L.P. that is also branded as the Shuriken ILS Fund, was seeded with $10 million of capital and began investing in June 2025, already reaching a 10% return by the end of October.
The Shuriken ILS Fund has been structured for institutional and qualified investors, while the new ILS manager also intends to offer separately managed accounts for clients.
