Hudson Structured Capital Management Ltd.

Hudson Structured Capital Management Ltd. (HSCM) is an asset management firm founded in 2016, focusing on alternative investments in the reinsurance and transportation sectors. The firm seeks to deliver uncorrelated returns by targeting core economic sectors that are likely to outgrow global GDP, offer low correlations with broader markets, and are experiencing a shift from balance sheet to market financing. HSCM's investment strategies include reinsurance and insurance-linked assets, as well as transportation equipment finance, favoring equipment types that serve basic economic needs with industry and regulatory frameworks that are creditor-friendly.

The firm's flagship strategy, HSCM Bermuda Fund Ltd., invests in reinsurance and insurance-linked assets across all lines of business and instruments to optimize relative value, as well as mezzanine-level 'working layer' risk. Instruments include collateralized re/insurance, catastrophe bonds, sidecar or special purpose reinsurer debt, mezzanine debt or equity, industry loss warranties, quota share arrangements, re/insurance swaps, coinsurance, weather derivatives, loans, and other related instruments. HSCM also targets opportunities for outperformance due to sector complexity and connectivity, regulatory constraints on traditional capital providers, or risks that are more manageable than the market perceives.

HSCM has demonstrated a strong track record in raising significant capital for its funds. In October 2025, the firm announced the final closing of Hudson Northern Shipping Fund V LP (HSNF V) with total commitments of $719 million, exceeding its $700 million target. HSNF V primarily invests in senior loans and capital leases secured by vessels, attracting commitments from both new and existing investors, including public pension plans and insurance companies. This closing marked the largest vintage in the Hudson Northern Shipping strategy to date, underscoring the firm's growth and innovation in alternative lending. The firm's leadership includes Michael Millette, the former Global Head of Structured Finance at Goldman Sachs & Co., who co-founded HSCM in 2015. The reinsurance team has over 300 years of combined experience and is led by Edouard von Herberstein, Vikas Singhal, and Rachel Bardon.