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Meet the Team

Insurance-Linked Securities

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Marco della Giacoma

Portfolio Manager

Marco della Giacoma is part of the investment team of the Fixed Income and Insurance-Linked Securities (ILS) Fund.


Marco joined Tenax in 2017 to manage the Tenax ILS Fund. He has since expanded his responsibilities to the broader liquid fixed income landscape. His main areas of expertise are insurance and the global fixed income markets. Prior to Tenax, Marco worked at Swiss Re in Zurich and London holding different positions and becoming ILS structurer for the European market.

Marco completed his MSc Finance at Durham Business School in 2011 and his MSc International Economics at the Rotterdam Erasmus University in 2010. He studied Economics at Bocconi University where he earned his BSc in 2009. He is also a judo black belt and sailing instructor

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Toby Pughe

ILS Analyst

Toby Pughe is part of the investment team of the Insurance-Linked Securities (ILS) Fund.


He joined Tenax in 2021 from AXA XL in London where he was underwriting North American and International catastrophe (re)insurance.

He is an ILS Analyst working predominantly on catastrophe bond investments.

Toby is a graduate of Loughborough University and holds a Fellowship of the Chartered Insurance Institute (FCII). His thesis focused on the use of how Insurance-Linked Securities (ILS) can be used to transfer climate related risk in Emerging Markets.

He is also the co-founder of a six-week online course called 'The Fundamentals of Insurance-Linked Securities (ILS)' where his students include beginners all the way up to c-suite executives

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