Brett Houghton is a managing director and portfolio manager at Fermat Capital Management. He joined Fermat in 2010 and has 19 years of experience structuring, trading and investing in structured products with a focus on life and catastrophe insurance markets. Prior to joining Fermat, Brett was managing director at Rochdale Securities, where he established and managed its fixed-income trading operations. At Rochdale Brett specialized in insurance-linked securities, corporate-credit obligations and asset-backed securities. Brett began his insurance career in 1995 with Prudential Financial and earned an ASA from the Society of Actuaries. He earned B.S. degrees in mathematics and statistics (double major) from the University of Michigan (1995).