Credit voices: Larissa Knepper

Larissa Knepper is a seasoned credit professional with a career spanning multiple roles across banks, insurance, investment banking, and research. From her early days at Lloyds of London to her current position at CreditSights, Larissa has cultivated a deep expertise in analyzing financials and credit products, particularly in the European insurance sector. Here, she shares her career story, advice, and reflections on her journey in credit.

What inspired you to pursue a career in credit?

Larissa describes her entrance into the world of credit as serendipitous. "I fell into it, really. I spent my gap year as an aviation broker dealing with Boeing claims including the likes of Lockerbie and other aviation disasters.

“During and after university where I studied insurance and investment, I worked in syndicate analyst roles assessing catastrophe and pollution risk. While I didn’t know anything about credit at that time, I was intrigued by the idea of analyzing more than one insurance company." This curiosity eventually led her to Duff & Phelps, a ratings agency, where she looked at credit covering several European insurance companies. “I was very lucky to work with a talented US-based team who, taught me how to look at and think about credit.” Their impact shaped the trajectory of her career.

Career journey highlights

Lloyds of London: During and after studying for her degree, Larissa worked in syndicate analyst roles, developing an early appreciation for catastrophe and pollution risk analysis.

Duff & Phelps: This transition marked Larissa’s entry into credit. She describes the experience as foundational to her career, crediting her team for teaching her the analytical mindset required to excel in credit research.

Barclays Capital: Joining the firm in 1999, Larissa took on the role of publishing insurance analyst but was quickly thrown into the deep end since the bank analyst had left a few months previously. “But I thrived and was ranked highly in investor polls during my time there. I subsequently held a variety of roles, primarily on the sell-side but also on the buy-side, involving research as well as trading both proprietary and flow credit products, with a primary focus on financials. I built up a particular expertise in perpetual bonds issued by banks and insurers and particularly illiquid financials. I worked through the global financial crisis so there were plenty of illiquids to look at!”

Bear Stearns (2004-2008): Larissa describes her years at Bear Stearns as her happiest, starting as a trading desk credit analyst before being given a proprietary trading book. "I worked with an immensely talented team who taught me so much about trading credit and thinking about value," she says. Unfortunately, her time there was cut short by the firm’s collapse during the financial crisis.

Nomura: Her final front office role involved trading bank AT1s and illiquid financial bonds.

CreditSights: Returning to her roots in 2017, Larissa is now focused on European insurance companies, with a passion for relative value analysis and idea generation.

Favourite roles and responsibilities

For Larissa, her years at Bear Stearns remain a standout chapter. “My happiest role was when I worked at Bear Stearns for 4 years- I started out as a trading desk credit analyst looking mostly at European banks but after 2 years, they gave me a prop trading book.

“As Managing Director responsible for prop credit trading, I was able to trade financials cash and CDS while also delving into sovereigns, though primarily through CDS. I regarded my job as a hybrid role as I continued to do my own credit research but was able to put money behind my ideas. I worked on a fantastic team and was surrounded by a very talented group of people from whom I learnt a lot about how to trade credit and think about value.”

While her time there was ultimately cut short by the collapse of Bear Stearns (which was subsequently bought by JP Morgan), the experience was instrumental in shaping her subsequent career.

Her work on Equitable Life was another standout moment for Larissa. "Using input from a talented junior colleague, we identified a reserving change that was a major contributing factor to Equitable Life’s failure. Our note received significant attention – it was picked up by the Financial Times, and I was invited to be an expert witness to the Treasury Select Committee.”  This project gave Larissa enormous confidence, deepening her involvement in trading desk and sales support and relative value analysis.

What makes your current role exciting?

Larissa thrives on the variety and creativity embedded in her current role at CreditSights. "I have a lot of variety in my job. A theme that has developed throughout my career is idea generation and I still get a thrill from finding interesting trade ideas, themes and patterns and communicating those to colleagues and clients both in written and verbal form. Even though I have had a long career, I am still learning and that is what stimulates me.”

Advice for aspiring credit professionals

For those considering a career in credit, Larissa emphasizes the breadth of opportunities available. "Credit is a huge area with a variety of interesting roles in research, sales, or risk management," she explains. Her advice? Focus on figuring out where your strengths align within this vast field. She admits, "Getting a foot in the door can be the hardest part, but once you’re in, a world of opportunities opens up. It is not as glamorous as equities or derivatives, but it can be just as rewarding."

Larissa also highlights the importance of curiosity and teamwork. "Being inquisitive and willing to work as part of a team are essential traits," she adds.

Final reflections

Larissa’s career highlights the power of curiosity, adaptability, and a love for learning. From her early days in catastrophe risk to her role analyzing European insurers, she has consistently leveraged her analytical skills and passion for discovery to thrive in the complex world of credit. For those aspiring to similar success, Larissa’s advice is timeless—keep asking questions, value teamwork, and explore the many opportunities credit has to offer.