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The Italian asset manager also plans to relaunch its multi-strategy ILS fund. -
The industry has continued to build and innovate through a third strong year of performance.
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Man AHL Cat Bond Strategy has $1bn in assets, around 2% of Man AHL Partners’ total of $54bn.
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The TPA approach to investing was adopted by US pension fund Calpers last month.
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Competition on price from traditional markets is weighing on bond market momentum.
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The cedant’s current deal is due to mature at the end of January 2026.
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Investor interest is warming up following a colder spell over the past several years.
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The award of the mandates marks the California public pension plan’s entry into ILS.
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ILS has been a driver of innovation in reinsurance, Convergence 2025 attendees heard Wednesday.
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The funds will combine credit and ILS holdings.
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Returns from cat risk investments stood at 20.1% for the year to 30 June 2025.
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The allocation is around 3% of the fund’s total assets.
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Sources have said $1bn+ of fresh capital from the region is expected to be deployed in 2026.
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The facility will initially focus on US, Bermudian and European business.
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The Bermuda firm said HS Sawmill reflected its continued focus on life insurance.
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The resource was developed by leading ILS managers and investors.
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Samild held multiple roles including head of alternatives at the Future Fund.
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The ILS manager has $6.8bn in assets and will be led by MariaGiovanna Guatteri.
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ILS executives talked pricing, capacity and opportunities in casualty at an ILS roundtable in Monte Carlo.
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The target allocation to Munich Re, Elementum and the run-off AlphaCat funds fell in the year to 30 June 2025.
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The capital supported sidecar-style syndicates and reinsurance start-ups.
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The agency noted inflows to cat bond funds and investor interest in private ILS.
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Dedicated reinsurance capital is on track to increase by 8% in 2025, the broker said.
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ILS accounted for 2.5% of the pension fund’s total AuM.
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The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.
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The sidecar took $19mn of cat losses relating to the California wildfires.
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The yield figure comprises 6.53% of insurance discount margin and 4.28% risk-free.
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Investors are drawing lessons from life deals to find new routes into insurance markets.
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The Bermuda SPI will write a quota share of SageSure’s captive Anchor Re.
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Canio spent over 19 years with PGGM, with nine of those managing ILS.
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We discuss progress in collateral management with our Outstanding Contributor winner.
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Former ILS lead Matt Holland left the company in May.
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Some $400mn of bonds priced in the past week, after a record-setting H1.
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The recommended “AIF lite” structure could be suited to cat bond lites.
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The fund’s ILS portfolio is split between 70% property cat and 30% cyber risk.
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The investment consultancy said yields increased in Q2 by less than could have been expected.
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The Cayman Islands-domiciled SPI now has four institutional backers.
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Initial responses to ESMA’s report welcomed the long timeframes for any changes.
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Michael Hamer recognised for his work with investors and on reporting frameworks.
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The awards celebration took place at the Hilton Bankside on 25 June.
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The pensions scheme’s existing ILS holdings to Aeolus and HSCM are in run-off.
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M&A and shifts in distribution arrangements bring risks and opportunities.
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The fund lists Twelve, Swiss Re and Cambridge Associates as managers.
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Investors eyeing private ILS include opportunistic allocators keeping watch on storm season.
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The pension plan noted in June 2024 that it was exploring new options in ILS.
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The man is alleged to have conspired with others to falsify LOCs and collateral letters.
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The investment is a response to shifts in stock-bond correlations.
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A total $225mn of fresh limit entered the market across two deals.
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ILS offers efficient capital for underwriters, but casualty ILS transactions are complex.
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The Swiss pension fund has not disclosed an ILS allocation before.
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The pension plan has been allocating to ILS since 2005.
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One dollar-denominated deal has opted to hold collateral in EBRC notes.
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The bond will cover named storms in five US states.
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Price guidance for the bond is 4.00%-4.50%.
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The platform is based in Bermuda and will focus on strategic capital partnerships.
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The buzz in the air at ILS Connect told of a market entering its next growth phase.
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Richard Pennay also addressed the dip in cyber ILS activity.
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Investor interest and capital flows point to potential for ILS proliferation.
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This year’s ceremony will include the inaugural Women in ILS Award presentation.
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An allocation to insurance could “feel like a nice, calm port in the storm” amid wider market volatility.
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This is the first time the Texas Fair Plan has entered the cat bond market.
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Fellow Swedish pension fund AP3 is phasing out its ILS allocation after being active in the sector since 2008.
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Portfolio rebalancing was not triggered last week, but investors are now distracted and nervous.
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US Coastal Property and Utica Mutual Insurance have brought out their first cat bond deals.
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The Swiss rail pension scheme has been cutting its ILS allocation since 2018.
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The Swiss pension fund’s ILS allocation stood at 4.9% of the total fund as of 25 March.
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The asset manager has hired Rom Aviv as head of ILS.
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Most of the ILS investments were made via the cat bond heavy High Yield Fund.
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Palm Re will provide Florida named storm cat bond coverage for Florida Peninsula, Edison and Ovation Home Insurance Exchange.
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The ETF will invest solely in natural catastrophe-exposed bonds.
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Many UK pension funds are over-funded and lack appetite for higher-risk, higher-yield products.
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Recent transactions on the platform include cat bonds from Flood Re and Brit.
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Caution about capital markets volatility is leading sponsors to stagger bond renewals.
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Industry sources estimate the market to be around $3bn.
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ILS as a percentage of the pension fund’s total assets grew to 1.5%.
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The bond was trading at around 12.3c on the dollar in the secondary market last month.
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The UK listed investment manager has almost doubled its ILS allocation since April last year.
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The bond will provide fire protection for MGA Bamboo’s California business.
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The role oversees the $187bn Canadian pension plan’s ILS allocation.
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The Class A section of the bond has doubled in size, at lower pricing.
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UCITS fund diversification targets limit their capacity for US wind bonds.
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Insurance Insider ILS revealed last week that the executive was leaving Property Claims Services.
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Wildfire is rarely singled out as an exposure that can shift portfolio outcomes.
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The fall marks this the first time in 20 years the index has been negative in January.
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Neuberger Berman’s AuM stood at $3.2bn as of 1 January 2025.
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AuM remains generally flat at UCITS funds over the weeks since LA fires started.
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The value of its investment in RenRe stood at $330.4mn as of 30 June 2024.
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Standards and guidelines address institutional investors’ concerns over valuation risks.
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Company touts growing investor demand for Asian cat risks.
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Both the Class A and Class B notes increased in size.
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PFZW’s insurance allocation stood at $8.7bn as of year-end.
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The bond is split into five tranches, with two notes offered on a zero-coupon basis.
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Aetna, Inigo and GeoVera were the three sponsors seeking lower multiples.
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The index’s performance in November was stronger than the prior year, although YTD returns are behind 2023.
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The deal is split into two tranches compared with the single note issued last year.
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Spread guidance anticipates a lower multiple compared to 2024’s Vitality Re issuance.
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The broker anticipates strengthening investor demand for collateralised re.
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The Bermuda based entity is expected to continue on its “responsible growth trajectory”.
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The $600mn fund could allocate up to 10% of assets to cat bonds from 2025.
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Initial spread guidance for the three-year bond is set at 425-500bps.
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The bond offers a higher multiple than a similar Fuchsia Re deal placed last year.
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Mapfre Re CEO Miguel Rosa was “very satisfied” with the debut cat bond deal.
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The Swiss-based team of Siglo has transferred to Cambridge Associates.
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The former co-head of ILS at Schroders left the bank last month.
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The ILS manager will “pragmatically accept” a degree of credit risk in deals.
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Former ILS investors who left the space have looked again and re-allocated.
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The scheme’s ILS allocation has held steady at 0.7% of the total fund.
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Fidelis is seeking more cat bond cover than it did almost a year ago.
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Spreads at levels favourable to sponsors could power Q1 2025 pipeline.
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The UK Local Government Pension Scheme (LGPS) has around £391bn in AuM.
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The new funds will target the US wealth market through financial professionals.
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The bond provides protection in France and its overseas territories.
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The low PCS number is presenting a challenge for ILW buyers and sellers.
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Pricing is expected to “stay neutral of soften” for January renewals.
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The sovereign wealth fund’s ILS investments grew to $828mn.
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The manager’s ILS allocation now spans six of its seven investment funds.
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The ILS industry alumnus is understood to have two ILS investors lined up.
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Plenum said wind damage from Milton could lead to “moderate” losses for its cat-bond funds.
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Losses to the NFIP-sponsored cat bonds remains a key area of uncertainty, the investment manager reported.
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The ETF format provides for publication of a daily NAV.
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Cat bond funds continue to draw interest as private ILS more challenged.
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The subject business of the deal is Ascot’s ~$1bn property portfolio.
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The proportion of total fund assets invested in non-life ILS held steady at 0.6%.
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Florian Steiger’s strategy is seeking institutional capital for the Q4 primary issuance season.
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The ILS allocation has posted returns of 5.5% for the year to date.
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The pension scheme’s holdings in ILS delivered varying returns in run-off.
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The Swedish fund AP2 invests in Fermat GAM, Elementum and Credit Suisse.
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The Canadian pension plan’s investment rose to 1.2% of its total fund.
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Sources said that Gallagher Re had ‘first mover’ advantage as the exclusive broker.
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Sub-1% management fee and performance fee-only structures have evolved in ILS.
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The regulation now allows pension funds a more flexible benchmark for measuring alternatives.
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The Canadian pension’s sole remaining ILS allocation is with Fermat.
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The capital will be deployed by Bermuda-based special purpose insurer Arachne.
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Gordon was set to join start-up brokerage Juniper Re last month.
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The pension fund’s ILS allocation as of the end of 2023 was CHF300.3mn ($356.8mn).
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Various trends may work together to hold the cat markets up for longer than some had feared.
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ILS returned 3.2% for the scheme in the first quarter.
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The new global bond fund can take a ‘marginal allocation’ to cat bonds.
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The fund is a continuation vehicle for five of HSCM's life insurance interests.
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The platform’s ILS holdings comprise cat bonds and UCITs funds, and were up 8% over January and February.
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The pension fund handed an ILS mandate to Hiscox in September 2023.
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Retained earnings resulting from reduced loss activity also helped to boost ILS capital.
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The group has also scaled back holdings with AlphaCat’s Soteria Fund.
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The platform distributed ~$50mn to investors for 2023.
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The fund will follow an existing Twelve strategy and add short-term corporate bonds.
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The Cayman Islands entity raised $2.4mn last June.
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ILS platform London Bridge II has had a good year as volumes reached $750mn, the CFO said.
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It is only the second year in the last eight that the allocation grew.
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Head of alternatives Gareth Abley believes the asset class remains attractive following a 16% return in 2023.
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The firm was founded in 2015 to help clients raise capital.
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Aside from the one-year view, 2023 remixes the track record.
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The allocation last autumn amounted to around 1.4% of the investment manager’s total funds under management.
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The asset manager’s largest ILS allocation across two multi-strategy funds is to a Leadenhall fund.
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The fund will promote environmental and social characteristics under Article 8 of the SFDR.
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The asset manager’s flagship ILS funds posted stellar returns for its 2023 fiscal year.
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TRUE will use the capital injection to provide underwriting capacity in Florida “at a crucial time” and to expand its footprint nationally, according to a statement.
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The US pension fund investor had altered its ILS portfolio, with a new investment to Pillar in 2021.
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The Australian sovereign wealth fund first allocated to the ILS manager in 2016.
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This latest funding round brings total committed capital for the collateralized reinsurer to $75mn.
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The firm’s follow-only Syndicate 2358 has grown its stamp by 67% to £150mn.
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ILS managers are still waiting for hard market growth.
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Research by Kepler Absolute Hedge showed that seven out of the 10 best-performing alt credit funds were cat bond strategies.
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The fund’s allocation to ILS decreased for the first time in three years.
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As of year-end 2022, the fund’s largest ILS allocation was in a RenRe fund.
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The fund has been adapting its investment strategy in light of inflation and rising interest rates.
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Stress-test numbers were increased to 112, including scenarios of losses in multiple years, up from 105.
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Fermat’s John Seo said the industry can “see the wall of money coming in, but it’s coming in slowly”.
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The fund is on course for its strongest year of returns since inception in 2014.
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The IOP will be integrated into the Open Protocol reporting template.
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The Middle Eastern investor had built up a billion-dollar portfolio, but personnel turnover has ultimately driven it to reverse course.
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A challenge facing the industry in the years to come is the question of how can it move through a rotation of its investor base to capture the growth opportunities that have arisen.
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Ambassador was set up in 2021 with Embassy Asset Management the named investment adviser.
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Interest income also boosted the results, with net assets of $9mn rising to $10.8mn by the half-year point.
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The transaction covered a portfolio of $250mn in casualty risk premiums.
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The pension fund is seeking a strategy with “low or negative correlation to public equity”.
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The firm has moved to defend its plans against a rival strategy supported by a small group of investors.
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The investment firm’s ILS holdings were worth around $746mn at year-end 2022.
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The UK asset manager’s ILS strategy is operating across six of its multi-asset funds.
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