ILS investors

The Indiana Public Retirement System (INPRS) added $75mn of capital to an existing mandate with Aeolus's Keystone funds in January, according to reports.

Class C investors who entered the retro fund after the 2017 hurricane season made a 1.3% loss for the year, although wildfire subrogation meant a gain for ordinary shares.

Trapped capital subdued the firm's overall fund return to a 1.6% gain, as primary insurance gains outweighed reinsurance losses.

Helios said the deal is part of a £60mn share offering to fund further Lloyd’s capacity acquisitions.

The ILS investments were up 5% year on year and make up around 4.2% of total assets.

The fund’s worst ILS return to date is understood to be driven by investments hit by Covid-19.

Parent company AIG posted an underwriting loss for the period.

Investor interest in the asset class should continue through 2021, but the firm has stepped back its outlook from an “overweight” recommendation.

The move follows the company hiring new InsurTech partner Adrian Jones last month.

Returns have disappointed some institutional investors, but prospective rates may attract fresh investment, sources said.

The executive, who was confirmed in her role earlier this month, bought 19,950 shares at the IPO price of 500 pence per share.

The move marks its second fundraise after an initial allocation from Canada’s PSP Investments in November.