Investors (mandates)
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The ILS allocation has posted returns of 5.5% for the year to date.
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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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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 platform’s ILS holdings comprise cat bonds and UCITs funds, and were up 8% over January and February.