Securis Investment Partners
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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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A diverse investor base is among market characteristics seen as important for growth.
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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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A market-wide loss of $700mn would amount to around 15% of the total amount of life ILS assets under management .
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The manager has made four appointments including two internal promotions.
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The project which began last year in Zurich has now expanded to a group standing for $29bn of ILS assets under management globally.
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The distribution arrangement will cover Securis's full range of ILS offerings.
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The life segment has shifted from its genesis in mortality and morbidity risk transfer as lapsed risk deals have proliferated.
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The executive spent the past 10 years working for Scor Investment Partners.
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The ILS firm’s CEO Nilsen said life ILS was “poised for growth in a higher interest rate environment”.
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Some might see the ILS sector as more institutionalised compared to personality-driven hedge funds, but there is little doubt that the original generation of ILS leaders will be hard to replace.
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The investor has significantly cut back its allocation over the past few years.
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The underwriter had worked with the ILS firm since 2018.
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Could a back-to-basics approach see ILS firms shun Lloyd's advantages for lower-cost alternatives?
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The pension decided to invest in ILS in 2018 allocating 1.5% of the £1.9bn fund to Securis.
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The manager is now the sixth specialist ILS firm to join the SBAI.
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The scheme now holds £41.2mn via Securis, compared with £98.1mn last year.
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The NAV per share has dropped by 2.6 percent since the turn of the year.
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The manager gained approval from a majority of investors in its Guernsey-listed Securis I fund to implement side pocket shares.
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Investors sought to redeem about $200mn in 2019 from the shrinking Securis I fund, but the London manager has grown its lower-risk non-life fund.
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The Securis SPA faced the highest deterioration in underwriting losses as Nephila and Arcus both improved their combined ratios.
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The co-founder had moved from the CEO role to chief investment officer last April.