Swiss Re
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The reinsurer is the second sponsor opting not to renew cyber coverage in the bond market this year. -
The sponsor has $200mn of cat bond protection maturing in December this year.
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Cassis joins from Swiss Re, where she was a senior ILS structurer since February 2022.
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Some experienced investors are pivoting out of cat bonds and into the top layers of private ILS deals.
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The award of the mandates marks the California public pension plan’s entry into ILS.
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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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Charles Mixon joined the firm a year ago in a business development role.
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The ILS manager has $6.8bn in assets and will be led by MariaGiovanna Guatteri.
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The P&C division booked a combined ratio of 81.1% for the first half of 2025.
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California wildfires account for $40bn of the insured loss tally in H1.
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Amid $17bn of new deals, cat bond activity included aggregate and cascading structures.
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The fund lists Twelve, Swiss Re and Cambridge Associates as managers.
