Twelve Capital
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He had spent 10 years at Securis, with seven of them as COO. -
The fund lists Twelve, Swiss Re and Cambridge Associates as managers.
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The renewal and upsizing of the Trouvaille E&S sidecar highlighted the market’s potential.
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The combined entity ranks third in the Insurance Insider ILS leaderboard.
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The offering is a collaboration with Generali and parametric carrier Descartes.
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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 deal takes year-to-date cat bond lite issuance to $367.6mn
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The ILS manager leaderboard demonstrates the ongoing popularity of cat bonds.
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The combined Twelve-Securis entity would be a top-five ILS firm currently.
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Urs Ramseier will be CEO and Herbie Lloyd CIO.
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The firm has observed a “more widespread investor base” in cat bonds.
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Industry losses of $800mn-$1.2bn are expected from Beryl's impact in Texas.
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Recent modelling predicts a strong probability of direct landfall in Jamaica.
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Tanja Wrosch joins Twelve after more than a decade at Credit Suisse ILS.
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The management’s buyback acquisition brings an end to the two-year relationship.
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ILS could benefit from focusing on the social aspect of ESG.
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The fund will follow an existing Twelve strategy and add short-term corporate bonds.
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Schwartz will set the firm’s investment process on its ILS, equity and debt strategies.
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Steiger is said to be moving to an “entrepreneurial” role after more than six years with the Zurich-based firm.
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The Florida hurricane season still has three months to run in a predicted above-average year.
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Idalia might add further aggregate erosion to several cat bonds covering various perils over an annual risk period, it stated.
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The ILS manager said returns on casualty ILS were "much higher than on the diversifying nat cat perils such as Italian quake or German flood".
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An imbalance of capital supply and demand led to strong increases to spreads at issuance for index-linked and indemnity bonds.
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The Zurich-based ILS manager has entered a partnership with the new life ILS firm set up by former Securis CUO Paul Whiting.
