AuM data
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The deal takes year-to-date cat bond lite issuance to $367.6mn -
Schroders moves into fifth place in the Insurance Insider ILS leaderboard.
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The combined Twelve-Securis entity would be a top-five ILS firm currently.
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More than 30% of the fund's AuM is allocated to US windstorm-linked bonds.
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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 Icosa Cat Bond Strategy now stands at $130mn in AuM.
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Tanja Wrosch joins Twelve after more than a decade at Credit Suisse ILS.
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The regulation now allows pension funds a more flexible benchmark for measuring alternatives.
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Rich had spent 13 years at the firm where he began his career and oversaw a cat bond and ILS portfolio.
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The capital will be deployed by Bermuda-based special purpose insurer Arachne.
