AuM data
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Third-party investors made a net income of $415mn in the quarter. -
The award of the mandates marks the California public pension plan’s entry into ILS.
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Returns from cat risk investments stood at 20.1% for the year to 30 June 2025.
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The allocation is around 3% of the fund’s total assets.
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The manager’s largest ILS holding is in the cat-bond-heavy High Yield fund.
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Victory Pioneer Cat Bond Fund also added assets in the past month.
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Reinsurers are confident on cat rates and ready to deploy ILS capital.
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The merged business of Twelve Securis ranked third among ILS managers for AuM, behind Fermat and RenRe.
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The fund was renamed from the Pioneer Cat Bond Fund.
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The recommended “AIF lite” structure could be suited to cat bond lites.
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The Diversified Alternative Fund’s allocation to cat bonds was up by 31% from $386mn at 31 January.
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Twelve Securis is now a challenger for the top spot on the Insurance Insider ILS leaderboard.
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The pensions scheme’s existing ILS holdings to Aeolus and HSCM are in run-off.
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The fund lists Twelve, Swiss Re and Cambridge Associates as managers.
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AuM in GAIA Cat Bond Fund had grown to $3.9bn as of 31 May.
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The firm said it was the first time a UCITS cat bond fund passed the $4.0bn mark.
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The fund was set up 18 months ago by cat bond investor Florian Steiger.
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This followed a $650mn fall in April, after management change of the fund.
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The Swiss pension fund has not disclosed an ILS allocation before.
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Some assets in the Medici Fund were transferred to a new UCITS strategy.
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The ILS manager’s total AuM increased to $2.2bn in 2024 from $1.7bn the year prior.
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Fermat and GAM announced that the former will take sole control of the GAM FCM Cat Bond Fund.
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January’s California wildfires meant third-party investors suffered a loss of $195.3mn.
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The Swiss rail pension scheme has been cutting its ILS allocation since 2018.
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The Swiss pension fund’s ILS allocation stood at 4.9% of the total fund as of 25 March.
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Fees on the GAM Star cat bond funds will drop in May in a recognition of fee competition in the market.
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Most of the ILS investments were made via the cat bond heavy High Yield Fund.
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Many UK pension funds are over-funded and lack appetite for higher-risk, higher-yield products.
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ILS as a percentage of the pension fund’s total assets grew to 1.5%.
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The UK listed investment manager has almost doubled its ILS allocation since April last year.
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The scope of QRT’s new ILS strategy will include cat bonds and private ILS.
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There was a slight increase in DaVinci and Fontana from 31 December 2024 to 1 January 2025.
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The firm will match segregated accounts of portfolios to investor mandates.
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Liquid alternative strategies accounted for around $1.4bn of the total.
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AuM remains generally flat at UCITS funds over the weeks since LA fires started.
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FY24 disclosures show shifting fortunes at reinsurer ILS platforms.
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The value of its investment in RenRe stood at $330.4mn as of 30 June 2024.
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PFZW’s insurance allocation stood at $8.7bn as of year-end.
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Fermat stayed in the top spot surpassing $10.0bn for the first time.
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This comes after the firm’s distribution partner GAM has had a challenging few years.
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The manager’s Interval Fund returned 28.25% over the financial year.
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The Bermuda based entity is expected to continue on its “responsible growth trajectory”.
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The UCITS cat bond segment has added 54% in AuM since Hurricane Ian.
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The reinsurer said investors were interested in expanding after benefiting from good results.
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Former ILS investors who left the space have looked again and re-allocated.
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The scheme’s ILS allocation has held steady at 0.7% of the total fund.
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The ILS manager’s existing Medici cat bond strategy stood at $1.68bn in assets under management (AuM) as of 30 September.
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CEO Jonathan Zaffino said he saw opportunities for expansion in casualty.
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The UCITS fund was launched in 2021 and invests in cat bonds and the money markets.
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The headline figure of $7.72bn includes $3.11bn of DaVinci equity plus debt.
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Strong growth in fee income builds on the favourable rating environment.
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Daniel Ineichen, former co-head of ILS, had been with the company for nearly two decades.
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Fee income fell by 42% to $25.1mn in Q3 over the prior-year quarter.
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The pension scheme has been winding down its ILS portfolio in recent years.
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The ILS allocation increased in dollar terms and held steady in euros.
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The class of 2023-24 cat bond funds will grow existing investors and add new ones.
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The firm’s new name is inspired by 18th Century Swiss mathematician Leonard Euler.
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The deal freed up capital held against deals written in 2019 and 2020.
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The ILS industry offered 11 points of merit that justify cat bonds being eligible for UCITS funds.
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The deal takes year-to-date cat bond lite issuance to $367.6mn
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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.
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Combined AuM of UCITS funds stood at $11.3bn as of 26 April 2024.
