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The ILS manager expects investments will have low correlation with the financial markets.
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The Florida Retirement System's ILS allocations reached $740mn at the end of last year and the body will consider scaling up further in 2021. -
The downward move reflects the lagging impact of cutbacks in 2019.
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Investment returns rebounded to a 2.7 percent gain for the half-year to 30 April.
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With a target range of up to EUR100mn ($108.3mn), the PartnerRe stake is one of the fund’s smaller ILS allocations.
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The assets are divided between the company’s pension fund and a post-retirement benefit plan.
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A surge in earned premiums and reserve releases helped profits climb to $108mn in the first quarter.
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All cat bond funds across the Eurekahedge ILS Advisers index finished lower in March due to the mark-to-market hit from Covid-19.
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The pension scheme made low single digit returns on ILS holdings with Aeolus and Nephila in 2019.
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The investment comes as R&Q positions itself to take advantage of pandemic-related market dislocation.
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Investment case is the strongest in more than half a decade, but competition for new inflows is still strong in the buyers’ market.
