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Sources said that Gallagher Re had ‘first mover’ advantage as the exclusive broker. -
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 Sussex Capital ILS platform managed $440mn at its 2019 peak.
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Citizens also secured $1.1bn of limit for its Everglades Re cat bond.
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The capital will be allocated to a pure cat bond strategy, sources have confirmed.
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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.
