PGGM

The Dutch scheme is the largest ILS allocator with a long list of mandates within the sector.

ILS amounted to 3.5% of the fund’s total AuM.

The recent ILS start-up was the only new mandate for 2022 after the Dutch firm had added two new mandates in 2021.

The segment’s lustre has been dulled by losses and capital trapping.

The Dutch pension adviser hopes to scale the vehicle to $2bn-$2.5bn over time, as it reported a slightly negative ILS return for 2021 and revealed Integral ILS allocation.

It scaled back in Europe and Japan but entered the hardening retro market.

The Dutch firm had given the AIG-owned platform a mandate that could range from EUR500mn to EUR1bn, covering US cat reinsurance.

The Dutch pension giant increased its allocation to newer reinsurer partners and the Bermudian ILS firm it has been investing with since 2009.

The Dutch investment house has been given a slightly higher ILS target this year, at 2.7% of total assets versus 2.5% previously.

The major ILS investor is pursuing more direct partnerships, PGGM senior investment director Eveline Takken-Somers told this publication.

With a target range of up to EUR100mn ($108.3mn), the PartnerRe stake is one of the fund’s smaller ILS allocations.

The reinsurer joins a large panel of providers for the Dutch firm as it has been growing its third-party assets.