PGGM
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The Dutch scheme is the largest ILS allocator with a long list of mandates within the sector. -
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The recent ILS start-up was the only new mandate for 2022 after the Dutch firm had added two new mandates in 2021.
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The segment’s lustre has been dulled by losses and capital trapping.
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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.
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It scaled back in Europe and Japan but entered the hardening retro market.
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The Dutch firm had given the AIG-owned platform a mandate that could range from EUR500mn to EUR1bn, covering US cat reinsurance.
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The Dutch pension giant increased its allocation to newer reinsurer partners and the Bermudian ILS firm it has been investing with since 2009.
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The Dutch investment house has been given a slightly higher ILS target this year, at 2.7% of total assets versus 2.5% previously.
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The major ILS investor is pursuing more direct partnerships, PGGM senior investment director Eveline Takken-Somers told this publication.
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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 reinsurer joins a large panel of providers for the Dutch firm as it has been growing its third-party assets.
