PGGM
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The target allocation to Munich Re, Elementum and the run-off AlphaCat funds fell in the year to 30 June 2025. -
Canio spent over 19 years with PGGM, with nine of those managing ILS.
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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.
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Youssef Sfaif has worked at the Dutch pension fund since 2017 and was most recently an associate director.
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The Zeist, Netherlands-based organisation has brought two new reinsurance partners on board for 2020.
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The vehicle sits alongside Munich Re's more broadly placed Eden Re sidecar.
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Winners were recognised at the 11th Trading Risk Awards ceremony, held in London last night.
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PGGM senior investment director Eveline Takken-Somers was named the outstanding contributor of the year at the Trading Risk Awards held in London last night.
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Experts at Trading Risk’s London ILS Conference gave a mixed report on investor appetite and opportunities in the sector.
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The Munich Re vehicle funded by Dutch pension fund service provider PGGM has reached $400mn for 2019.
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The ILS investor says 7 percent annual returns have made the asset class an attractive opportunity for the fund.
