Plenum Investments
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Following Typhoon Odette in 2021, the Philippines received a $52.5mn payout, leaving $97.5mn for future storms. -
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The manager’s analysis concludes some funds manage risk more efficiently than others.
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The earthquake was 250 times less strong than the 2011 Tohoku disaster.
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The fund will limit capacity to $400mn or 1.5% market share, and minimise exposure to secondary risks.
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The firm announced a gross performance of more than 10% on the fund since it was established in late May 2020.
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The firm is the first ILS platform to reveal that its funds have the new classification.
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The Insurance Capital Fund combines US wind cat bonds with subordinated debt issued by European insurers.
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The Zurich-based firm has focused on the cat bond space since launching almost two decades ago.
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Plenum’s CEO said the hire of Grieger and a SocGen credit research leader will “unleash significant potential” by adding insurance bond capabilities.
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The typhoon made landfall in central Japan on Saturday causing flooding and mudslides.
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The brouhaha over trapped ILS capital has led to the question of whether alternative collateral management solutions will emerge.
