Swiss Re
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New issuance will be supported by new sponsors as well as over $13bn in maturities. -
The transition reflects ongoing growth at Swiss Re’s ILS platform, the firm said.
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This was the second issuance completed by Farmers via its Bermuda reinsurance vehicle Topanga Re.
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Los Angeles wildfires and SCS pushed US losses to $89bn.
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The firm’s external AuM has grown by 175% from 2019 to $3.3bn in 2025.
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The average weighted spread on the deals was 651bps, skewed upward by cyber and wildfire deals.
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The reinsurer is the second sponsor opting not to renew cyber coverage in the bond market this year.
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The sponsor has $200mn of cat bond protection maturing in December this year.
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Cassis joins from Swiss Re, where she was a senior ILS structurer since February 2022.
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Some experienced investors are pivoting out of cat bonds and into the top layers of private ILS deals.
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The award of the mandates marks the California public pension plan’s entry into ILS.
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Sources have said $1bn+ of fresh capital from the region is expected to be deployed in 2026.
