Investors (mandates)
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ILS returned 3.2% for the scheme in the first quarter.
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The platform’s ILS holdings comprise cat bonds and UCITs funds, and were up 8% over January and February.
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The pension fund handed an ILS mandate to Hiscox in September 2023.
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Retained earnings resulting from reduced loss activity also helped to boost ILS capital.
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The group has also scaled back holdings with AlphaCat’s Soteria Fund.
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The platform distributed ~$50mn to investors for 2023.
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It is only the second year in the last eight that the allocation grew.
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Head of alternatives Gareth Abley believes the asset class remains attractive following a 16% return in 2023.
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Aside from the one-year view, 2023 remixes the track record.
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The allocation last autumn amounted to around 1.4% of the investment manager’s total funds under management.
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