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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The US pension fund investor had altered its ILS portfolio, with a new investment to Pillar in 2021.
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The Australian sovereign wealth fund first allocated to the ILS manager in 2016.
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The firm’s follow-only Syndicate 2358 has grown its stamp by 67% to £150mn.
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ILS managers are still waiting for hard market growth.
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The fund’s allocation to ILS decreased for the first time in three years.
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The fund has been adapting its investment strategy in light of inflation and rising interest rates.
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Fermat’s John Seo said the industry can “see the wall of money coming in, but it’s coming in slowly”.
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The Middle Eastern investor had built up a billion-dollar portfolio, but personnel turnover has ultimately driven it to reverse course.
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The pension fund is seeking a strategy with “low or negative correlation to public equity”.
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The investment firm’s ILS holdings were worth around $746mn at year-end 2022.
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The UK asset manager’s ILS strategy is operating across six of its multi-asset funds.
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At Trading Risk’s annual ILS conference, Lloyd’s CFO Burkhard Keese explained how the Corporation is working with the market to attract investors to participate in risk transfer across the Lloyd’s market.
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The asset class is finding favour particularly with allocators that have been watching returns play out over the long-term horizon.
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The AP2 fund noted currency-hedging effects, turbulent financial markets and Hurricane Ian as factors in its alternatives segment loss for the 2022 year.
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The alternatives manager acquired retirement services firm Athene in January, ahead of its $2bn ADIP sidecar raise.
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The Indiana Public Retirement System has in past years allocated to Aeolus several times, as well as to HSCM Bermuda and Nephila’s Palmetto Catastrophe Fund.
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Conviction for ILS has shifted to ‘overweight’ from ‘neutral’ at the manager.
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The pension investor re-directed capital to the Pillar Opportunity fund as of January 2022.
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Most ILS firms are marking the Ian loss as a $50bn+ event, although there are exceptions.
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The manager received a mandate from a new investor who had taken the call to come in ahead of Hurricane Ian.
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The Massachusetts retirement system issued a request for proposals from ILS managers.
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The Lloyds-centric reinsurer has become a signatory member of the Standards Board for Alternative Investments.
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The industry is sharpening its exposure forecasting capabilities in response to investor demand.
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The move would enable the Lloyd’s ILS platform to access investors with lower risk-return appetites after launching with quota share options only.
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