Twelve Capital
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The fund will follow an existing Twelve strategy and add short-term corporate bonds.
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Schwartz will set the firm’s investment process on its ILS, equity and debt strategies.
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Steiger is said to be moving to an “entrepreneurial” role after more than six years with the Zurich-based firm.
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The Florida hurricane season still has three months to run in a predicted above-average year.
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Idalia might add further aggregate erosion to several cat bonds covering various perils over an annual risk period, it stated.
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The ILS manager said returns on casualty ILS were "much higher than on the diversifying nat cat perils such as Italian quake or German flood".
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An imbalance of capital supply and demand led to strong increases to spreads at issuance for index-linked and indemnity bonds.
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The Zurich-based ILS manager has entered a partnership with the new life ILS firm set up by former Securis CUO Paul Whiting.
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The new fund launched earlier this year to invest in companies that are seeking to reduce their emissions.
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Martina Müller-Kamp will sit on the board of Twelve Capital’s holding company, while Caroline Clemetson and Andreas Knörzer join the board of Twelve Capita’s investment manager.
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The outcomes were better than the Swiss Re global cat bond index decline after the major hurricane.
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The Swiss ILS specialist pointed to potential impacts on Floodsmart, Florida indemnity and index-linked bonds.
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