Run-off ILS P&C Fund acquires Rampart from Groupama

by Artemis on March 14, 2016

The property & casualty run-off focused insurance-linked investment fund operated by the Credit Suisse  insurance-linked strategies team and sub-advisor ILS Investment Management (ILSIM), has completed the acquisition of Rampart Insurance Company from Groupama SA.

The fund, which provides institutional investors with a way to access run-off or legacy property and casualty insurance portfolios of business, launched in Autumn 2014 with $576m of committed capital to invest in run-off business.

Today it has been announced that the run-off ILS fund has completed an acquisition, as a way to acquire a run-off portfolio of P&C insurance or reinsurance business.

To effect the acquisition, ILS Property & Casualty Re Limited, a Bermudian reinsurance vehicle and wholly owned subsidiary of the ILS Property & Casualty Master Fund Ltd., has acquired Rampart Insurance Company from Groupama SA, the Paris, France headquartered financial services group.

The ILS Property & Casualty Fund is managed by Credit Suisse Insurance-Linked Strategies, the ILS unit of Credit Suisse Asset Management and advised on an exclusive basis by ILS Investment Management, a unit of specialist insurance and reinsurance structuring and transactions operation Armour Group Holdings Limited.

Rampart Insurance Company is a re/insurer in run-off, licensed in the State of New York, USA.

The ILS Property & Casualty Fund targets insurance and reinsurance business which does not correlate with catastrophe or life risks, so offering a diversifying investment strategy within the ILS space.

Focused on run-off portfolios, where the development of the claims associated with the business has been well-modelled and analysed, it enables investors to access lines of business such as casualty risks expanding the universe of available ILS investment opportunities.

Adviser ILSIM is a run-off specialist, with the Armour Holdings group having structured, transacted and managed large run-off portfolios for many years. It is essential to have this experience where investments in run-off are concerned, as it enables the managers to give the investors greater certainty, in terms of how the legacy books of insurance or reinsurance business will develop over the duration of an investment.

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