Insurance Linked Securities Investment Managers & Funds Directory
The Insurance Linked Securities (ILS) Investment Managers & Funds Directory provides information on ILS managers and investment teams managing insurance-linked securities (ILS) or direct reinsurance-linked investment assets or structures. The directory features details of the ILS and reinsurance sector insurance linked investment ILS managers and details of their ILS investment strategies. It also includes alternative capital or ILS asset management divisions of some leading reinsurance firms.
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Combined ILS assets under management (AuM)
The total combined AuM of the insurance linked securities investment managers included in the directory now stands at *:
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| Name | Location (HQ / domicile) | Date of launch | Assets * | |
|---|---|---|---|---|
| Aeolus Capital Management Ltd | Hamilton, Bermuda | 2006 (current status from 2011) | $5.5 billion | 5.5 |
| Aizawa Asset Management Co., Ltd | Japan | Oct 2012 | $13 million | 0.013 |
| Alpina Fund Management | Luxembourg | 1988 (formerly Falcon Fund Management Luxembourg) | $56.6 million | 0.0566 |
| Amundi US | Boston, MA | 1928 (ILS incepted in 2008) | ~$2.5 billion | 2.5 |
| Arch Underwriters Ltd. | Bermuda | 2006 | $1.7 billion | 1.7 |
| Aspen Capital Markets | New York / Bermuda | Apr 2013 | $2.5 billion | 2.5 |
| AXA Investment Managers Paris | Paris, France | Sep 2007 | $1.035 billion | 1.035 |
| AXA XL ILS Capital Management | Bermuda | 2013 | $1.1 billion | 1.1 |
| AXIS ILS | Bermuda | Dec 2013 | $1 billion | 1.0 |
| Azimut Investments SA | Luxembourg | Apr 2008 | $160 million | 0.160 |
| Cedar Trace ILS | Bermuda | Jan 2025 | ~$500 million | .500 |
| Chard Re Investment Management | Bermuda | 2019 | $420 million | .42 |
| Elementum Advisors, LLC | Chicago, IL | Dec 2009 | $3.7 billion | 3.7 |
| Embassy Asset Management | New Jersey, USA | Ambassador Fund launched Q3 2021 | $633 million | .633 |
| Euler ILS Partners Ltd | Zurich, Switzerland | Nov 2003 (under Euler ILS Partners Ltd since October 2024) | $2.1 billion | 2.1 |
| Fermat Capital Management, LLC | Westport, Connecticut U.S.A. | Aug 2001 | $9 billion | 9 |
| Gildenbrook Capital Management Ltd. | British Virgin Islands, Bermuda, Singapore | Jan 2021 | $850 million | 0.85 |
| Hampden Insurance Partners Management (Cayman) Limited | George Town, Grand Cayman | October 2014 | $697.6 million | 0.6976 |
| Hiscox ILS | Bermuda | Jan 2014 | $1.3 billion | 1.3 |
| Hudson Structured Capital Management Ltd. | Stamford / Bermuda | 2016 | $3.27 billion | 3.27 |
| Icosa Investments AG | Switzerland | Jan 2024 | $800m | 0.800 |
| ILS Advisers | Hong Kong | Feb 2012 | $230 million | 0.230 |
| Integral ILS Ltd. | Bermuda | Jul 2020 | $2.8 billion | 2.8 |
| Jaffa Capital Management, LLC | Clifton, New Jersey, USA | 2022 | $350m | .350 |
| K2 Advisors | Stamford, CT | Jul 1994 | $283 million | 0.283 |
| Lancashire Capital Management Limited | Bermuda | Jun 2013 | Not disclosed | 0 |
| Leadenhall Capital Partners LLP | London | Nov 2008 | $4.5 billion | 4.5 |
| Ledger ILS Managers, LLC | New York | Sep 2021 | $162.5m | 0.1625 |
| Leine Investment | Luxembourg | Oct 2012 | $315 million | 0.315 |
| LGT ILS Partners Ltd. | Pfaeffikon, Switzerland | May 2001 (LGT as from June 2012) | $5.8 billion | 5.8 |
| Link Specialty Re, Ltd. (Link Re) | Bermuda | May 2013 | $40 million | 0.04 |
| Mt. Logan Capital Management, Ltd. | Bermuda | Jan 2013 for Mt. Logan Re; July 2024 for MLCM | $1.8 billion | 1.8 |
| Nephila Capital | Bermuda | Nov 1997 | $7.6 billion | 7.6 |
| Neuberger Berman ILS | New York, Bermuda, and London | 2009 | $3.3 billion | 3.3 |
| PartnerRe | Bermuda | Formalised third-party capital unit in 2020 | $1.1 billion | 1.1 |
| Perren Capital Management Ltd. | Bermuda | November 2024 | $300 million+ | 0.300 |
| Pillar Capital Management Limited | Bermuda | Jun 2008 | $4.3 billion | 4.3 |
| Plenum Investments Ltd. | Zurich, Switzerland | Nov 2001 (2010 launched ILS/CAT business) | $1.9 billion | 1.9 |
| Quantedge Capital Pte Ltd | Singapore | 2011 (Began investing in ILS) | $550 million | 0.55 |
| RenaissanceRe Capital Partners | Bermuda | 1993 | $8.54 billion | 8.54 |
| Resolute Global Partners | Hamilton, Bermuda | Jul 2011 | $270 million | 0.27 |
| Schroder Investment Management | London | Jun 2008 | $6.5 billion | 6.5 |
| SCOR Investment Partners | Paris, France | Sep 2011 | $5 billion | 5 |
| Solidum Partners AG | Zurich, Switzerland | Sept 2004 | $260 million | 0.260 |
| Stone Ridge Asset Management | New York | 2012 | $10 billion | 10 |
| Sussex Capital | Bermuda | Dec 2017 | $525 million | 0.525 |
| Swiss Re | Zurich | 2007 (began managing capital via Sector Re sidecar) | $5.1 billion | 5.1 |
| Tangency Capital Ltd. | London | May 2018 | $2.8 billion | 2.8 |
| Tenax Capital | London | 2004 (ILS strategy launched in 2017) | $175 million | 0.175 |
| Twelve Securis | Zurich, Switzerland and London, UK | 2010 (Twelve Capital) and 2005 (Securis Investment Partners) | $8.2 billion | 8.2 |
*Note: Assets under management are prone to fluctuation so the figures here are either the best available or last submitted by included managers.
It is not always possible for us to track the ‘usable’ assets under management (AUM) of most ILS managers, so the figures above tend to include an element of trapped capital. Few ILS managers report AUM figures that exclude trapped capital, unless they have fronting or other arrangements in front of their ILS funds that allow them to do so more readily.
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