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 |
| AIM Capital | Helsinki, Finland | Jan 2012 | $160 million | 0.16 |
| 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 billion | 2.0 |
| Arch Underwriters Ltd. | Bermuda | 2006 | $1.7 billion | 1.7 |
| Aspen Capital Markets | New York / Bermuda | Apr 2013 | $1.7 billion | 1.7 |
| AXA Investment Managers Paris | Paris, France | Sep 2007 | $809 million | 0.809 |
| AXA XL ILS Capital Management | Bermuda | 2013 | $1.05 billion | 1.05 |
| AXIS ILS | Bermuda | Dec 2013 | $1 billion | 1.0 |
| Azimut Investments SA | Luxembourg | Apr 2008 | $215 million | 0.215 |
| Chard Re Investment Management | Bermuda | 2019 | $420 million | .42 |
| Credit Suisse Insurance Linked Strategies Ltd. | Zurich, Switzerland | Nov 2003 | $3.5 billion | 3.5 |
| Elementum Advisors, LLC | Chicago, IL | Dec 2009 | $3.9 billion | 3.9 |
| Fermat Capital Management, LLC | Westport, Connecticut U.S.A. | Aug 2001 | $9.8 billion | 9.8 |
| 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 | $1.6 billion | 1.6 |
| Hudson Structured Capital Management Ltd. | Stamford / Bermuda | 2016 | $3 billion | 3 |
| ILS Advisers | Hong Kong | Feb 2012 | $190 million | 0.190 |
| Integral ILS Ltd. | Bermuda | Jul 2020 | $2.5 billion | 2.5 |
| K2 Advisors | Stamford, CT | Jul 1994 | $936 million | 0.936 |
| Lancashire Capital Management Limited | Bermuda | Jun 2013 | Not disclosed | 0 |
| Leadenhall Capital Partners LLP | London | Nov 2008 | $4.9 billion | 4.9 |
| Ledger ILS Managers, LLC | New York | Sep 2021 | $162.5m | 0.1625 |
| Leine Investment | Luxembourg | Oct 2012 | $215 million | 0.215 |
| LGT ILS Partners Ltd. | Pfaeffikon, Switzerland | May 2001 (LGT as from June 2012) | $7.5 billion | 7.5 |
| Link Specialty Re, Ltd. (Link Re) | Bermuda | May 2013 | $40 million | 0.04 |
| Mt. Logan Re Ltd. | Bermuda | Jan 2013 | $1.2 billion | 1.2 |
| Nephila Capital | Bermuda | Nov 1997 | $6.8 billion | 6.8 |
| Neuberger Berman ILS | New York, Bermuda, and London | 2009 | $3.2 billion | 3.2 |
| PartnerRe | Bermuda | Formalised third-party capital unit in 2020 | $1.1 billion | 1.1 |
| Pillar Capital Management Limited | Bermuda | Jun 2008 | $4.4 billion | 4.4 |
| Plenum Investments Ltd. | Zurich, Switzerland | Nov 2001 (2010 launched ILS/CAT business) | $1.1 billion | 1.1 |
| Quantedge Capital Pte Ltd | Singapore | 2011 (Began investing in ILS) | $550 million | 0.55 |
| RenaissanceRe Capital Partners | Bermuda | 1993 | $6.95 billion | 6.95 |
| Resolute Global Partners | Hamilton, Bermuda | Jul 2011 | $270 million | 0.27 |
| Schroder Investment Management | London | Jun 2008 | $5 billion | 5 |
| SCOR Investment Partners | Paris, France | Sep 2011 | $3.9 billion | 3.9 |
| Securis Investment Partners LLP | London | Oct 2005 | $3.3 billion | 3.3 |
| Stone Ridge Asset Management | New York | 2012 | $4.02 billion | 4.02 |
| Sussex Capital | Bermuda | Dec 2017 | $525 million | 0.525 |
| Swiss Re | Zurich | 2007 (began managing capital via Sector Re sidecar) | $4.8 billion | 4.8 |
| Tangency Capital Ltd. | London | May 2018 | $1.4 billion | 1.4 |
| Tenax Capital | London | 2004 (ILS strategy launched in 2017) | $105 million | 0.105 |
| Twelve Capital AG | Zurich, Switzerland | July 2010 | $3.8 billion | 3.8 |
*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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