Integral ILS Ltd.
The Artemis Insurance-Linked Securities Investment Managers & Funds Directory is a one-stop resource for information on insurance or reinsurance linked investment managers and their ILS fund strategies.
Integral ILS Ltd. - snapshot
- ILS manager or company name: Integral ILS Ltd.
- Location (HQ / Domicile): Bermuda
- Date of launch: Jul 2020
- Assets under management *: $2.5 billion (Committed AuM as of Jan 1 2024)
- Website link: Integral ILS Ltd. website
Integral ILS Ltd. - Details
Integral ILS Ltd. launched in July 2020 as a new insurance-linked securities (ILS) and reinsurance-linked investment fund manager, domiciled in Bermuda.
Integral ILS Ltd. has been launched by experienced ILS market executives Richard Lowther and Lixin Zeng. Lowther was previously the Managing Principal of Hiscox ILS. Lixin Zeng was CEO of AIG’s AlphaCat ILS unit. The pair had previously worked together at AlphaCat when it was under Validus Group ownership.
Integral ILS has partnered with origination focused insurance distributor and servicer AmWINS Group and ILS and third-party capital experienced reinsurance firm TransRe, both of which will have stakes in the start-up ILS fund manager.
We understand that Integral ILS will begin its operations by underwriting using a special purpose insurer (SPI) named Integral Reinsurance Ltd. (Integral Re).
Integral ILS aims to create high-quality ILS portfolios, underwritten thanks to its comprehensive access to the entire insurance value-chain through its strategic alliances with risk origination partners AmWINS and TransRe.
The company hopes to outperform by putting superior risk selection to work, leveraging scientific and analytical resources to ensure robust portfolios are created. The investment manager also attempts to mitigate the risks of trapped capital, wherever it can.
Catastrophe risk will be the focus and Integral ILS will underwrite insurance, reinsurance and retrocession, but with all exposures fully-fronted to begin either via an AmWINS MGA participant carrier, or via reinsurance company TransRe.
Integral ILS Ltd. aims to create ILS investment portfolios and an independent ILS investment management business with less execution risk, lower friction and frictional costs, with reduced risk of capital being trapped.
At the same time the company explained it had around $600m of commitments, from these two cornerstone allocations and some smaller investor allocations as well.
Assets under management had increased to $675 million as of July 1st 2021.
At the end of 2021, in time for the renewals, Integral ILS had further success in raising new assets, with new commitments received from its cornerstone investors PSP Investments and New Holland Capital.
For 2022, the manager reported just over $1.4 billion of capital committed to its ILS fund strategies, with $1.1 billion already deployed and the remainder to be deployed at the mid-year 2022 reinsurance renewals.
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Disclaimer:
The Artemis Insurance-Linked Securities Investment Managers & Funds Directory is provided as-is. Best efforts are made to ensure the contents are accurate at the time of publication but there may be some omissions. Please contact Artemis should you require a change to your ILS manager listing.
*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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