Leadenhall Capital Partners LLP
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.
Leadenhall Capital Partners LLP - snapshot
- ILS manager or company name: Leadenhall Capital Partners LLP
- Location (HQ / Domicile): London
- Date of launch: Nov 2008
- Assets under management *: $4.9 billion (AuM as at July 1 2023)
- Website link: Leadenhall Capital Partners LLP website
Leadenhall Capital Partners LLP - Details
Company profile:
Discretionary investment management service provider which manages open ended funds and managed accounts. The firm invests in life and non-life insurance linked risk.
Leadenhall is a joint venture with MS Amlin (one of the largest reinsurers in the London market), but it is independently managed by its staff
Team size and structure:
31 people in total: 11 partners and 20 employees as at January 1st, 2022.
Number of strategies (how many funds, sidecars or strategies):
17 Strategies:
– 8 Open-ended Funds.
– 2 Closed-ended Funds.
– 7 SMAs.
Offers private managed accounts?
Yes
Strategy:
Leadenhall’s strategies are currently dedicated solely to managing portfolios of insurance linked risk. The strategies vary over the funds which we manage, but overall we assemble portfolios which attempt to optimise the risk/reward balance, within the targeted risk parameters of the Fund.
Assets under management development (year-end):
2008: $75 million, 2009: $103 million, 2010: $116 million, 2011: $246 million, 2012: $866 million, 2013: $1.6 billion, 2014: $1.8 billion, 2015: $2.4 billion, 2016: $3.5 billion, 2017: $4 billion, 2018: $4.6 billion, 2019: $5.2 billion, 2020: $5.6 billion, 2021: $6.5 billion, 2022: $6.2 billion.
AuM as of January 2022: Non-life ILS strategies: $3 billion; Life ILS strategies: $3.2 billion.
Leadenhall Value Insurance Linked Investments Fund PLC
The Fund focuses solely on non-life insurance linked investments and is expected to be invested predominantly in the natural catastrophe arena. Our strategy is to assemble a portfolio which attempts to optimise the risk reward balance, within the targeted risk parameters of the Fund.
The strategy seeks to avoid diversifying investments with minimal returns, which could affect the overall profitability of the portfolio, with as a result a degree of concentration of risk in those perils, areas and transactions which offer the best risk/reward conditions.
We use a portfolio approach and specialist software to monitor the correlation between existing and potential new investments to ensure full exposure per event is constantly monitored and optimised via trading and hedging. A cornerstone of our portfolio management strategy is to track attractively priced assets and to exploit market opportunities through opportunistic trading.
Type of investment strategy (fund, sidecar etc):
Open-ended
Launch date:
Sep 2009
Underlying asset types:
Insurance Linked Securities, Cat swaps/transformed Industry Loss Warranties, Transformed collateralised reinsurance and retrocession private placements
Target return:
Target return of floating rate base + 13% per annum net of fees in current market conditions (in absence of losses). Portfolio expected loss guidance of 4% to 4.5% (AIR and LPM Long Term Annual In Force Expected Loss).
Leadenhall Diversified Insurance Linked Investments Fund PLC
The Fund focuses on non-life and life insurance linked investments but is currently expected to be invested predominantly in the natural catastrophe arena. Longevity risk is excluded from eligible investments.
Our strategy is to assemble a portfolio which attempts to optimise the risk reward balance, within the targeted risk parameters of the Fund. Whilst doing this, the strategy seeks to limit the impact of a single event on the overall Fund, and avoiding diversifying investments with minimal returns, which could affect the overall profitability of the portfolio, unless necessary to comply with the targeted portfolio concentrations of the fund.
We use a portfolio approach and specialist software to monitor the correlation between existing and potential new investments to ensure full exposure per event is constantly monitored and optimised via trading and hedging. A cornerstone of our portfolio management strategy is to track attractively priced assets and to exploit market opportunities through opportunistic trading.
Type of investment strategy (fund, sidecar etc):
Open-ended
Launch date:
Sep 2009
Underlying asset types:
Insurance Linked Securities, Cat swaps/transformed Industry Loss Warranties, Mortality swaps and life insurance securitisation, Transformed collateralised reinsurance and retrocession private placements
Target return:
Target return of floating rate base + 7% p. a. net of fees in current market conditions (in absence of losses). Portfolio expected loss guidance of 1.5% to 2.5% (AIR and LPM Long Term Annual In Force Expected Loss).
Leadenhall Life Insurance Linked Investments Fund PLC
Type of investment strategy (fund, sidecar etc):
Open-ended
Launch date:
Sep 2012
Target return:
Target return of floating rate + 3% to 4% (after all fees and expenses).
Leadenhall UCITS ILS Fund PLC
Type of investment strategy (fund, sidecar etc):
Open-ended UCITS
Launch date:
December 2015
Underlying asset types:
Catastrophe bonds only
Target return:
Target return of floating rate base + 5.5% p. a. net of fees in current market conditions (in absence of losses). Portfolio expected loss guidance of 1.5% to 2.5% (AIR and LPM Long Term Annual In Force Expected Loss).
Leadenhall Nat Cat Focus Insurance Linked Investments Fund ICAV
The Fund focuses solely on non-life insurance linked investments and is expected to be invested in the natural catastrophe arena. Our strategy is to assemble a portfolio which attempts to optimise the risk reward balance, within the targeted risk parameters of the Fund.
Type of investment strategy (fund, sidecar etc):
Open-ended
Launch date:
Dec 2016
Target return:
Target return of floating rate base + 10.4% p. a. net of fees in current market conditions (in absence of losses). Portfolio expected loss guidance of 3% to 3.75% (AIR and LPM Long Term Annual In Force Expected Loss).
Leadenhall Remote Risk Insurance Linked Investments Fund ICAV
The Fund seeks to optimise its risk and return profile within the constraints of its investment guidelines and by focusing on the lower risk layers in the insurance linked risk towers.
Type of investment strategy (fund, sidecar etc):
Open-ended
Launch date:
Jan 2018
Target return:
Target return of floating rate base + 5.4% p. a. net of fees in current market conditions (in absence of losses). Portfolio expected loss guidance of 1% to 1.5% (AIR and LPM Long Term Annual In Force Expected Loss).
View all of our Artemis Live video interviews and subscribe to our podcast.
All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance video content and video interviews can be accessed online.
Our Artemis Live podcast can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.
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.
This presentation does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, any investment, nor shall it or the fact of its distribution or communication form the basis of, or be relied on in connection with, any contract therefor. Applications for an investment in a fund pursuing one of the Strategies (the “Investment”) can only be made at the relevant time on the basis of the offering documents available. Any person subscribing for an Investment must be able to bear the risks involved and must meet the suitability requirements relating to such Investments. Some or all alternative investment programmes may not be suitable for certain investors.
The information and opinions contained in this presentation are for background purposes only, do not purport to be full or complete, and do not constitute investment advice, arranging deals in investments or making arrangements with a view to transactions in investments.
The indicative terms and other information included in this presentation are provided for discussion purposes and are subject to completion or amendment. Certain information included in this presentation is based on information obtained from sources considered to be reliable. However, any projections or analyses provided to assist the recipient of this presentation in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results.
Accordingly, any projections or analyses should not be viewed as factual and should not be relied upon as an accurate prediction of future results. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the investments represented do not represent actual investments, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity or market disruptions. Simulated investments in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any investment will or is likely to achieve profits or losses similar to those shown. No reliance may be placed for any purpose on the information and opinions contained in this presentation or their accuracy or completeness.
No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in this presentation by Leadenhall or any of its members, officers or employees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions.
No representation is being made by the inclusion of the investment examples and strategies presented herein that the Strategies will achieve performance similar to the investment examples and strategies herein or avoid losses. There can be no assurance that the investment examples and specific strategies described herein will meet their objectives generally, or avoid losses. Past performance is not a reliable indicator of future results. An Investment involves a significant degree of risk.
Potential investors must familiarize themselves with the offering documentation and similar materials and must meet certain eligibility requirements in order to make such investment and must be able to fully absorb the risks associated with such investment. The offering documentation and related materials will be made available in due course to those persons eligible for participation who demonstrate the capacity to evaluate the risks and merits of such investment. The Shares are not being offered for distribution in the United States.
*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.
The Artemis Insurance-Linked Securities Investment Managers & Funds Directory is copyright © Steve Evans Ltd. Reproduction or publication without permission is not permitted. Use of this information within a commercial product, or for profit, without a license is strictly prohibited. Contact us if you would like to use this content or to discuss licensing.The Content does not constitute an offer, solicitation or recommendation to acquire or dispose of any investment or to engage in any other transaction. It is the responsibility of the individual user to consider his legal and regulatory position in the relevant jurisdiction, the risks associated with trading such products and to ensure that the use of the Content and the subsequent making of any investment does not contravene any such restrictions or applicable laws and regulations of any jurisdiction.
