From early minority stakes taken by traditional re/insurers, to outright acquisitions and buyouts by global institutional asset managers, the capital structures of ILS investment managers have continuously evolved to support scaling assets under management (AUM).
While we’ve tried to be as complete as possible in putting together this timeline of ILS fund manager strategic investment transactions, there may be some omissions. Please do reach out with any additions or corrections.
You can search and filter this table of ILS fund manager strategic investment transactions and M&A by entering company names into the search box above it. Each “read more” link in the right-hand column will take you to relevant Artemis news coverage of the ILS manager M&A or investment transaction.
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Timeline of strategic transactions and M&A in the insurance-linked securities market
| Date | ILS manager or ILS unit | Transaction type | Acquirer / Investor | Notes | Link |
|---|---|---|---|---|---|
| 2007 | Securis Investment Partners | Strategic minority stake | Stone Point Capital | Stone Point purchased a minority interest in specialist ILS investment manager Securis Investment Partners in 2007. | |
| May 2008 | Leadenhall Capital Partners LLP | 50% founding stake investment | Amlin | Global speciality re/insurer and Lloyd's player Amlin invested in the launch of Leadenhall Capital Partners, beginning the companies journey as a joint-venture between it and the managing partners. | Read more |
| August 2010 | Twelve Capital | Minority founding stake | XS Investments | Dutch boutique placement agent and investment distribution platform XS Investments held a small minority stake in Twelve Capital from its launch, providing early backing to the founders. | Read more |
| January 2012 | Juniperus Capital | Majority stake | Aquiline Capital Partners | Private equity firm Aquiline Capital Partners acquired a majority holding in Juniperus Capital, buying out original shareholders. The ILS investment manager rebranded to Pillar Capital later that year. | Read more |
| March 2012 | Clariden Leu ILS unit | 100% acquisition | LGT Group | LGT Capital Management, the asset management arm of LGT Group, took over the entire ILS, catastrophe bond, and insurance-linked investment fund business originally operated by Clariden Leu. The business became what we now know as LGT ILS Partners. | Read More |
| April 2012 | Securis Investment Partners | Controlling interest acquisition | Northill Capital LLP | Northill Capital acquired a controlling stake in Securis Investment Partners, buying out both Stone Point Capital and Swiss Re Private Equity Partners' minority interest and also taking a portion of the founders' equity. | Read more |
| April 2012 | Juniperus Capital | Strategic minority stake | Marsh & McLennan Companies | Shortly after Aquiline took a majority stake in Juniperus Capital and right before the rebrand to Pillar Capital, MMC acquired a minority stake to expand its footprint in the insurance-linked securities space. | Read more |
| December 2012 | Pillar Capital Management | Strategic minority stake | TransRe (Alleghany) | Reinsurer TransRe (owned by Alleghany) acquired a strategic minority stake in Bermuda-based Pillar Capital Management, joining Marsh & McLennan Companies and Aquiline Capital Partners LLC which both also had stakes in the ILS investment manager. | Read more |
| December 2012 | Aeolus Capital Management | Strategic minority stake | Allied World | Allied World Assurance Company Holdings, AG acquired a minority stake in specialist ILS investment manager Aeolus Capital Management to expand its financial services platform. As an existing quota share partner, Allied World also committed to increasing the capital it deployed through Aeolus. | Read more |
| January 2013 | Nephila Capital | 24.9% minority stake | KKR | Private equity giant KKR bought a 24.9% minority stake in Nephila Capital, helping institutionalise the world's largest ILS manager. | Read more |
| April 2013 | Secquaero Advisors | 30% minority stake | Schroders | Global asset manager Schroders initiated its entry into the insurance-linked securities market by taking a 30% minority stake in Swiss ILS manager Secquaero Advisors. | Read more |
| July 2013 | New Ocean Capital Management | Founding investment stakes | XL Group / Stone Point Capital | XL Group partnered with private equity firm Stone Point Capital to launch and capitalize the New Ocean Capital Management ILS platform. At launch, XL Group has a 75% stake and Stone Point 25%. | Read more |
| June 2014 | Pillar Capital Management | Increased investment participation | TransRe / Pillar management team | Transatlantic Holdings, Inc. (TransRe) and the executive management of Bermuda-based insurance-linked asset manager Pillar Capital Holdings Limited increased their ownership positions in the firm to 50% each. | Read more |
| October 2014 | Leadenhall Capital Partners LLP | Stake increased to 75% | MS Amlin | Amlin increased its original founding stake in ILS investment manager Leadenhall Capital Partners from 50% to a controlling 75%. | Read more |
| March 2015 | Blue Capital Management | Acquired via parent M&A | Endurance Specialty Holdings Ltd. | Originally launched by Montpelier Re, the Blue Capital third-party capital unit was acquired by Endurance when it bought Montpelier in 2015 | Read more |
| September 2015 | CATCo Investment Management | 100% acquisition | Markel | Markel Corporation acquired 100% of the Bermuda-based retrocessional reinsurance investment manager. Markel later reported that the purchase price of CATCo Investment Management was expected to be around $200 million, fully paid for in cash. | Read more |
| October 2016 | New Ocean Capital Management | 15% minority stake | Mitsui & Co., Ltd. | Mitsui & Co., Ltd. has completed the recent acquisition of a 15% stake in Bermuda domiciled ILS and reinsurance linked asset manager New Ocean Capital Management Limited (New Ocean) and has made a $100 million commitment to the managers funds. | Read more |
| January 2017 | Aeolus Capital Management | Controlling interest acquisition | Elliott Management | Multi-strategy hedge fund manager Elliott Management Corporation has completed its proposed acquisition of a controlling interest in Aeolus Capital Management Ltd., acquiring shares from Aeolus founder Peter Appel and key shareholder since 2012 Allied World Assurance Company. | Read more |
| March 2017 | Blue Capital Management | Acquired via parent M&A | Sompo Holdings | The Blue Capital third-party capital investment management unit became part of Sompo when that company acquired Endurance. | Read more |
| January 2018 | AlphaCat Managers | Acquired via parent M&A | AIG | AIG acquired Bermudian reinsurance group Validus Holdings, Ltd., in a deal that saw it taking control of Validus’ third-party capital and ILS investment management unit AlphaCat Managers. | Read more |
| August 2018 | Nephila Capital | 100% acquisition | Markel | Markel purchased 100% of Nephila Capital. This buyout included acquiring the 24.9% minority stake that KKR had previously purchased in 2013, as well as the founders' shares. The transaction had a ~$975m consideration. Based on ~$12bn AUM at sale it gave an implied ~8.1% AUM multiple. | Read more |
| November 2018 | Cartesian Re | 100% acquisition | Neuberger Berman | Investment manager Neuberger Berman expanded its alternative capabilities by acquiring insurance-linked strategies manager Cartesian Re and its affiliated reinsurer, Iris Re. | Read more |
| November 2018 | New Ocean Capital Management | Acquired remaining third-party stakes | AXA XL | Following AXA's takeover of XL Group, AXA XL bought out all remaining third-party interests in ILS manager New Ocean (including Stone Point and a stake held by Mitsui) to take full ownership, rebranding it to AXA XL ILS Capital Management. | Read more |
| June 2019 | Elementum Advisors, LLC | 30% minority stake | White Mountains | White Mountains Insurance Group acquired a 30% minority stake in independent ILS manager Elementum Advisors for $55 million, valuing the company at roughly $183 million at the time. | Read more |
| July 2019 | Secquaero Advisors | 100% buyout (remaining 70%) | Schroders | Following its initial 2013 stake, Schroders bought out the remaining management shares to take 100% full ownership of Swiss ILS manager Secquaero Advisors. Ultimately the ILS management unit was rebranded to become what we now know as Schroders Capital ILS. | Read more |
| February 2019 | Leadenhall Capital Partners LLP | Internal reorganisation of investment | Mitsui Sumitomo | Following MS&AD's earlier acquisition of Amlin, Japanese primary group Mitsui Sumitomo Insurance bought out the 80% stake MS Amlin Corporate Services Limited held in ILS manager Leadenhall Capital Partners. | Read more |
| September 2019 | Coriolis Capital Limited | 100% acquisition | SCOR Investment Partners | SCOR Investment Partners completed the 100% acquisition of Coriolis Capital, which at the time was one of the longest-standing independent ILS fund managers. | Read more |
| April 2020 | Lutece Holdings Ltd. | 100% acquisition | Peak Re | Peak Re acquired the Bermuda-based insurance-linked securities and retrocessional reinsurance-focused ILS asset manager, subsequently rebranding it to Peak Capital. | Read more |
| July 2020 | Integral ILS Ltd. | Strategic founding stakes | AmWINS / TransRe | Wholesale broker AmWINS and reinsurer TransRe (which also held a stake in Pillar Capital) took strategic minority stakes to help launch independent insurance-linked securities manager Integral ILS. | Read more |
| January 2022 | Twelve Capital | 30% minority stake | Graubündner Kantonalbank (GKB) | Swiss cantonal bank GKB acquired a 30% strategic stake in Twelve Capital, replacing one of the original founding backers XS Participations BV. | Read more |
| May 2023 | AlphaCat Managers | Acquired via parent M&A | RenaissanceRe | RenaissanceRe acquired the Validus reinsurance business and Talbot reinsurance book from AIG, which included buying the AlphaCat Managers ILS fund management unit as well. | Read more |
| May 2024 | Twelve Capital | Management Buy-back (30%) | Twelve Capital management team | Twelve Capital's management bought a 30% equity stake in the business back from strategic partner Swiss cantonal bank, Graubündner Kantonalbank. | Read more |
| October 2024 | Credit Suisse ILS | Management buy-out | Management team (renamed Euler ILS Partners) | Following UBS's 2023 takeover of Credit Suisse, UBS sold the 100% holding of the Credit Suisse ILS operation to its management team, who spun it out as an independent entity and renamed it as Euler ILS Partners. | Read more |
| February 2025 | Twelve Capital / Securis Investment Partners | Merger | N/A | Announced in July 2024 and completed in early 2025, these two prominent independent managers Twelve Capital and Securis Investment Partners (combined AUM ~$8.5bn at the time) merged to create a founder-led ILS manager called Twelve Securis. | Read more |
| August 2025 | Aspen Capital Markets | Acquired via parent M&A | Sompo | Sompo announced a $3.5bn acquisition of Aspen, bringing the highly successful Aspen Capital Markets third-party capital and ILS investments unit under the Sompo umbrella. | Read more |
| December 2025 | Shuriken Capital Management LLC | Founding ownership stake | Safepoint Holdings, Inc. | Florida-headquartered Safepoint Holdings provided backing and took an ownership stake to help launch Shuriken Capital Management as a new ILS manager. | Read more |
| October 2026 | Pillar Capital Management | Strategic investment stake | SageSure | Managing general underwriter SageSure acquired a strategic investment stake in Pillar Capital Management, with TransRe exiting its investment in the specialist ILS investment manager. | Read more |
