Swedish catastrophe bond fund manager Entropics Asset Management AB has taken a new investment in the management company from a well-known Swedish IT entrepreneur, with Lars Irstad purchasing 9.9% of the asset manager.
Irstad founded successful IT consultancy Programator, which was the largest IT company in Sweden in 1992 when it was acquired by Cap Gemini.
Irstad has a track record as an entrepreneur, having started numerous companies, working both in start-up conditions and leading a corporation with 5,000 employees during his career, as well as being on the board of directors in several large Swedish companies.
Entropics Asset Management is the first investment manager in the Scandinavia region to specialise in the cat bond asset class and this has clearly caught Irstad’s eye.
“Entropics is an interesting company that brings something new to Swedish asset management. Cat bonds are interesting, both as an investment and as a model for providing necessary insurance capacity to globally manage catastrophes. To me, the investment in Entropics is both an opportunity to get an insight into an interesting operation and to help the company to grow,” Irstad said.
Robert Lindblom, CEO of Entropics, explained the strategic importance of such investments in the asset manager, “Lars experience from building companies and his wide network strengthens and facilitates our ambition of a sustainable growth in line with demand. Entropics’ ambition is to help close the global insurance gap through cat bonds, and in that effort, I look much forward to use Lars’ knowledge.”
Irstad will assume the role of senior advisor to the CEO and management team at Entropics.