Swiss Re Insurance-Linked Fund Management

Xactanalysis Insights and PCS

DCG Iris targets late October share placement


The DCG Iris insurance-linked securities (ILS) fund, marketed and operated by Dexion Capital with Credit Suisse providing ILS asset management services via its CS Iris Low Volatility Plus ILS fund, is targeting its next share placement for late October.

DCG Iris recently went through a continuation vote situation which saw its existing shareholders commit to staying with the ILS fund, reject a redemption offer and some key investors said they would increase their allocation to the fund to assist its growth.

So it’s natural that the fund would follow-up quickly with a new placement of shares. The placing will allow DCG Iris to give key investor Ericsson the chance to increase its stake, Dexion Capital itself expressed an interest in allocating capital to the fund and reach out to new investors as it seeks to grow.

DCG Iris currently has approximately £61m in assets, all of which are managed within the CS Iris Low Volatility Plus Fund by the Credit Suisse ILS investment management team so acting as a master-fund.

According to DCG Iris the current placing will close at 5.00pm on the 21st October, with the resulting shares expected to be admitted to listing at 8.00 a.m. on the 25th October 2013.

It will be interesting to see how much capital DCG Iris can raise in this new placement of shares. The fund has a slightly different strategy to others in the space, being a low volatility play and allowing a well-established ILS manager to invest its assets.

Interestingly, DCG Iris is not the only listed ILS or reinsurance-linked investment fund which is actively raising funds for a new share placement right now. The Montpelier Re backed Blue Capital Global Reinsurance Fund Limited is also out in the market right now with its latest share placing that is also expected to close in October.

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