Embassy makes Bert Ji PM of Ambassador cat bond fund, as MacGillivray departs

Embassy Asset Management, a registered US investment adviser, has announced that former Nephila Capital employee Bert Ji has taken over as the lead Portfolio Manager for the Ambassador mutual fund strategy that allocates to catastrophe bonds and private insurance-linked securities (ILS), as Niall MacGillivray has departed.

Bert Ji had joined Embassy Asset Management in February 2026, becoming one of the portfolio managers for the Ambassador Fund strategy and the insurance-linked securities portfolios managed by the firm.

Ji had previously spent more than eight years working at specialist ILS investment manager Nephila Capital, becoming Head of Portfolio Management at that firm in 2021.

He had previously spent five years at reinsurance group Validus Re, working in catastrophe risk modelling and analysis.

We understand that MacGillivray departed from Embassy in October, having spent three years with the company. He joined Embassy in September 2023, having previously worked for ILS specialist manager Tangency Capital which had been the sub-advisor of the Ambassador Fund when it launched.

Ji had supported MacGillivray in the portfolio management of the cat bond focused fund strategy since joining Embassy earlier this year.

Now, he takes over the lead Portfolio Manager role and is primarily responsible for the day-to-day management of the Ambassador Fund’s portfolio, assisted by other members of the investment team of Embassy Asset Management LP.

As we’d reported in September, the Ambassador cat bond fund strategy reached a new milestone with its net assets under management practically at $1 billion.

The cat bond fund’s AUM has now surpassed the $1 billion milestone, being at a reported $1.03 billion as of the end of October 2026.