Fermat Capital Management hits $11bn in cat bond and ILS assets under management

Fermat Capital Management, the specialist catastrophe bond and insurance-linked securities (ILS) investment manager, has reached another high point in terms of its cat bond and ILS assets under management, surpassing the $11 billion milestone recently, Artemis can report.

Fermat Capital Management has added around $1.1 billion in ILS assets under management (AUM) in a roughly six month period, having last stood at $9.9 billion in cat bond and ILS AUM as of the end of 2025.

Reaching the $11 billion mark by July 1st 2026, this represents an 11% expansion of ILS assets managed over the course of this year so far.

Previously, Fermat Capital Management had surpassed the $10 billion milestone level for the first time, in terms of ILS AUM, at the end of 2024, with the figure remaining relatively flat through last year.

Now, with $11 billion of cat bond and ILS assets under management (AUM) as of July 1st 2026, Fermat Capital Management stands at the top of Artemis’ directory of insurance-linked securities (ILS) fund managers, for those ILS and reinsurance investment managers we have exact figures for.

In addition to new inflows from investors to its range of catastrophe bond funds and other ILS fund strategies, Fermat will also have benefited from coupon returns over recent months, further bolstering its AUM.

Fermat has been on an expansion drive in recent years, which has increased optionality for investors looking to allocate to the manager’s ILS fund strategies.

Notably, the Fermat branded UCITS catastrophe bond fund strategy has now grown to almost $2.9 billion in AUM, having only been launched in 2024.

In addition, Fermat established a casualty insurance-linked securities (ILS) business in 2024 as well, expanding its range of insurance-linked investment offerings outside of natural catastrophe risks.

We also recently reported that Fermat had launched its first United States domiciled cat bond fund structure, to support access to the asset class for US taxable investors and those that cannot invest offshore.

These funds, alongside the range of commingled ILS strategies launched in early 2025, have helped Fermat continue to steadily grow its business and provide additional options for third-party investors to access the returns of its cat bond and ILS portfolio management strategies.

Fermat Capital Management has also been expanding its team in recent months, including new investor relations specialists dedicated to specific regions, such as this hire earlier in 2026.

At $11 billion of assets under management across cat bond and ILS strategies, Fermat Capital Management remains one of the most meaningful third-party capital managers in the global reinsurance market.

View information on many dedicated ILS fund managers, as well as reinsurers offering ILS style investment opportunities, in our Insurance-Linked Securities Investment Managers & Funds Directory.