GAM Swiss Re Cat Bond Fund surpasses $2bn in AUM, while fee income rises

The GAM Swiss Re Cat Bond UCITS Fund has expanded its assets under management (AUM) meaningfully over recent months, reaching $2.03 billion as of August 4th, 2026, while GAM’s underlying performance fee income has sharply increased to CHF 6.0 million.

Recall in 2025, the Swiss Re Insurance-Linked Investment Advisors Corporation (SRILIAC) registered investment adviser subsidiary of the global reinsurer entered into a co-investment management agreement for the range of catastrophe bonds and insurance-linked securities (ILS) funds offered by global asset manager GAM.

In announcing its half-year 2026 results, GAM has reported growing catastrophe bond AUM, as well as continued growth within its Alternatives business, which generated the majority of gross inflows for the firm during the period.

The GAM Swiss Re Cat Bond UCITS Fund ended the reporting period at the mid-year with almost $2 billion in assets, which was heavily supported by continued client demand and enhanced valuation and dealing terms.

As of August 4th, the GAM Swiss Re Cat Bond UCITS Fund has grown further, to almost $2.03 billion of AUM.

For comparison, this UCITS catastrophe bond fund had almost $1.56 billion of assets at the end of 2025, so growth is now almost half a billion dollars since that time.

GAM also explained that inflows to alternatives were strong during H1’26, highlighting catastrophe bond investments as one of the strongest areas of demand during the period.

As mentioned, GAM’s underlying performance fee income increased to CHF 6.0 million in H1 2026, marking a substantial increase from CHF 1.6 million in H1 2025.

GAM explained that this increase was primarily driven by performance fees earned on the GAM Swiss Re Cat Bond fund under a fee-sharing arrangement with the reinsurer.

In addition, GAM and Swiss Re’s ILS partnership completed its first full year during H1’26, and are now fully integrated within GAM.

GAM explained that establishing longer live track records helps broadens eligibility for institutional due diligence and mandate-selection processes, supporting future distribution opportunities.

GAM also highlighted that its partnership with Swiss Re ILS offers clients access to specialised insurance-linked securities and catastrophe bond capabilities, merging Swiss Re ILS’s investment expertise with GAM’s product, operational, and distribution framework.

Also read: GAM: Swiss Re ILS partnership enhanced liquidity, improved dealing terms. New products planned