Icosa Cat Bond Fund hits $1bn assets under management milestone

The Icosa Cat Bond Fund, the UCITS catastrophe bond strategy distributed by Icosa Investments AG, has experienced strong growth in assets through the second-half of 2025 which continued into the new year, now reaching a new milestone of US $1 billion in assets under management (AUM).

Icosa Investments was launched and founded in Switzerland as a specialist catastrophe bond investment manager by former Twelve Capital executive Florian Steiger and Swiss financial services and capital markets specialist Jordan Nickerson.

The company only opened its business and launched its first catastrophe bond fund at the beginning of 2024.

The Icosa Investment Umbrella Fund – CAT Bond Fund, a Liechtenstein based UCITS strategy, was launched with an initial seed funding of around $15 million.

The UCITS cat bond fund strategy became one of the fastest growing in the category through the first-half of 2025, reaching US $500 million in assets by the start of June last year.

Since then, Icosa Investments AG has successfully continued to expand the strategy and attract new investor inflows, with the growth continuing into 2026 to end January with a milestone US $1 billion in AUM.

Florian Steiger, portfolio manager of the strategy and CEO of Icosa Investments AG, commented, “Reaching USD 1 billion in AuM after just over two years is a powerful validation of our commitment to a scalable institutional-grade investment process and our proprietary in-house investment technology.

“In an environment shaped by geopolitical uncertainty and complex risk dynamics, cat bond investors are clearly seeking diversification in strategies grounded in robust analytics and transparency.

“I would like to sincerely thank all our investors, partners and service providers for their support and long-term commitment.”

The company further explained in an announcement today that the growth in assets, “underscores the strong investor confidence in the strategy’s disciplined, data- and science-based investment approach at a time of heightened geopolitical uncertainty and market volatility.”

With the accelerating levels of catastrophe bond issuance seen over recent years, which continue into 2026, the market has provided opportunity for new strategies to grow and the investor base has welcomed additional choice, in terms of investment managers.

Icosa Investments has had a particularly strong start, reaching $1 billion in cat bond assets under management in just over two years.

Icosa Investments AG is listed in our directory of insurance-linked securities (ILS) fund managers.