Swiss Re Insurance-Linked Fund Management

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Pioneer ILS Interval Fund assets up 18% to $64.4m


U.S. mutual fund manager Pioneer Investments reports that total net assets for its interval style insurance-linked securities and reinsurance linked investment fund, the Pioneer ILS Interval Fund, have grown 18% to $64.4m.

Pioneer Investments has added just under $10m to the net asset total for its ILS Interval fund in the three months from May to end of July, reaching $64.4m by that date. When Artemis last reported on this fund, at the end of April 2015, Pioneer had reported $54.66m of assets managed.

Pioneer Investments launched the ILS Interval fund in late 2014 and the strategy was its first dedicated ILS and reinsurance linked investments fund. Pioneer also invests in ILS assets within other multi-asset class mutual funds.

Once again the increase is mostly due to additional capital inflows into Pioneer’s ILS Interval fund, resulting in the managers making new investment allocations and taking on new positions in the quarter.

Allocations to securities by the fund, which invests in a mix of catastrophe bonds, reinsurance sidecar notes and other collateralized reinsurance quota share notes, reached $62.99m at 31st July, up from $54.590m at the 30th April.

During the three-month period, Pioneer added new catastrophe bond positions in Alamo Re Ltd. (Series 2015-1), Compass Re II Ltd. (Series 2015-1), Ibis Re II Ltd. (Series 2013-1) and Sanders Re Ltd. (Series 2013-1).

The managers of the Pioneer ILS Interval Fund also added a number of private ILS transactions during the three months, including investments in the Arlington, Clarendon and Kingsbarn Kane SAC segregated account transactions and an investment in a Series 2015-2 transaction from reinsurer TransRe’s Pangaea Re sidecar-style SPI.

The Interval ILS Fund’s largest single holding remains the Gullane Kane SAC segregated account transaction, a privately transformed reinsurance deal, as well as holdings in Munich Re’s Eden Re II sidecar, Brit’s Versutus, Swiss Re’s Sector Re and PartnerRe’s Lorenz Re.

Pioneer continues to find steady growth opportunities for its interval ILS fund. Alongside the other investments that Pioneer makes in ILS and reinsurance linked investments, this dedicated interval fund will stand well-positioned to take advantage of attractive opportunities to raise and deploy more capital.

Pioneer Investments has over $1.6 billion in ILS and reinsurance linked assets across the fund’s and strategies that allocate to re/insurance-linked investments.

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