Swiss Re Insurance-Linked Fund Management

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Pioneer ILS Interval Fund grows assets 27% to hit $96m


U.S. mutual fund manager Pioneer Investments has grown the assets managed within its interval style insurance-linked securities and reinsurance linked investment fund, the Pioneer ILS Interval Fund, by another 27% to reach $96 million in the last quarter.

Pioneer Investments, a manager of mutual funds with around $244 billion of assets under management globally and $69 billion in the U.S., launched the Interval ILS fund in late 2014. The Interval ILS fund is Pioneer’s first dedicated ILS and reinsurance linked investment fund, but the manager does also invests in ILS and reinsurance instruments within some of its multi-asset class mutual funds.

Since the launch of the Pioneer ILS Interval fund its assets under management have increased steadily.

At the end of April 2015 Pioneer reported $54.66m of assets managed in the ILS Interval fund, which subsequently grew by 18% to $64.4m by the end of July 2015. By the end of October 2015 the total ILS assets managed in the ILS Interval fund had increased again by another 17% to $75.4m.

The latest report filing from the fund shows that the manager has welcomed more investor capital into the fund in the last three month period, growing the ILS Interval fund’s assets by a further 27% to hit just slightly under $96 million at the 31st January 2016.

During the period the managers of the ILS Interval fund allocated new capital to a variety of collateralised reinsurance sidecar renewals, as well as private ILS transactions and segregated account transactions which mostly came into force in January.

The top positions taken by the Pioneer ILS Interval fund remain in such well-known transactions as insurer Brit’s Versutus sidecar, Munich Re’s Eden Re II sidecar, Swiss Re’s Sector Re V sidecar, PartnerRe’s Lorenz Re SPI, Aspen’s Silverton Re sidecar, TransRe’s Pangaea Re vehicle and a variety of Kane SAC Ltd. segregated account private ILS and cat bond lite deals.

The largest single positions are in one tranche of Brit’s Versutus reinsurance sidecar and two tranches of Swiss Re’s Sector Re V Ltd. sidecar vehicle.

Pioneer continues to take a steady approach to growing its interval ILS mutual fund, clearly taking its opportunities to welcome new capital into the fund as and when deal-flow from the reinsurance and ILS market allows.

Pioneer Investments manages more than $1.6 billion in ILS and reinsurance linked assets across a range of multi-asset strategy funds, and the Interval ILS fund, with a portion of each multi-class strategies assets allocated to reinsurance-linked investments.

Also read:

Pioneer ILS Interval Fund hits $75.4m, returns 5.9% despite claims.

ILS portfolio manager added to Pioneer Diversified High Income Trust.

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