SCOR Investment Partners, the asset management company of the global reinsurance group SCOR, won a new investment mandate from the roughly $20 billion City of Zurich Pension Fund in recent weeks.
The City of Zurich Pension Fund is one of the largest in Switzerland and operates pensions and other insurance benefits for all employees working for the City of Zurich, as well as for more than 160 associated companies.
The City of Zurich Pension Fund has been allocated to insurance and reinsurance linked investment strategies since 2017.
It began with allocations to life settlements and life insurance linked investments at first through asset manager Broadriver and later through MiraVast.
The pension then added its first allocation to P&C insurance-linked securities (ILS), with an investment in funds managed by reinsurance specialist investment manager Elementum Advisors in 2019.
According to the latest information from the City of Zurich Pension Fund, the pension added another ILS fund allocation at the beginning of 2021.
That was to SCOR Investment Partners, the asset manager of the SCOR reinsurance group which currently counts almost $1.8 billion of assets under management, as of December 2020.
For the City of Zurich Pension Fund, insurance-linked securities (ILS), across its life related and P&C fund allocations, account for roughly 2% of its total fund assets.
With more than more than 18 billion Swiss francs under management, around US $20 billion, that 2% would account for around US $400 million allocated to ILS and reinsurance at this time.