Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

Securis seeks to grow capacity of insurance linked securities investment fund


Securis Investments, the specialist investment fund with a focus on insurance-linked securities, is reported (by the Financial Times) to be about to launch a public fundraising initiative as a listed closed-end version of the Securis 1 Master Fund to try to expand its capital and to attract new investors. It is said to be seeking as much as an additional £200m in capital.

Securis has been offering investors a way to access the insurance-linked security markets of catastrophe bonds, longevity and mortality risks since 2005. This public fundraising is said to involve the listing of a vehicle specifically for public investment into their fund. Securis will put the proceeds of the listing into the main Master fund.

It’s interesting to see Securis seeking extra capital in this way, it demonstrates their confidence that investor interest will be strong enough to make this listing a success for them.

We will try to bring you more on this as details emerge.

Update: This fundraising initiative comprises a vehicle incorporated in Guernsey which will be listed on the main market of the London Stock Exchange and act as a feeder of the Securis I Master Fund. The closed-end listed fund will seek to deliver a total return of 12% and pay a 6% annual dividend.

Update 2: A closed ended, Guernsey incorporated fund called the Securis Income Fund Limited is the vehicle in question which will be listed on the London stock exchange. The Securis I Master Fund is expected to receive the investment assets raised from this listing. Shares are being offered to institutional and sophisticated investors denominated in USD and GBP currency classes. This placing is expected to close on 11 March 2011.

“The Securis Income Fund provides a wider audience with access to this strategy and we believe that investors will welcome the opportunity to invest in an income fund that offers diversification into cash-generative insurance and reinsurance markets,” said Rob Procter, Managing Partner and Co-Founder of Securis.

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