Signal Iduna Reinsurance Ltd. (SI Re), the Swiss based reinsurance company that invests in insurance-linked securities (ILS) for their diversification and return effects, expanded its ILS investments which include catastrophe bonds during the last year to US $111.5 million.
The company explained that the cat bond and ILS portfolio it invests in delivered “strong results” for the year, validating its hybrid approach as reinsurance underwriter and ILS investor.
SI Re has been investing into catastrophe bonds and insurance-linked securities since 2010 and in 2025 grew its ILS portfolio from US $89.5 million at year-end 2024 to US $111.5 million.
The company explained that this underscores “our longstanding commitment to this asset class,” while the hybrid strategy also delivered “strong results” for the year, despite a tighter spread environment.
Dr. Robert Salzmann, Chief Underwriting Officer at SI Re explained, “Like the broader reinsurance market, the ILS space experienced sharp risk-spread compression in 2025.
“At the same time, the market offered an abundant range of attractive opportunities. We identified value in diversifying transactions and continued to develop our ILS book while key portfolio metrics remain attractive.
“This positions SI Re well for the coming years as the ILS market continues to evolve and mature.”
In addition, SI Re reported on its reinsurance renewal activities today, securing premium volumes of EUR 222 million.
At the same time the reinsurer further diversified its portfolio client base, with new regions and lines of business.
Highlighting a reinsurance renewal environment that saw “sufficient capacity, softening rates and recurrently oversubscribed reinsurance programs,” SI Re said the outcome proves the companies strength and hybrid model.
“On a like-for-like basis, SI Re repeated last year’s record performance and closed the renewals with premium volume roughly on par with the January 2025 renewal,” explained Dr. Arnold Löw, CEO of SI Re. “Our performance highlights our ability to renew a strong portfolio in a competitive pricing environment as capacity was sufficiently available following the highly profitable hard market years.
“From an integrated company perspective, we continued to leverage our capability to balance our reinsurance portfolio with a meaningful Insurance Linked Securities (ILS) book.
“This dual strategy enables us to steer and diversify our exposures and remain disciplined in our underwriting approach.”
SI Re also noted that in the European renewals, structures and attachments largely held up, although attachments declined slightly on a risk-adjusted basis.
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