Swiss pension Nest says ILS investments achieved “convincing results again” in 2025

Nest Sammelstiftung, or the Nest Collective Foundation, a Swiss pension that adopts sustainable investment strategies and allocates to insurance-linked securities through a number of ILS managers has reported that its allocation achieved “convincing results” again in 2025.

Nest Sammelstiftung positions itself as an ecological-ethical pension investor, with one of the strategies it incorporates into its portfolio being natural disaster and insurance risk via some cat bond and insurance-linked securities fund strategies.

The pension benefited from particularly strong investment returns from its ILS allocation in calendar year 2024, having reported a 20%+ performance across its cat bond and reinsurance allocations.

For full-year 2025, while the investor does not provide a specific return figure for its ILS investments, the pension said the results were “convincing”.

Across its alternative asset class investments performance was deemed solid.

While on ILS specifically, the Nest pension fund explained, “Insurance Linked Securities (ILS) were again able to benefit from attractive risk premiums and achieved convincing results,” through 2025.

Nest allocates to two natural catastrophe focused ILS funds, a reinsurance focused fund managed by Swiss Re’s ILS investment unit and a pure catastrophe bond offering from Twelve Securis.

Alongside these managers, Cambridge Associates is also listed as assisting Nest with its ILS investment strategy, while it discloses a smaller investment in the Leadenhall Capital Partners Life ILS Fund as well.

At the end of 2024, the investments Nest’s portfolio held in cat bonds and ILS strategies accounted for around 3.6% of assets, which equated to almost CHF 154 million (~US $170 million) at the time.

By the end of 2025, the ILS investments are reported to have amounted to just under CHF 150 million, which at December 31st last year converted to approximately US $189 million.

It seems the investor did not increase its allocations, with the pension maintaining its investments across managers but benefiting from exchange rate effects as well, which mask the investment carry earned in CHF terms.

As a share of the Nest pension investment portfolio, ILS is reported to make up 3.3% as of June 30th 2026. Based on its total assets that would suggest the ILS portfolio increased in value to around US $192 million by that time.

From the end of full-year 2025 disclosure, the Nest pension’s investment into the Swiss Re Core Nat Cat Fund amounted to around US $97.14 million, while the investment into the Twelve Securis Cat Bond Fund amounted to US $85 million. The smaller investment into the Leadenhall Life ILS Fund amounted to almost US $8 million at that time.

The Nest Sammelstiftung pensions continues to target a 3% of portfolio allocation to ILS investments, while allowing for a range of between 1% and as much as 5% of its assets.

As a proportion of its total portfolio the ILS component has declined slightly, but the dollar appreciation has continued as the pension continues to derive attractive returns from the asset class, it seems.

The Nest pension from Switzerland is just one of the numerous pension fund and major ILS investors we track in our directories here.