GAM Star Cat Bond

With the insurance-linked securities (ILS) space continuing to gain significant momentum, reinsurance giant Swiss Re and GAM Investments have affirmed their commitment to continue developing new products and identifying opportunities within the ILS market.

In the wake of its announcement that Swiss Re is bringing together its insurance-linked securities (ILS) investment management operations under the Swiss Re Insurance-Linked Investment Advisors Corporation (SRILIAC) brand, Artemis spoke with senior executives from the Alternative Capital Partners (ACP) division of the reinsurance company.

Global reinsurance giant Swiss Re is bringing together its insurance-linked securities (ILS) investment management operations under the Swiss Re Insurance-Linked Investment Advisors Corporation (SRILIAC) brand and the combined ILS management unit will be led by long-standing executive Mariagiovanna Guatteri.

The Swiss Re Insurance-Linked Investment Advisors Corporation (SRILIAC) team, the catastrophe bond focused investment management arm of the global reinsurance firm, spent the month of May cleaning less liquid and private transactions from the GAM Star Cat Bond Fund portfolio, Artemis can report.

The GAM Investments operated Star Cat Bond Fund UCITS strategy saw its catastrophe bond assets under management rise at the latest reporting of net asset values, halting a decline that began after ending its long relationship with the fund’s previous portfolio manager, Fermat Capital Management.

The GAM Star Cat Bond Fund strategy has experienced a meaningful outflow of investor capital we understand, with the UCITS fund’s assets under management declining by approximately 25%, or around US $650 million, just in the month of April 2025.

Having announced a new partnership this morning, that sees reinsurer Swiss Re becoming co-manager of the GAM Investments operated and distributed catastrophe bond and insurance-linked securities (ILS) funds, executives told us that “nothing is off the agenda” and they see an opportunity to expand the range of ILS products offered.

GAM Investments has announced the hire of well-known insurance-linked securities (ILS) industry executive Dr. Rom Aviv as its new Head of ILS, a move that comes as GAM announced that reinsurance firm Swiss Re will take on co-investment management responsibilities for its catastrophe bond and insurance-linked securities (ILS) funds.

Swiss Re Insurance-Linked Investment Advisors Corporation (SRILIAC), a registered investment adviser subsidiary of global reinsurance company Swiss Re, is taking on co-investment management duties for the range of catastrophe bonds and insurance-linked securities (ILS) funds offered by global asset manager GAM.

The proposed acquisition of GAM Holding AG, parent company to GAM Investments and home to one of the largest catastrophe bond fund strategies, by specialist fund management group Liontrust has failed to win the necessary investor support, with the GAM Board now turning to discussions with the rival investor group NewGAMe.