Artemis has learned that Florian Steiger, the Head of Cat Bonds at insurance-linked securities (ILS) and reinsurance asset manager Twelve Capital, is to depart the firm at the end of the year.
His impending departure has triggered a slight reshuffling of responsibilities in the team at the Zurich-headquartered asset manager, as Twelve Capital uses its strength in-depth to ensure there is experience and expertise in place to continue managing and growing the cat bond portfolios at the firm.
Steiger has worked at Twelve Capital since 2017 and became a Partner and the Head of Cat Bonds at the manager.
During his time at the firm, Twelve Capital has grown its flagship cat bond fund portfolio to be among the largest in the marketplace, with its UCITS structure the Twelve Cat Bond Fund becoming the largest such fund strategy earlier this year.
Steiger is set to stay one with Twelve Capital until the end of this year, we’re told, to provide continuity for clients and to deliver a robust handover to the rest of the ILS team at the manager.
We understand that Steiger is leaving Twelve Capital to take forward a more entrepreneurial venture, details of which we do not have at this time.
Twelve Capital has been strengthening its ILS team and specifically its cat bond expertise in 2023, with several new hires added as recently as in October and also at the start of November, we understand.
As a result, the asset manager has a strong team in place to take-forwards the cat bond portfolio that Steiger has managed. We also understand that Twelve has further hiring activity ongoing for its cat bond team.
We are told that long-standing Twelve Capital employee Etienne Schwartz will take over lead responsibility for the catastrophe bond portfolio.
Schwartz joined Twelve Capital in 2013 and is currently a Managing Director and the Head of Multi-Asset Portfolio Management for the company. But he also has specific cat bond portfolio management experience and first worked on cat bond strategies at the investment manager back in 2016.