Twelve Securis combining cat bond and private ILS management teams, as Schwartz to depart

Twelve Securis is combining its catastrophe bond and private ILS focused investment teams, to consolidate and optimise its approach to managing dedicated strategies and blended portfolios, while at the same time the firm also stated that long-standing senior employee Etienne Schwartz is departing the firm.

Twelve Securis, the specialist catastrophe bond and insurance-linked securities (ILS) investment manager, is bringing responsibilities for analytics, portfolio and investment management of both cat bonds and private ILS together now, seeing this as a more efficient approach.

The company manages the largest UCITS cat bond fund at over US $4.65 billion, other cat bond mandates, as well as fund strategies that are more focused on private ILS. But all of these funds still have a cat bond component, for liquidity purposes, while Twelve Securis also has multi-asset strategies focused on other insurance and reinsurance assets such as credit or debt, that also incorporate cat bonds.

So combining the portfolio management and analytics capabilities across these cat bond and private ILS assets is seen as a better approach for the company to take, resulting in more efficient outcomes for clients.

As we said, Etienne Schwartz, most recently a Partner and the Chief Investment Officer for liquid strategies at the firm, is set to depart Twelve Securis.

Schwartz joined when the company was Twelve Capital in 2013, working his way up through a range of positions looking after portfolios of insurance and reinsurance-linked assets and blended strategies, becoming Head of Investment Management in 2024 and more recently CIO of Liquid Strategies.

We understand that Jed Scanlon, an ILS analytics specialist, is also set to depart from Twelve Securis after more than three years working for the ILS manager.

Twelve Securis stated that in bringing together its catastrophe bond and private ILS portfolio, analytics and investment teams, it is aiming to achieve more efficient portfolio construction.

CEO Urs Ramseier told Artemis, “With the combination of private ILS and cat bonds we are well-positioned, as one of the leading ILS managers, to manage both mixed portfolios and pure cat bond portfolios.”

Ramseier also highlighted to us that Twelve Securis has been investing in technology and artificial intelligence, to enhance its operations and optimise portfolios for clients.

The CEO explained, “We are putting quite some emphasis on portfolio analytics, where we invest in technology, efficient processes, AI tools, to have a more efficient way in how we analyse cat bonds and private ILS transactions to do portfolio construction. So that’s quite a significant effort on our side.”

With the catastrophe bond and private ILS teams coming together at Twelve Securis, Cahal Doris is set to become Chief Investment Officer we understand (previously CIO for just Private ILS).

Meanwhile, senior team members Tanja Wrosch and Alexandre Bruls will lead the portfolio management responsibilities for each type of instrument, cat bonds and private ILS respectively. All three will report directly to Twelve Securis CEO Urs Ramseier.

Meanwhile, Paul Larrett remains in his Chief Underwriting Officer position and Dinesh Pawar will continue with responsibility for insurance credit/debt portfolios, both also reporting to Ramseier.