Pensions & sovereign wealth funds allocating to ILS
The table below details some of the pension funds and sovereign wealth funds that make investment allocations to insurance-linked securities (ILS) funds, catastrophe bonds and other reinsurance linked investment assets.
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| Pension fund or sovereign wealth fund | ILS allocation (latest available) (US $m) | % allocated to ILS | Country | Allocating since? | Notes |
|---|---|---|---|---|---|
| Abu Dhabi Investment Authority | 550 | 0.1 | United Arab Emirates | 2019 | |
| Alecta | 450 | Sweden | 2022 | Allocates to: Swiss Re 1863 Fund ($250m); SCOR's Atlas Re sidecar ($200m). | |
| AP2 | 1100 | 2.6 | Sweden | 2012 | Allocates to: Credit Suisse, Elementum, GAM FCM Cat Bond. Data as at: Dec 31st 2024 |
| AP3 | 17 | 0.1 | Sweden | 2008 | Invests for itself as well as through external managers. Data as at: Dec 31st 2024. |
| Arkansas Teacher Retirement System | 141.8 | 0.7 | United States | 2016 | Allocates to: Aeolus ($22.06m), Pillar Capital ($119.7m). Data as at: Sep 30 2024 |
| Basellandschaftliche Pensionskasse (BLPK) | 190 | 1.6 | Switzerland | ? | Data as at: Dec 31st 2021 |
| BBC | 3.8 | United Kingdom | 2010 | Allocates to: Securis. Data as at: Mar 31st 2021. |
|
| Bristow Group Inc. Employee Savings and Retirement Plan | 24.3 | 5 | UK | 2018 | Unknown |
| CalPERS | 1000 | USA | 2025 | Allocates to: catastrophe bonds with Swiss Re; reinsurance with another ILS manager. | |
| Canada Pension Plan Investment Board (CPPIB) | 1225 | Canada | 2012 | Allocates to: Fermat. Data as at: 2018 (Only includes 2018 ILS allocations, some of which have been run-off now). |
|
| Challenger Life | 527.3 | 2 | Australia | 2016 | Allocates to: Catastrophe bonds, sidecars and life insurance-linked investments Data as at: June 30th 2025. |
| City of Zurich Pension Fund | 1150 | 4.9 | Switzerland | 2017 | Allocates to: Broadriver and MiraVast in life settlements. Elementum Advisors, SCOR Investment Partners, Schroders, RenaissanceRe, Pillar, Hiscox ILS, Integral ILS and Tangency Capital in P&C ILS. Data as at: Mar 2025 2022. |
| Coca-Cola | 246 | 3.7 | United States | 2014 | Allocates to: Securis and others within U.S. pension plan. Data as at: Dec 31st 2022. |
| FirstEnergy Corp. | 186 | 2 | United States | 2018 | Unknown |
| Florida State Board of Administration (Florida Retirement System Pension Plan) | 1900 | 0.90 | United States | 2017 | Allocates to: Aeolus, Miravast, Nephila (Rubik & Arachne), Pillar, RenaissanceRe. Data as at: Jun 30th 2025. |
| Future Fund of Australia | 1490 | 0.84 | Australia | 2015 | Allocates to: Hiscox ILS, Elementum Advisors. Data as at: Jun 30th 2024 |
| GastroSocial pension fund | 260 | 2 | Switzerland | 2024 | Data as at: Jan 2025 |
| Healthcare of Ontario Pension Plan (HOOPP) | 1320 | 1.54 | Canada | 2019 | Some direct investing as well as allocations to ILS funds. Data as at: Dec 31 2024 |
| HESTA Super Fund | 697 | 1 | Australia | Allocates to: AlphaCat Managers; Integral ILS; Nephila Capital. Data as at: Dec 31 2022 |
|
| IBM UK Pension Plan | 285 | 3 | United Kingdom | 2013 | Allocates to: Nephila, Securis. Data as at: Dec 31st 2019. |
| Indiana Public Retirement System | 78 | 0.12 | United States | 2016 | Allocates to: Aeolus, Hudson Structured. Data as at: Apr 2025. Portfolio being wound down. |
| London Pensions Fund Authority (LPFA) | 60 | 0.78 | United Kingdom | 2017 | Allocates to: Aeolus. Data as at Mar 2020. |
| Maryland State Retirement and Pension System | 500 | 0.9 | United States | 2016 | Allocates to: Aeolus, Nephila Capital. Data as at: Aug 2019. |
| Massachusetts Pension Reserves Investment Management (MassPRIM) | 250 | 0.4 | United States | 2017 | Allocates to: Aeolus, Markel CATCo. Current value of ILS investments unknown. Data as at: Dec 31st 2017. |
| MLC Investments Limited | ~1950 | 3 | Australia | Allocates to a number of ILS fund managers, across catastrophe bonds and private assets. Data as at: Q4 2024 |
|
| NatWest Group Pension Fund | 163.6 | United Kingdom | Data as at: Dec 31st 2020 | ||
| Navistar International Corp. pension & retirement plans | 40 | 1.7 | United States | 2019 | Allocates to ILS across pension plan ($34m) and post-retirement benefits plan ($6m). Data as at: Oct 31st 2019. |
| Nest Sammelstiftung | 170 | 3.6 | Switzerland | Allocates to: Twelve Capital for cat bonds; Swiss Re Core Nat Cat Fund; Leadenhall Life ILS Fund. Data as at: Dec 31 2024. |
|
| New Jersey Division of Investment | 100 | 0.13 | United States | 2020 | Allocates to: Separate account with Nephila Capital. |
| New Mexico Educational Retirement Board | 150 | 1.12 | United States | 2018 | Allocates to: ILS Capital Management. Data as at Oct 2020. |
| New Zealand Government Superannuation Fund (GSF) | 263 | 4.6 | New Zealand | 2010 | $179.5m in catastrophe insurance (Nephila Capital & Fermat). $83.3m in life settlements (Apollo Global). Data as at Jun 30th 2025. Elementum Advisors added Jun 23rd '25 (allocation unknown). |
| New Zealand Superannuation Fund | 1630 | 2.1 | New Zealand | 2010 | Allocates to: Elementum (NZ $790m); Leadenhall (NZ $570m); Carlyle (NZ $930m - insurance run-off); Apollo (NZ $392m - life settlements, being wound down). Data as at: Jun 30th 2024. |
| North Yorkshire Pension Fund | 163.5 | 4.6 | United Kingdom | 2018 | Allocates to: Leadenhall. Data as at: Mar 2020. |
| Ontario Teachers' Pension Plan (OTPP) | 3500 | 1.4 | Canada | 2005 | Allocations to: DaVinci Re; Lifson Re; London Bridge Risk PCC; Voussoir Re Segregated Account Napoleon; and more. Data as at: Jan 2024 |
| Oregon Public Employees Retirement Fund | 121.1 | 1.5 | United States | 2012 | Allocates to: Nephila Capital's Juniper & Palmetto funds. Data as at: Jun 30th 2019. |
| Pennsylvania Public School Employees' Retirement System (PSERS) | 835.2 | 1.5 | United States | 2011 | Allocates to: Aeolus, Nephila, RenaissanceRe. Data as at: Jun 2021. |
| Pensionskasse Basel-Stadt | 330 | 2 | Switzerland | 2017 | Allocates to: Leadenhall Capital Partners; LGT ILS Partners; SCOR Investment Partners; Securis Investment Partners. Data as at: Dec 31 2023 |
| Pensionskasse SBB | 26.5 | 0.1 | Switzerland | 2012 | Data as at: Dec 31st 2024. |
| PGGM (investing in ILS for PFZW) | 8680 | 3.2 | Netherlands | 2006 | Allocates to: Aeolus, AXA XL, Elementum, Fermat, Integral ILS, Munich Re, Nephila, Nightingale Re Ltd., PartnerRe, RenaissanceRe, SCOR, Scenery Re Ltd., Swiss Re, Vermeer Re. Data as at: Dec 31st 2024. |
| PKG Pensionskasse | 150 | 1.6 | Switzerland | Data as at: Apr 30th 2022. | |
| Police Mutual Aid Association of South Korea | 30 | 1.5 | South Korea | 2017 | Allocates to: LGT. Data as at: 2017. |
| Public Officials Benefit Association (POBA) of South Korea | 80 | 1.1 | South Korea | 2016 | Allocates to: Leadenhall, LGT, Nephila. Data as at: 2017. |
| Railways Pension Scheme (RPMI Railpen) | 900 | 1.5 | United Kingdom | 2017 | Allocates to: Credit Suisse Insurance-Linked Strategies; Nephila Capital. Data as at: Dec 31 2020. |
| Rest Super | 242 | 0.37 | Australia | 2024 | Allocates to: Twelve Capital. Data as at: Jun 30th 2025. |
| Royal Bank of Scotland (RBS) | 1330 | 2.3 | United Kingdom | 2012 | Allocates to: Leadenhall, Nephila. Invests across life and catastrophe risks. Assets includes litigation financing allocation. Data as at: 2020. |
| Royal Mail Pension Plan | 86 | 0.6 | United Kingdom | 2014 | Allocates to: Elementum Advisors. Data as at: Mar 31st 2019. |
| Saskatchewan Healthcare Employees’ Pension Plan (SHEPP) | 138 | 1.8 | Canada | Allocates to: Aeolus Capital Management; Nephila Capital. Data as at: Dec 31st 2023. |
|
| State of Michigan Retirement Systems | 545 | 0.8 | United States | 2015 | Allocates to: Natural catastrophe risk. Longevity linked life settlements with Vida Capital. Data as at: Mid-2020. |
| State of Utah, School and Institutional Trust Funds Office (SITFO) | 97.4 | 2.6 | United States | Allocates to: Credit Suisse, Hudson Structured, Securis. Data as at: Aug 2021. |
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| Teacher Retirement System of Texas | 600 | 0.5 | United States | 2012 | Allocates to: Aeolus, DaVinci Re. Data as at: 2020. |
| Virginia Retirement System | 250 | 0.2 | United States | 2024 | Allocates to: Neuberger Berman Insurance Linked Strategies |
| West Midlands Pension Fund | 460 | 2.5 | United Kingdom | 2013 | Allocates to: Coriolis, Credit Suisse, Markel CATCo. Data as at 2020. |
