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 | 375 | 0.8 | Sweden | 2012 | Allocates to: Credit Suisse, Elementum, Fermat. Data as at: Dec 31st 2021 |
| AP3 | 399 | 0.7 | Sweden | 2008 | Invests for itself as well as through external managers. Data as at: Dec 31st 2021. |
| APK - Aargauische Pensionskasse | 215 | 2 | Switzerland | ? | Unknown |
| Arkansas Teacher Retirement System | 139 | 0.7 | United States | 2016 | Allocates to: Aeolus ($40.1m), Nephila ($9.1m), Pillar Capital ($89.9m). Data as at: Oct 31 2022. |
| Basellandschaftliche Pensionskasse (BLPK) | 198 | 1.7 | Switzerland | ? | Data as at: Dec 31st 2020 |
| 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 |
| Canada Pension Plan Investment Board (CPPIB) | 1225 | Canada | 2012 | Allocates to: Fermat, Nephila, RenaissanceRe. Data as at: 2018 (Only includes 2018 ILS allocations). |
|
| Challenger Life | 230 | 0.3 | Australia | 2016 | Allocates to: Catastrophe bonds and life insurance-linked investments |
| City of Zurich Pension Fund | 400 | 2 | Switzerland | 2017 | Allocates to: Broadriver and MiraVast in life settlements. Elementum Advisors and SCOR Investment Partners in P&C ILS. |
| Coca-Cola | 330 | 3.7 | United States | 2014 | Allocates to: Securis and others within U.S. pension plan. Data as at: Dec 31st 2021. |
| FirstEnergy Corp. | 186 | 2 | United States | 2018 | Unknown |
| Florida State Board of Administration | 858 | 0.4 | United States | 2017 | Allocates to: Aeolus, Credit Suisse, Pillar, Nephila, RenaissanceRe. Data as at: mid-2019. |
| Future Fund of Australia | 1110 | 1 | Australia | 2015 | Allocates to: Hiscox ILS, Elementum Advisors. Data as at: 2020 |
| Healthcare of Ontario Pension Plan (HOOPP) | 575 | 0.6 | Canada | 2019 | Some direct investing as well as allocations to ILS funds. Data as at: Dec 31 2021 |
| IBM UK Pension Plan | 285 | 3 | United Kingdom | 2013 | Allocates to: Nephila, Securis. Data as at: Dec 31st 2019. |
| Indiana Public Retirement System | 222 | 0.7 | United States | 2016 | Allocates to: Aeolus, Hudson Structured. Data as at: Dec 2019. |
| 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 | 725 | Australia | Allocates to three ILS fund managers | ||
| 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. |
| 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) | 251 | 8.3 | New Zealand | 2010 | $165m in catastrophe insurance (Nephila Capital & Fermat). $86m in life settlements (Apollo Global & Credit Suisse). Data as at Jun 30th 2019. |
| New Zealand Superannuation Fund | 1321.3 | 2.7 | New Zealand | 2010 | Allocates to: Elementum (NZ $537m); Leadenhall (NZ $491m); Apollo (NZ $406m - life settlements); Carlyle (NZ $691m - insurance run-off). Data as at: Jun 30th 2022. |
| North Yorkshire Pension Fund | 163.5 | 4.6 | United Kingdom | 2018 | Allocates to: Leadenhall. Data as at: Mar 2020. |
| 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 SBB | 375 | 1.9 | Switzerland | 2012 | Data as at: Dec 31st 2020. |
| PGGM (investing in ILS for PFZW) | 8500 | 3.4 | Netherlands | 2006 | Allocates to: Aeolus, AlphaCat, AXA XL, Elementum, Fermat, LGT, Munich Re, Nephila, Nightingale Re Ltd., PartnerRe, RenaissanceRe, SCOR, Swiss Re Data as at: Jun 30th 2022 |
| 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. |
| 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. |
| 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. |
|
| Teacher Retirement System of Texas | 600 | 0.5 | United States | 2012 | Allocates to: Aeolus, DaVinci Re. Data as at: 2020. |
| West Midlands Pension Fund | 460 | 2.5 | United Kingdom | 2013 | Allocates to: Coriolis, Credit Suisse, Markel CATCo. Data as at 2020. |
