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.
We are always looking to expand the usefulness of the data we make available to the insurance-linked securities market, so please do let us know of any pension funds investing in ILS that we have missed. Contact us here.
———————————————————————
Analyse catastrophe bond market issuance using the Artemis Dashboard and Charts.
We’ve tracked more than 650 cat bonds and related ILS transactions since 1996, all of which are included in our extensive Deal Directory.
Use the Artemis Dashboard and our Cat Bond Market Charts to analyse this market!
| 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 | |
| AP2 | 615 | 1.7 | Sweden | 2012 | Allocates to: Credit Suisse, Elementum, Fermat. Data as at: Dec 31st 2018. |
| AP3 | 567 | 1.6 | Sweden | 2008 | Invests for itself as well as through external managers. Data as at: Dec 31st 2018. |
| Arkansas Teacher Retirement System | 261 | 1.5 | United States | 2015 | Allocates to: Aeolus, Nephila. Data as at: mid-2018. |
| BBC | 41 | 0.2 | United Kingdom | 2010 | Allocates to: Securis. Data as at: Mar 31st 2019. |
| Canada Pension Plan Investment Board (CPPIB) | 1225 | Canada | 2012 | Allocates to: Fermat, Nephila, RenaissanceRe. Data as at: 2018 (Only includes 2018 ILS allocations). | |
| Coca-Cola | 403 | 8.4 | United States | 2014 | Allocates to: Securis and others within U.S. pension plan. Data as at: Dec 31st 2018. |
| 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. |
| IBM UK Pension Plan | 228 | 3 | United Kingdom | 2013 | Allocates to: Nephila, Securis. Data as at: Dec 31st 2018. |
| Indiana Public Retirement System | 222 | 0.7 | United States | 2016 | Allocates to: Aeolus, Hudson Structured. Data as at: Aug 2019. |
| London Pensions Fund Authority (LPFA) | 92 | 1.6 | United Kingdom | 2017 | Allocates to: Aeolus. Data as at Mar 2019. |
| 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. |
| Navistar International Corp. pension & retirement plans | 40 | 1.7 | United States | 2019 | Allocates to ILS across pension plan ($34m) and postretirement benefits plan ($6m). Data as at: Oct 31st 2019. |
| North Yorkshire Pension Fund | 200 | 4.8 | United Kingdom | 2018 | Allocates to: Leadenhall. Data as at: Aug 2019. |
| 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 | 235 | 1 | New Zealand | 2010 | Allocates to: Elementum ($97m), Leadenhall ($257m). Data as at: Jun 30th 2019. |
| 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) | 811 | 1.5 | United States | 2011 | Allocates to: Aeolus, Nephila, RenaissanceRe. Data as at: Jun 2018. |
| Pensionskasse SBB | 392 | 2.3 | Switzerland | 2012 | Data as at: Dec 31st 2018. |
| PGGM (investing in ILS for PFZW) | 6500 | 2.4 | Netherlands | 2006 | Allocates to: AlphaCat, AXA XL, Elementum, Fermat, LGT, Munich Re, Nephila, RenaissanceRe Data as at: Dec 31st 2019. |
| 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) | 362.35 | 1.4 | United Kingdom | 2017 | Allocates to: Credit Suisse Insurance-Linked Strategies. Data as at: end-2018. |
| Royal Bank of Scotland (RBS) | 1300 | 2.3 | United Kingdom | 2012 | Allocates to: Leadenhall, Nephila. Invests across life and catastrophe risks. Assets includes litigation financing allocation. Data as at: Dec 31st 2018. |
| 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 | 586 | 7.3 | United States | 2015 | Allocates to: Natural catastrophe risk. Longevity linked life settlements with Vida Capital. Data as at: Dec 31st 2018. |
| State of Utah, School and Institutional Trust Funds Office (SITFO) | 75 | 2.6 | United States | Allocates to: Credit Suisse, Hudson Structured, Securis. Data as at: Sep 2019. | |
| Teacher Retirement System of Texas | 597 | 0.4 | United States | 2012 | Allocates to: Aeolus, DaVinci Re. Data as at: Dec 31st 2018. |
| West Midlands Pension Fund | 385 | 2.5 | United Kingdom | 2013 | Allocates to: Coriolis, Credit Suisse, Markel CATCo. Data as at Mar 2018. |
