Pension funds investing in insurance-linked securities (ILS)

We track as many pension funds that invest in the insurance-linked securities (ILS) asset class as we can, across catastrophe bonds, collateralised reinsurance and other insurance-linked assets, based on the public or private data made available to us.

Major pensions funds and sovereign wealth funds of the world are increasingly adding insurance-linked securities (ILS) funds, catastrophe bonds and other reinsurance linked assets to their alternative investment strategies.

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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.

Pension fund or sovereign wealth fundILS allocation (latest available) (US $m)% allocated to ILSCountryAllocating since?Notes
Abu Dhabi Investment Authority5500.1United Arab Emirates2019
AP26151.7Sweden2012Allocates to: Credit Suisse, Elementum, Fermat.
Data as at: Dec 31st 2018.
AP35671.6Sweden2008Invests for itself as well as through external managers.
Data as at: Dec 31st 2018.
Arkansas Teacher Retirement System2611.5United States2015Allocates to: Aeolus, Nephila.
Data as at: mid-2018.
BBC410.2United Kingdom2010Allocates to: Securis.
Data as at: Mar 31st 2019.
Canada Pension Plan Investment Board (CPPIB)1225Canada2012Allocates to: Fermat, Nephila, RenaissanceRe.
Data as at: 2018 (Only includes 2018 ILS allocations).
Coca-Cola4038.4United States2014Allocates to: Securis and others within U.S. pension plan.
Data as at: Dec 31st 2018.
Florida State Board of Administration8580.4United States2017Allocates to: Aeolus, Credit Suisse, Pillar, Nephila, RenaissanceRe.
Data as at: mid-2019.
IBM UK Pension Plan2283United Kingdom2013Allocates to: Nephila, Securis.
Data as at: Dec 31st 2018.
Indiana Public Retirement System2220.7United States2016Allocates to: Aeolus, Hudson Structured.
Data as at: Aug 2019.
London Pensions Fund Authority (LPFA)921.6United Kingdom2017Allocates to: Aeolus.
Data as at Mar 2019.
Maryland State Retirement and Pension System5000.9United States2016Allocates to: Aeolus, Nephila Capital.
Data as at: Aug 2019.
Massachusetts Pension Reserves Investment Management (MassPRIM)2500.4United States2017Allocates to: Aeolus, Markel CATCo. Current value of ILS investments unknown.
Data as at: Dec 31st 2017.
North Yorkshire Pension Fund2004.8United Kingdom2018Allocates to: Leadenhall.
Data as at: Aug 2019.
New Zealand Government Superannuation Fund (GSF)2518.3New Zealand2010$165m in catastrophe insurance (Nephila Capital & Fermat). $86m in life settlements (Apollo Global & Credit Suisse).
Data as at Jun 30th 2019.
New Zealand Superannuation Fund2351New Zealand2010Allocates to: Elementum ($97m), Leadenhall ($257m).
Data as at: Jun 30th 2019.
Oregon Public Employees Retirement Fund121.11.5United States2012Allocates to: Nephila Capital's Juniper & Palmetto funds.
Data as at: Jun 30th 2019.
Pennsylvania Public School Employees' Retirement System (PSERS)8111.5United States2011Allocates to: Aeolus, Nephila, RenaissanceRe.
Data as at: Jun 2018.
Pensionskasse SBB3922.3Switzerland2012Data as at: Dec 31st 2018.
PGGM45001.8Netherlands2006Allocates to: AlphaCat, Elementum, Fermat, LGT, Munich Re, Nephila.
Data as at: Dec 31st 2018.
Police Mutual Aid Association of South Korea301.5South Korea2017Allocates to: LGT.
Data as at: 2017.
Public Officials Benefit Association (POBA) of South Korea801.1South Korea2016Allocates to: Leadenhall, LGT, Nephila.
Data as at: 2017.
Royal Bank of Scotland (RBS)13002.3United Kingdom2012Allocates to: Leadenhall, Nephila. Invests across life and catastrophe risks. Assets includes litigation financing allocation.
Data as at: Dec 31st 2018.
Royal Mail Pension Plan860.6United Kingdom2014Allocates to: Elementum Advisors.
Data as at: Mar 31st 2019.
State of Michigan Retirement Systems5867.3United States2015Allocates 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)752.6United StatesAllocates to: Credit Suisse, Hudson Structured, Securis.
Data as at: Sep 2019.
Teacher Retirement System of Texas5970.4United States2012Allocates to: Aeolus, DaVinci Re.
Data as at: Dec 31st 2018.
West Midlands Pension Fund3852.5United Kingdom2013Allocates to: Coriolis, Credit Suisse, Markel CATCo.
Data as at Mar 2018.