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 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.