Swiss Re Insurance-Linked Fund Management

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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.


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.

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Pension fund or sovereign wealth fundILS allocation (latest available) (US $m)% allocated to ILSCountryAllocating since?Notes
Abu Dhabi Investment Authority5500.1United Arab Emirates2019
Alecta450Sweden2022Allocates to: Swiss Re 1863 Fund ($250m); SCOR's Atlas Re sidecar ($200m).
AP23750.8Sweden2012Allocates to: Credit Suisse, Elementum, Fermat.
Data as at: Dec 31st 2021
AP33990.7Sweden2008Invests for itself as well as through external managers.
Data as at: Dec 31st 2021.
APK - Aargauische Pensionskasse2152Switzerland?Unknown
Arkansas Teacher Retirement System1390.7United States2016Allocates to: Aeolus ($40.1m), Nephila ($9.1m), Pillar Capital ($89.9m).
Data as at: Oct 31 2022.
Basellandschaftliche Pensionskasse (BLPK)1981.7Switzerland?Data as at: Dec 31st 2020
BBC3.8United Kingdom2010Allocates to: Securis.
Data as at: Mar 31st 2021.
Bristow Group Inc. Employee Savings and Retirement Plan24.35UK2018Unknown
Canada Pension Plan Investment Board (CPPIB)1225Canada2012Allocates to: Fermat, Nephila, RenaissanceRe.
Data as at: 2018 (Only includes 2018 ILS allocations).
Challenger Life2300.3Australia2016Allocates to: Catastrophe bonds and life insurance-linked investments
City of Zurich Pension Fund4002Switzerland2017Allocates to: Broadriver and MiraVast in life settlements. Elementum Advisors and SCOR Investment Partners in P&C ILS.
Coca-Cola3303.7United States2014Allocates to: Securis and others within U.S. pension plan.
Data as at: Dec 31st 2021.
FirstEnergy Corp.1862United States2018Unknown
Florida State Board of Administration8580.4United States2017Allocates to: Aeolus, Credit Suisse, Pillar, Nephila, RenaissanceRe.
Data as at: mid-2019.
Future Fund of Australia11101Australia2015Allocates to: Hiscox ILS, Elementum Advisors.
Data as at: 2020
Healthcare of Ontario Pension Plan (HOOPP)5750.6Canada2019Some direct investing as well as allocations to ILS funds. Data as at: Dec 31 2021
IBM UK Pension Plan2853United Kingdom2013Allocates to: Nephila, Securis.
Data as at: Dec 31st 2019.
Indiana Public Retirement System2220.7United States2016Allocates to: Aeolus, Hudson Structured.
Data as at: Dec 2019.
London Pensions Fund Authority (LPFA)600.78United Kingdom2017Allocates to: Aeolus.
Data as at Mar 2020.
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.
MLC Investments Limited725AustraliaAllocates to three ILS fund managers
NatWest Group Pension Fund163.6United KingdomData as at: Dec 31st 2020
Navistar International Corp. pension & retirement plans401.7United States2019Allocates to ILS across pension plan ($34m) and post-retirement benefits plan ($6m).
Data as at: Oct 31st 2019.
New Jersey Division of Investment1000.13United States2020Allocates to: Separate account with Nephila Capital.
New Mexico Educational Retirement Board1501.12United States2018Allocates to: ILS Capital Management. Data as at Oct 2020.
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 Fund1321.32.7New Zealand2010Allocates 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 Fund163.54.6United Kingdom2018Allocates to: Leadenhall.
Data as at: Mar 2020.
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)835.21.5United States2011Allocates to: Aeolus, Nephila, RenaissanceRe.
Data as at: Jun 2021.
Pensionskasse SBB3751.9Switzerland2012Data as at: Dec 31st 2020.
PGGM (investing in ILS for PFZW)85003.4Netherlands2006Allocates 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 Pensionskasse1501.6SwitzerlandData as at: Apr 30th 2022.
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.
Railways Pension Scheme (RPMI Railpen)9001.5United Kingdom2017Allocates to: Credit Suisse Insurance-Linked Strategies; Nephila Capital.
Data as at: Dec 31 2020.
Royal Bank of Scotland (RBS)13302.3United Kingdom2012Allocates to: Leadenhall, Nephila. Invests across life and catastrophe risks. Assets includes litigation financing allocation.
Data as at: 2020.
Royal Mail Pension Plan860.6United Kingdom2014Allocates to: Elementum Advisors.
Data as at: Mar 31st 2019.
State of Michigan Retirement Systems5450.8United States2015Allocates 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)97.42.6United StatesAllocates to: Credit Suisse, Hudson Structured, Securis.
Data as at: Aug 2021.
Teacher Retirement System of Texas6000.5United States2012Allocates to: Aeolus, DaVinci Re.
Data as at: 2020.
West Midlands Pension Fund4602.5United Kingdom2013Allocates to: Coriolis, Credit Suisse, Markel CATCo.
Data as at 2020.

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