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UCITS Catastrophe Bond Funds – assets under management

These charts display the growth of assets under management held in UCITS catastrophe bond funds.

The UCITS (or Undertakings for the Collective Investment in Transferable Securities) fund format has become a significant structure in the catastrophe bond fund investment market, offering investors regular liquidity and more transparency, while meeting the necessary European rules to qualify under the UCITS framework.

plenum-investments-logoHere, with the help of our kind partner Plenum Investments AG, a specialist insurance-linked securities (ILS) investment manager, we have aggregated UCITS cat bond fund data and made it available to our readers, to help them analyse and track growth in assets of the UCITS cat bond fund sector.

In recent years, UCITS cat bond funds have experienced significant inflows of capital from investors and UCITS cat bond fund managers have seen their assets under management increase as a result.


UCITS cat bond funds – a growing part of the insurance-linked securities asset class

With catastrophe bond issuance strong over the last few years, reaching a record level in 2021 and continuing apace in 2022 and accelerating into 2023, the cat bond investment fund market has grown to support this expanding issuance.

As a result, the main UCITS catastrophe bond funds have been growing rapidly, with some experiencing particularly rapid expansion of their cat bond assets under management.

At the end of the third-quarter of 2023, the assets under management (AuM) of the main UCITS cat bond fund strategies fell slightly to just over US $9.95 billion.

The figure had reached a high of almost US $10.4 billion by the end of the first-half of 2023, but some outflows, currency effects and also the lack of new investment opportunities during the wind season, served to shrink the asset base of the UCITS cat bond funds as a group in the third-quarter.

UCITS cat bond fund assets under management are still up by more than 13% since the end of 2022, while the largest three funds as a group have grown roughly 11% over the same period, to end of Q3 2023. AUM then recovered somewhat to reach just over $10 billion against by the end of October 2023.

UCITS catastrophe bond fund assets under management – By year

Our first chart displays the assets under management of UCITS catastrophe bond funds by year, with all figures cited as of year-end. In addition, the current year is updated on a quarterly basis, so this figure is accurate to the end of the prior quarter.

UCITS catastrophe bond fund assets under management – By month

Our second chart on UCITS cat bond fund AuM displays the total by month, which makes for a more granular view of UCITS catastrophe bond fund sector growth.

This by month view, also enables you to see periods where UCITS cat bond fund AuM may have dipped due to catastrophe loss activity, or because of outflows (including outflows during the early months of the COVID-19 pandemic). It also shows more clearly periods of more significant investor inflow to the UCITS cat bond fund sector.

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* Estimated figures.

The data to create these charts is taken from a number of public sources where UCITS catastrophe bond funds and their assets under management are listed, with the support and assistance of Plenum Investments AG.

Every effort has been made to include all relevant UCITS cat bond funds, to accurately reflect the size of the UCITS catastrophe bond fund market and the amount of cat bond risk capital currently provided by the UCITS cat bond fund class.

If you notice any errors or omissions please contact us.

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Leadenhall Capital Partners LLP

GC Securities

Schroders Capital - Insurance-linked securities ILS

Wilmington Trust


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