West Virginia picks Elementum’s catastrophe reinsurance fund

West Virginia Investment Management Board, Charleston, hired Elementum Advisors to run $40 million in its Elementum NatCat Offshore Fund, according to the $13.2 billion board’s May financial statement.

It is the first hedge fund allocation of 2013, according to financial statements. The hedge fund pool as of May 31 had $1.34 billion in assets.

The subscription date for the fund, which specializes in catastrophe-based reinsurance investments, was May 1.

According to the board’s fiscal report as of Sept. 30, 2012, total investments returned 1.1% in the previous 12 months, with a three-year annualized return of 12.3%.

Calls to the board were not returned at press time.