North Yorkshire Pension Fund, Northallerton, England, hired Leadenhall Capital Partners to manage up to £160 million ($213 million) in insurance-linked securities.
A document from a meeting last month of the £3 billion pension fund committee said the initial investment was £80 million. It said pension fund executives are "currently working with Leadenhall and the consultants to ensure that the necessary documentation is completed to transfer funds by June."
The document added that the investment is lower than the £160 million agreed to at a meeting in November due to capacity limitations within the Leadenhall strategies.
The investment was funded by reducing the U.K. equities allocation.
The decision to allocate to insurance-linked securities was part of the result of "an urgent review" of the fund's investment portfolio, "in light of interest fluctuations and performance of some of its fund managers," said a search notice filed with European procurement website Tenders Electronic Daily in January. "This has proven to be more turbulent as the U.K. conducts its Brexit negotiations and the pension fund committee wishes to mitigate the risks associated with this at short notice."
A spokeswoman could not immediately be reached for comment.
