Swiss Re, through its subsidiary Swiss Re Insurance-Linked Investment Advisors Corporation, was appointed as co-investment manager of GAM Investment's insurance-linked security fund range, including the GAM Star Cat Bond UCITS Fund, according to a news release.
The appointment is effective as of May 7.
Currently Swiss Re manages approximately $5 billion in ILS assets, and will incorporate the $3 billion currently under management by GAM Investments.
As co-investment manager, Swiss Re will be responsible for investment and portfolio management decisions, while GAM will retain responsibility for risk management oversight and will lead global distribution and product structuring. Swiss Re and GAM will also collaborate on ILS innovation.
Mariagiovanna Guatteri, CEO and CIO of SRILIAC, said in the news release: "The ILS market set new records in 2024, and strong returns on cat bonds have highlighted the attractiveness and diversification value of the asset class for investors. It is an exciting time for the industry, and we see considerable interest both from cat bond issuers and investors.”
Headquartered in Zurich, Swiss Re has assets under management of Swiss franc 111 billion ($123 billion) as of Dec. 31, 2024.
