Swiss Re to be appointed as co-investment manager of GAM’s catastrophe bond and ILS fund range
Swiss Re, through its subsidiary Swiss Re Insurance-Linked Investment Advisors Corporation, will be appointed as co-investment manager of GAM’s insurance-linked security fund range, including the GAM Star Cat Bond UCITS Fund, effective from May 7th, 2025.
Swiss Re manages approximately $5 billion in ILS assets as of March 31st, 2025, including funds, sidecars and bespoke structures. From May 7th, 2025, Swiss Re will additionally co-manage GAM’s ILS funds, which have a total of approximately $3 billion in assets under management as of March 31st, 2025.
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.
Investors in GAM’s cat bond and ILS funds will now benefit from Swiss Re’s “extensive risk knowledge and underwriting expertise,” including more than 50 dedicated scientists working in catastrophe risk, over 190 proprietary peril models and approximately 200 terabytes of curated portfolio data.
Cat bonds, which are issued to provide financial protection against potential losses from natural catastrophes or other perils, allow investors to access an asset class, whose returns have low correlation with other financial markets asset classes.
“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.” – Mariagiovanna Guatteri, CEO and CIO of SRILIAC.
“We are delighted to partner with GAM to co-manage their cat bond and ILS investment strategies. We look forward to working with GAM to bring Swiss Re’s unparalleled risk knowledge and cat bond industry experience to investors.” – Christopher Minter, Head of Swiss Re Alternative Capital Partners.
