Swiss Re, through its subsidiary Swiss Re Insurance-Linked Investment Advisors Corporation (SRILIAC), is set to become the co-investment manager of the GAM Investments insurance-linked security (ILS) fund range.
This includes the GAM Star Cat Bond UCITS Fund, with the appointment effective from 7 May 2025.
Swiss Re currently manages around $5bn in ILS assets including funds, sidecars and structures.
From the same date, Swiss Re will take on the co-management of GAM’s ILS funds, which held nearly $3bn in assets under management (AUM) as of 31 March 2025.
In this new capacity, Swiss Re will oversee investment and portfolio management decisions, while GAM will maintain its risk management oversight and continue to lead in global distribution and product structuring.
The partnership will also see Swiss Re and GAM working together on ILS innovation, the release stated.
Investors in GAM’s cat bond and ILS funds can access Swiss Re’s risk knowledge and underwriting expertise, including the insights of more than 50 scientists in catastrophe risk, more than 190 proprietary peril models and around 200TB of portfolio data.
Rom Aviv has been named as the head of ILS at GAM, while Mariagiovanna Guatteri will lead the SRILIAC unit.
Christopher Minter, head of Swiss Re Alternative Capital Partners, said: “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.”
Last month, Swiss Re divested its entire 10.05% stake in Definity Financial. It included the sale of 11,647,217 common shares at C$56.20 each, resulting in total proceeds of roughly C$655m ($459.27m).
