Twelve Capital and Securis Investment Partners, two independent asset managers in the ILS market, have announced plans to merge.
While financial details of the transaction were not shared, Twelve Capital said the merger will establish one of the world’s largest ILS managers, with combined assets under management amounting to $7.8bn (£6.06bn).
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Post-merger, the shareholders of each company will retain their investments in the business. B-FLEXION, a long-term investor in Securis, will continue as a supportive partner.
Securis, established in 2005, brings nearly two decades of experience in public and private ILS, while Twelve Capital, founded in 2010, is recognised for its expertise in catastrophe bonds.
The combined entity is expected to benefit from a synergy of investment-driven cultures and expertise.
This is anticipated to lead to enhanced investment capabilities, better market access and increased investment in proprietary technology.
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By GlobalDataThe merger also promises significant innovation potential and the ability to meet investor demands for a diverse range of ILS strategies and products, while the independence and “client-centric” focus of the parties will be maintained.
This will be supported by a global team with offices in London, Zurich, Munich, Tokyo and Bermuda.
Following the merger, the new partnership will be led by Twelve Capital co-founder Urs Ramseier as CEO, with Securis CIO Herbie Lloyd taking on the roles of CIO Private ILS and head of UK and Bermuda.
Christoph Buerer, also a co-founder of Twelve Capital, will serve as the president, while Etienne Schwartz will be appointed CIO of Liquid Securities.
Securis CEO Vegard Nilsen will depart following the deal’s completion.
Ramseier stated: “We have always recognised Securis as an innovative and hugely respected business in the ILS market, and the combination of our two businesses presents an exciting opportunity to create a leading ILS franchise, and one of the largest independent ILS asset managers globally.
“The coming together of our businesses will unlock significant innovation potential and enable a wider range of ILS solutions to be delivered to a truly global investor base, building on existing client coverage in North America, the UK and Europe, as well as Asia-Pacific.”
Lloyd added: “Our combined resources, global scale and continued independence, together with our complementary distribution networks, mean that we can bring enhanced investment expertise and a broader range of product solutions to our current and future clients.”
The merger is expected to be finalised in the fourth quarter of 2024, contingent on the receipt of regulatory approvals.
