Swiss Re subsidiary to co-manage GAM's ILS funds
By Rebecca Delaney
April 7 - (The Insurer) - Swiss Re Insurance-Linked Investment Advisors Corporation has been appointed co-investment manager of asset manager GAM's ILS fund range, effective May 7.
The reinsurer's ILS assets under management stood at approximately $5 billion at March 31, 2025, including funds, sidecars and bespoke structures.
From May 7, Swiss Re will additionally co-manage GAM's ILS funds, including the GAM Star Cat Bond UCITS Fund. GAM's ILS funds have approximately $3 billion in assets under management.
As co-investment manager, Swiss Re will be responsible for investment and portfolio management decisions. GAM will retain responsibility for risk management oversight, as well as leading global distribution and product structuring.
Investors in GAM's catastrophe bond and ILS funds will be able to utilise Swiss Re's risk knowledge and underwriting expertise, including more than 190 proprietary peril models and approximately 200 terabytes of curated portfolio data.
Swiss Re Insurance-Linked Investment Advisors Corporation is led by Mariagiovanna Guatteri, who assumed the role of CEO in July 2022. Prior to that, she was head of ILS portfolio management at Swiss Re.
"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," said Guatteri.
"It is an exciting time for the industry, and we see considerable interest both from cat bond issuers and investors."
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