Swiss Re, via its wholly owned subsidiary Swiss Re Insurance-Linked Investment Advisors Corporation (SRILIAC), is set to be appointed co-investment manager of GAM’s insurance-linked securities (ILS) fund range, effective 7 May 2025.
The collaboration includes the GAM Star Cat Bond UCITS Fund and other ILS strategies with approximately US$3 billion in assets under management (AUM) as at 31 March 2025.
Under the arrangement, Swiss Re will be responsible for investment and portfolio management, while GAM will retain risk oversight and continue to lead global distribution and product structuring.
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.”
The firms will also collaborate on ILS innovation, drawing on Swiss Re’s catastrophe risk underwriting and analytics capabilities. SRILIAC, a US Securities and Exchange Commission-registered investment adviser, will co-manage the funds under the leadership of Mariagiovanna Guatteri.
Guatteri, who has over 20 years of experience in catastrophe bond portfolio management and modelling at Swiss Re, said: “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.”
