Swiss Re Appointed as Co-Investment Manager for GAM’s ILS Funds, Enhancing Cat Bond Expertise

Swiss Re Appointed as Co-Investment Manager for GAM’s ILS Funds, Enhancing Cat Bond Expertise

(IN BRIEF) Effective 7 May 2025, Swiss Re, through its subsidiary SRILIAC, will co-manage GAM’s insurance-linked security funds, including the GAM Star Cat Bond UCITS Fund. This partnership involves managing approximately USD 3 billion in assets from GAM’s ILS funds while leveraging Swiss Re’s existing USD 5 billion in ILS assets. Swiss Re will handle investment and portfolio management decisions, while GAM retains risk management and global distribution responsibilities. The collaboration is expected to drive ILS innovation and offer investors access to Swiss Re’s deep expertise in catastrophe bonds and risk transfer, supported by extensive data, models, and a seasoned team. Key executives from both Swiss Re and GAM have underscored the significance of this partnership in advancing the ILS market.

(PRESS RELEASE) ZURICH, 8-Apr-2025 — /EuropaWire/ — Swiss Re, via its subsidiary Swiss Re Insurance-Linked Investment Advisors Corporation (SRILIAC), will assume the role of co-investment manager for GAM’s insurance-linked security (ILS) fund portfolio, including the GAM Star Cat Bond UCITS Fund, effective 7 May 2025. This strategic appointment marks another step in Swiss Re’s ongoing expansion in the ILS space, where it currently manages around USD 5 billion in assets—spanning funds, sidecars, and bespoke structures—as of 31 March 2025.

Under this new arrangement, Swiss Re will co-manage approximately USD 3 billion in assets from GAM’s ILS funds, taking responsibility for investment and portfolio management decisions. Meanwhile, GAM will continue to oversee risk management and spearhead global distribution and product structuring. In addition, the two firms will collaborate on advancing innovations within the ILS market.

With a legacy spanning over 160 years, the Swiss Re Group has long been a frontrunner in reinsurance and insurance-based risk transfer, including a pioneering role in the development of catastrophe bonds since the 1990s. Through Swiss Re Capital Markets, the group has arranged cat bond transactions totaling roughly USD 50 billion—over one-quarter of all cat bonds issued since 1997.

Investors in GAM’s cat bond and ILS funds are set to benefit from Swiss Re’s deep expertise in risk assessment and underwriting, backed by a team of more than 50 dedicated catastrophe risk scientists, 190 proprietary peril models, and approximately 200 terabytes of curated portfolio data.

The co-management of the funds will be executed by SRILIAC, a wholly-owned subsidiary of Swiss Re and a registered investment adviser with the US Securities and Exchange Commission. SRILIAC is led by Mariagiovanna Guatteri, whose 20-plus years of experience in cat bond portfolio management and natural catastrophe modeling have been integral to Swiss Re’s ILS investment strategies.

Mariagiovanna Guatteri, CEO and CIO of SRILIAC, commented, “The ILS market reached new heights in 2024, and robust returns on cat bonds have underscored the asset class’s diversification value for investors. It is an exciting time for the industry, and we see significant interest from both issuers and investors alike.”

Christopher Minter, Head of Swiss Re Alternative Capital Partners, added, “We are delighted to partner with GAM to co-manage their cat bond and ILS investment strategies. We look forward to leveraging Swiss Re’s unparalleled risk expertise and extensive experience in the cat bond market to benefit investors.”

About Swiss Re
The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 70 offices globally.

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SOURCE: Swiss Re