Swiss Re will co-manage GAM’s ILS funds, including around $3bn in assets under management.

GAM Investments and Swiss Re have announced a long-term strategic partnership to co-manage GAM’s insurance-linked securities (ILS) fund range, including the GAM Star Cat Bond UCITS Fund.

Deal

Effective from 7 May 2025, Swiss Re’s subsidiary, Swiss Re Insurance-Linked Investment Advisors Corporation (SRILIAC), will assume the role of co-investment manager.

Reinsurer Swiss Re currently oversees approximately $5bn in ILS assets, encompassing funds, sidecars, and bespoke structures.

With this partnership, the ILS arm of Swiss Re will co-manage GAM’s ILS funds, which have around $3bn in assets under management as of 31 March 2025.

The collaboration incudes access to Swiss Re’s risk and underwriting expertise, which includes over 50 dedicated scientists specialising in catastrophe risk, more than 190 proprietary peril models, and approximately 200 terabytes of curated portfolio data.

Investors will continue to benefit from GAM’s robust institutional framework, combining strong infrastructure, rigorous risk management, and tailored investment solutions, the firm said.

GAM has appointed Rom Aviv as Head of ILS, bringing17 years of experience in modelling, structuring, and product development across ILS, reinsurance, and capital markets.

“For 20 years GAM has provided clients with access to portfolio diversifying Catastrophe and Insurance Linked Securities globally,” said Elmar Zumbuehl, group CEO of GAM Investments.

“We are proud of our significant contribution to the asset class, having helped several thousand clients access and invest in GAM Cat Bond and ILS strategies.

“GAM and Swiss Re’s combined strengths across global distribution, product innovation, risk management and investment expertise will help make an already exciting asset class more accessible to our clients,” he said.

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 working with GAM to bring Swiss Re’s unparalleled risk knowledge and cat bond industry experience to investors.”

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