Swiss Re Insurance-Linked Investment Advisors Corporation (SRILIAC), a registered investment adviser and subsidiary of global reinsurer Swiss Re, will become co-investment manager of GAM’s insurance-linked securities (ILS) fund range, including the GAM Star Cat Bond UCITS Fund, effective May 7th, 2025.

As of March 31st, 2025, Swiss Re manages around $5 billion in ILS assets across funds, sidecars, and bespoke structures. Beginning in May, the firm will also co-manage GAM’s ILS funds, which hold around $3 billion in assets under management (AUM).

As co-investment manager, Swiss Re will take on responsibility for investment and portfolio management decisions. GAM will continue to oversee risk management, lead global distribution, and manage product structuring. The two firms also plan to collaborate on ILS innovation.

Swiss Re has been a key player in the catastrophe bond market since its inception in the 1990s, serving as a major sponsor of cat bonds and sidecars. Through Swiss Re Capital Markets, the firm has arranged cat bond transactions with a notional value of approximately $50 billion.

Investors in GAM’s cat bond and ILS funds will now benefit from Swiss Re’s extensive risk knowledge and underwriting expertise, including more than 50 catastrophe risk scientists, over 190 proprietary peril models, and roughly 200 terabytes of curated portfolio data.

SRILIAC, a wholly owned subsidiary of Swiss Re and a US Securities and Exchange Commission-registered investment adviser, will co-manage the funds. The unit is led by CEO and CIO Mariagiovanna Guatteri.

Guatteri commented, “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.”

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.”

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