Swiss Re to be appointed as co-investment manager of GAM’s catastrophe bond and ILS fund range

Swiss Re’s subsidiary, Swiss Re Insurance-Linked Investment Advisors Corporation (SRILIAC), will become the co-investment manager for GAM’s insurance-linked security (ILS) fund range, including the GAM Star Cat Bond UCITS Fund, starting 7 May 2025.

As of 31 March 2025, Swiss Re manages approximately USD 5 billion in ILS assets and will add GAM’s ILS funds, which have around USD 3 billion in assets under management, to its portfolio. Swiss Re will handle investment and portfolio management, while GAM will oversee risk management and lead global distribution.

With over 160 years in the reinsurance industry, Swiss Re has been a pioneer in catastrophe bonds (cat bonds) since the market’s inception in the 1990s. The firm is a leading arranger of cat bonds, having managed transactions with a notional value of about USD 50 billion.

Investors in GAM’s funds will benefit from Swiss Re’s extensive expertise in catastrophe risk through its dedicated team of scientists and robust proprietary models. The co-managed funds will be overseen by Mariagiovanna Guatteri, who brings over 20 years of experience in cat bond portfolio management and natural catastrophe modelling.

Guatteri remarked on the strong performance of cat bonds in 2024, highlighting their appeal for diversification. The cat bond market is expanding, spurred by demand for risk transfer linked to economic development and climate change.

Christopher Minter, Head of Swiss Re Alternative Capital Partners, expressed enthusiasm for the partnership with GAM, emphasizing the goal of leveraging Swiss Re’s risk knowledge for investors.