SCOR and Swedish pension fund Alecta enter a strategic partnership through the Atlas Gotland sidecar
SCOR announces that it has secured a USD 200 Million investment by the Swedish pension fund Alecta into the Atlas Gotland Worldwide Catastrophe Sidecar, a segregated account of the newly created special purpose reinsurer, Atlas Re Limited in Bermuda. With this investment, Alecta will benefit from the performance of SCOR Global P&C’s diversified portfolio of property catastrophe reinsurance through a multi-year agreement.
Jean-Paul Conoscente, CEO of SCOR Global P&C, commented on the transaction: “We are very pleased to strengthen our relationship with Alecta through this long-term partnership and to further expand SCOR’s strategy of giving access to its underwriting franchise and diversified portfolio to institutional investors through third-party capital transactions. This is another important milestone in the development of SCOR’s third-party capital strategy, with an important partnership with a leading pension fund.”
Tony Persson, Head of Fixed Income and Strategy at Alecta, commented: “Our focus is on generating solid long-term returns for our customers being 2.6 million people and 35,000 businesses across Sweden. We manage our assets in a cost efficient and sustainable manner, working with few select external partners where we see relevant investment opportunities. We are convinced that insurance-linked securities can generate high-quality and uncorrelated returns benefiting our overall portfolio and are pleased to partner with SCOR given their expertise in this domain. We look forward to a long-lasting collaboration.”
Swiss Re Insurance-Linked Investment Management Ltd enters a strategic partnership with Swedish pension fund Alecta
Swiss Re Insurance-Linked Investment Management Ltd (SRILIM) successfully partnered with Sweden’s largest private pension fund Alecta to secure an investment of USD 250 million in its 1863 fund platform.
SRILIM, the investment manager of the 1863 fund platform and fully owned subsidiary of Swiss Re Ltd, secured a substantial investment of USD 250 million from Swedish pension fund Alecta, which manages assets of approximately 2.6 million customers. Through the capital efficient fund format, Alecta can participate in Swiss Re’s natural catastrophe business and benefit from significant diversification potential as well as Swiss Re’s risk knowledge and underwriting expertise.
Martin Bisping, CEO of SRILIM, said: “We are very excited to have Alecta as a strategic partner. This marks a significant milestone, particularly in terms of asset raising, in the still young history of our 1863 fund platform, which achieved strong investment performance since its launch a year ago. I am confident that we will accelerate this positive momentum, as we continue to broaden our partnerships with alternative capital investors, such as Alecta.”
Tony Persson, Head of Fixed Income and Strategy at Alecta, said: “Our primary focus is on generating attractive long-term returns for our customers. We manage our assets in an efficient and sustainable manner, working with few select partners where we see relevant investment opportunities. We are convinced that insurance-linked securities can generate high-quality and uncorrelated returns and are pleased to partner with Swiss Re to benefit from its extensive expertise in this domain. We look forward to a long-lasting collaboration.”