Credit Suisse Asset Management (CSAM) has closed its ILS Property & Casualty Fund (the P&C Fund) with a total of USD576 million in capital commitments from a diverse mix of institutional investors.
The P&C Fund includes investors from the US and Europe consisting of public and corporate pension funds, insurance companies, funds of funds, asset managers, endowments, foundations and family offices.
CSAM's P&C Fund complements Credit Suisse's global Insurance Linked Strategies (ILS) business. Credit Suisse is a leader in insurance linked strategies with more than USD6.5 billion in assets under management. Insurance strategies have historically offered relatively low correlation to financial markets, a characteristic increasingly sought by institutional investors.
The P&C Fund broadens CSAM's insurance product offering with a strategy that focuses on the purchase of discontinued lines of property and casualty insurance business (run-off) that have outstanding claims liabilities. Brad Huntington and John Williams, the Principals of ILS Investment Management, the sub-advisor to the P&C Fund, collectively have over 50 years of experience in the insurance sector and have managed P&C run-off portfolios globally both in fund and corporate formats.
