Twelve Capital and Securis Investment Partners, two independent asset management specialists in insurance-linked securities, are to merge, with both sets of shareholders remaining fully invested in the combined business.

The deal will create one of the largest ILS managers globally with $7.8bn in AUM.

According to a press statement, the combination of Securis and Twelve Capital "ensures continued alignment of interests as the merger preserves independence and a client-centric approach".

Securis was founded in 2005 and specialises in public and private ILS. Twelve Capital was founded in 2010 and specialises in insurance investments, particularly catastrophe bonds.

With a global team working across London, Zurich, Munich, Tokyo and Bermuda, the new partnership will be led by Urs Ramseier, co-founder of Twelve Capital, who becomes Chief Executive Officer, and Herbie Lloyd, Chief Investment Officer of Securis, who becomes CIO Private ILS and Head of UK and Bermuda. Christoph Buerer, co-founder of Twelve Capital, will become President, while Etienne Schwartz will become CIO of Liquid Securities. Vegard Nilsen, Chief Executive Officer of Securis, will leave the business upon completion of the transaction.

Financial terms of the transaction, which is expected to complete in Q4 2024, subject to customary regulatory approvals, have not been disclosed.