UBS to Sell Credit Suisse Insurance Linked Strategies to Management Team Led by Niklaus Hilti, Insurance-linked Strategies (Ils) Invests in Reinsurance Catastrophe Risks & Earn Returns Largely Uncorrelated To Traditional & Alternative Asset Classes
27th July 2024 | Hong Kong
UBS has announced to sell Credit Suisse Insurance Linked Strategies to the management team led by Niklaus Hilti. Insurance-linked strategies (ILS) are an innovative niche asset class that allow investors to gain exposure to reinsurance catastrophe risks and earn returns largely uncorrelated to traditional and alternative asset classes. UBS (27/7/24): “UBS Group AG has today signed a definitive agreement to sell its 100% holding in Credit Suisse Insurance Linked Strategies Ltd (“CSILS”) to the CSILS management team led by Niklaus Hilti. The transaction is expected to close in the second half of the year, subject to regulatory approvals. Upon closing, CSILS will operate independently from UBS under a new name and will continue to manage the funds and single investor fund mandates. UBS and the CSILS team will work together to ensure a smooth and successful transition for investors.”
“ UBS to Sell Credit Suisse Insurance Linked Strategies to Management Team Led by Niklaus Hilti, Insurance-linked Strategies (Ils) Invests in Reinsurance Catastrophe Risks & Earn Returns Largely Uncorrelated To Traditional & Alternative Asset Classes “
Niklaus Hilti, CEO of CSILS: “We are incredibly excited about this strategic transaction for us which marks another significant milestone in the journey of the CSILS team. It reinforces our commitment to our clients and marks a pivotal moment that allows us to build on our strong foundation and focus on our mission and innovation, while maintaining the highest standards of excellence in everything we do”.
Barry Gill, Head of Investments, UBS Asset Management: “CSILS has been an established platform in the insurance linked asset management industry with a track record stretching back 21 years. This management buy-out will ensure a high level of continuity for investors and we are confident that Niklaus and team are well-positioned to take the business forward”.
Credit Suisse Insurance-linked strategies – Insurance-linked strategies (ILS) are an innovative niche asset class that allow investors to gain exposure to reinsurance catastrophe risks and earn returns largely uncorrelated to traditional and alternative asset classes. ILS strategies access insurance risks, providing cover for prespecified catastrophe events, including natural catastrophes, man-made catastrophes, and specialty lines of business (e.g. agriculture, engineering, marine, and aviation), and receive premiums in return. Consequently, the performance of ILS is contingent on the occurrence or nonoccurrence of specific insurance events and is uncorrelated to other investments. ILS strategies typically invest in one or more insurance-linked instruments, including but not limited to securities (e.g. cat bonds), private reinsurance transactions with insurance and reinsurance companies (ILS private transactions) or portfolios of reinsurance contracts (e.g. quota shares).
UBS to Sell Credit Suisse Insurance Linked Strategies to Management Team Led by Niklaus Hilti, Insurance-linked Strategies (Ils) Invests in Reinsurance Catastrophe Risks & Earn Returns Largely Uncorrelated To Traditional & Alternative Asset Classes
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