Independent asset management specialists in insurance-linked securities (ILS) Twelve Capital and Securis Investment Partners have announced their plan for a merger this month, aiming to create a “leading, founder-led, and one of the largest ILS managers in the world,” with over $7.8 billion in assets under its management.
Both companies have said that the merger will ensure continued alignment of interests while preserving independence and a client-centric approach.
In a statement, both companies said that with complementary investment-driven cultures and expertise, the combined business will “benefit from enhanced investment capabilities and market access, alongside a greater ability to invest in proprietary technology.” It also said that the merged entity will also possess significant innovation potential and will be favourably positioned to serve investor demand for a diverse range of ILS strategies and products.
Founded in 2005, Securis boasts almost 20 years of operational experience offering public and ILS services. On the other hand, Twelve Capital specialises in insurance investments, particularly, in catastrophe bonds, with over 14 years of experience.
After the merger, Twelve Capital’s co-founder Urs Ramseier (pictured left) will serve as the company’s CEO, while Securis chief investment officer (CIO) Herbie Lloyd (pictured right) will assume the position of CIO private ILS and head of UK and Bermuda. Other key officials of the new firm will be:
Meanwhile, Vegard Nilsen, the CEO of Securis, will leave the business upon completion of the transaction.
The firms’ leaders said that both sets of shareholders remain fully invested in the business, and B-FLEXION, a long-term stakeholder in Securis, will remain a committed partner as the new firm works to meet its vision, which is to be a key ILS industry player.
The financial terms of the merger have not been disclosed, and the transaction is expected to complete in the fourth quarter of 2024, subject to customary regulatory approvals.
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