Artemis has realized that Florian Steiger, the Head of Cat Bonds at insurance-linked securities (ILS) and reinsurance asset supervisor Twelve Capital, is to depart the agency on the finish of the yr.
Steiger has labored at Twelve Capital since 2017 and have become a Partner and the Head of Cat Bonds on the supervisor.
During his time on the agency, Twelve Capital has grown its flagship cat bond fund portfolio to be among the many largest within the market, with its UCITS construction the Twelve Cat Bond Fund turning into the biggest such fund technique earlier this yr.
Steiger is about to remain one with Twelve Capital till the top of this yr, we’re advised, to offer continuity for shoppers and to ship a sturdy handover to the remainder of the ILS crew on the supervisor.
We perceive that Steiger is leaving Twelve Capital to take ahead a extra entrepreneurial enterprise, particulars of which we would not have right now.
Twelve Capital has been strengthening its ILS crew and particularly its cat bond experience in 2023, with a number of new hires added as just lately as in October and likewise in the beginning of November, we perceive.
As a end result, the asset supervisor has a robust crew in place to take-forwards the cat bond portfolio that Steiger has managed. We additionally perceive that Twelve has additional hiring exercise ongoing for its cat bond crew.
We are advised that long-standing Twelve Capital worker Etienne Schwartz will take over lead accountability for the disaster bond portfolio.
Schwartz joined Twelve Capital in 2013 and is presently a Managing Director and the Head of Multi-Asset Portfolio Management for the corporate. But he additionally has particular cat bond portfolio administration expertise and first labored on cat bond methods on the funding supervisor again in 2016.
