Clarien’s ILS fund-of-funds invests in Pillar and Neuberger Berman strategies

The insurance-linked securities (ILS) fund-of-funds strategy launched by Bermuda-based Clarien Investments Limited (CIL), the asset management arm of Clarien Bank, has now allocated to ILS fund strategies managed by Pillar Capital and Neuberger Berman, we’ve learned.

The ILS fund-of-funds strategy was launched as a new sleeve within CIL’s open-ended segregated accounts company, Global Voyager Funds Limited in January 2022, becoming Clarien’s first foray into the insurance-linked securities (ILS) investments space.

Clarien’s Global Voyager Insurance Linked Securities Fund issued shares that were listed on the Bermuda Stock Exchange (BSX), making up the fund units offered to investors.

Listed as a collective investment vehicle, the fund targets largely institutional or high-net-worth investor capital, which will be allocated across a number of experienced ILS fund manager-operated strategies.

Artemis has now learned that the Global Voyager Insurance Linked Securities Fund had initially allocated to two well-known ILS fund managers.

At the end of 2022, we understand the Global Voyager ILS fund had allocated to the Pillar Capital Management strategy Juniperus Insurance Opportunity Fund Limited and the Neuberger Berman Insurance-Linked Strategies Fund LP.

It’s not clear how much has been allocated to each, but at the end of 2022 the Global Voyager ILS fund counted just over $8.6 million of financial assets.

It appears roughly 64% of the assets are invested in the Juniperus ILS fund strategy managed by Pillar Capital, with the remainder in the NB ILS fund.

Both of the investment strategies are focused on collateralized opportunities, with the Pillar managed Juniperus a reinsurance strategy and the NB fund both reinsurance and retrocession.

It’s good to see the Clarien strategy getting up and running, as a rare fund-of-funds opportunity in the ILS market.