Icosa Cat Bond Fund AUM grows further to $428m

The Icosa Cat Bond Fund, the catastrophe bond fund strategy distributed by Icosa Investments, has continued to attract new inflows from investors in recent months, now growing the fund to US $428 million in assets as of this week.

Having last reported on the fund back in mid-December 2024, when it had just surpassed US $300 million in cat bond assets under management, the strategy has grown by roughly 43% in just over three months.

Icosa Investments, a specialist catastrophe bond investment manager founded in Switzerland by former Twelve Capital executive Florian Steiger and Swiss financial services and capital markets specialist Jordan Nickerson, only opened its business and launched its first catastrophe bond fund at the beginning of 2024.

The Icosa Investment Umbrella Fund – CAT Bond Fund, a Liechtenstein based UCITS strategy, was launched with an initial seed funding of around $15 million.

The Icosa cat bond fund had more than doubled in assets under management terms by April 2024, reaching around $45 million.

After which, additional investor commitments drove the fund to $75 million of cat bond assets under management by the middle of May 2024, before then hitting the $100 million milestone in AUM before June.

The Icosa Cat Bond Fund then grew to $130 million in assets during June, before accelerating to surpass $200 million by mid-August 2024.

Before the end of last year the $300 million milestone was surpassed and Icosa Investments has continued to raise new capital to expand the fund to the new high of $428 million as of this week.

Florian Steiger, CEO of Icosa Investments, commented to us that, “Reaching this milestone in just over a year means a great deal to us. We’re truly grateful for the trust of investors.

“From the very beginning, we’ve believed that a balanced risk-return profile, aligned interests, and honest, transparent communication are essential not only for delivering strong performance but also for building lasting relationships.”

With the catastrophe bond market continuing to experience rapid growth and record levels of issuance in 2025 and the pipeline already building for the second-quarter, managers’ have a good opportunity to continue attracting new capital from investors, helped by the fact the asset class continues to gain in profile terms as well.

Icosa Investments AG is listed in our directory of insurance-linked securities (ILS) fund managers.