Miravast raises $346m for ILS Credit Opportunities II life settlements fund

Miravast Asset Management LLC, an investment manager experienced in underwriting longevity risk and investing in life settlements, has raised $346 million for its second flagship life insurance focused investment fund strategy, Miravast ILS Credit Opportunities II LP.

The company said today that it has recent completed fund raising for the longevity focused life settlements investment fund.

With around $1.2 billion of assets under management, Miravast takes an actuarial view and uses in-house medical underwriters to take a differentiated view on life settlement investments and construct portfolios that enable its investors to tap into the diversifying source of returns life insurance assets can provide.

Miravast has arisen in our coverage before, namely due to it having allocations from investors that also allocate to P&C insurance-linked securities (ILS) funds, including the Florida Retirement System Pension Plan and the City of Zurich Pension Fund.

With $346 million of commitments secured, some of which has already invested in life settlements, Miravast will now seek to source, analyse and invest in additional life insurance-linked investment opportunities.

“Closing Fund II represents an important milestone for Miravast. We continue to believe Miravast offers institutional investors an unparalleled team of medical underwriting and actuarial experts. The LP support we are fortunate to have for Fund II further exemplifies the confidence that the institutional LP community has in the Miravast team,” explained Dave Beckelman, Chief Executive Officer, Miravast.

Dave Cherkas, Executive Vice President of the company added, “As with its predecessor, Fund II has a global institutional investor base. We are grateful to have support from existing and new institutional LP’s as we execute our strategy. We have invested a portion of Fund II’s committed capital and will continue to leverage our in-house expertise as we pursue additional investments.”

While life settlement investments don’t come up in Artemis’ coverage too often, they are considered an attractive asset class by many end-investors that allocate to the typically catastrophe risk focused ILS funds and assets we typically cover, given they offer a similarly diversifying source of return for portfolios.