Credit Suisse Insurance Linked Strategies management to acquire business from UBS

UBS has announced that it has reached an agreement to sell the Credit Suisse Insurance Linked Strategies Ltd. business to its existing management team, led by Niklaus Hilti.

UBS Group AG has today signed the necessary definitive agreement to sell its 100% holding in Credit Suisse Insurance Linked Strategies Ltd (CSILS) to the CSILS management team, in a transaction that is expected to close in the second-half of this year, subject to regulatory approvals.

Once the transaction is closed, CSILS is set to operate independently from UBS under a new name, while continuing to manage its ILS funds and single investor fund mandates.

UBS and the CSILS team are set to work together to ensure a smooth and successful transition for investors in the ILS strategies that it operates.

Niklaus Hilti, CEO of CSILS, commented on the news, “We are incredibly excited about this strategic transaction for us which marks another significant milestone in the journey of the CSILS team.

“It reinforces our commitment to our clients and marks a pivotal moment that allows us to build on our strong foundation and focus on our mission and innovation, while maintaining the highest standards of excellence in everything we do.”

Barry Gill, Head of Investments, UBS Asset Management, also said, “CSILS has been an established platform in the insurance linked asset management industry with a track record stretching back 21 years. This management buy-out will ensure a high level of continuity for investors and we are confident that Niklaus and team are well-positioned to take the business forward.”

The Credit Suisse ILS team has a long track-record in the market and operates a range of strategies, from a registered UCITS catastrophe bond fund, to closed-end or private fund versions, as well as ILS fund strategies and mandates focused on collateralized and fronted reinsurance and retrocession arrangements.