Icosa Investments cat bond fund surpasses $200m in assets

The assets under management of the Icosa Investments catastrophe bond fund strategy have already surpassed the $200 million level, as the manager has seen continued success since its launch at the start of 2024.

Icosa Investments, the Swiss catastrophe bond focused investment manager launched by co-founders the former Twelve Capital executive Florian Steiger and Swiss financial services and capital markets specialist Jordan Nickerson, only launched its business and its first catastrophe bond fund at the start of the year.

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

As of April 2024, the Icosa cat bond fund had increased its assets under management to around $45 million, then further investor commitments came through in May and the fund reached $75 million of cat bond assets under management by the middle of that month, before then quickly reaching the milestone of $100 million in AUM before that month was over.

As we reported then, further commitments were expected, with some new subscriptions being processed and an expectation that the Icosa CAT Bond Fund would surpass $130 million in June.

Now, the company has revealed that it has doubled that, surpassing $200 million in cat bond assets managed as of this week.

Icosa Investments stated, “We are proud to announce that the assets under management of our cat bond strategy have now surpassed $200 million, thanks to the support of our great investors and due to solid performance in recent weeks.

“As we approach the peak of the 2024 hurricane season, our capacity to onboard new capital will likely remain limited for a few more weeks. However, we are actively seeking to establish new partnerships with institutional investors at this time to position ourselves effectively for the upcoming Q4 primary market season.”

CEO Florian Steiger also commented, “When starting Icosa Investments AG earlier this year, I could never have anticipated the incredible level of trust and support we’ve received from our investors, partners, service providers, and colleagues.

“I am deeply moved and profoundly grateful for the commitment each of them has shown in helping us reach this milestone.”

Steiger added, “That said, with the peak of the hurricane season upon us, now is certainly not the time to become complacent. The coming weeks will likely bring a significant amount of cyclone activity in the Atlantic, and as a portfolio manager in the cat bond space, maintaining humility and vigilance is crucial for ensuring long-term performance.

“At Icosa Investments, we remain fully committed to navigating these challenges with the same diligence and care that brought us here. Our focus remains on delivering strong, sustainable returns while upholding the trust our investors have placed in us.”

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