SWISS RE SETS UP CAT FUND

Swiss Re is launching a fund to allow investors to participate in the group’s natural catastrophe business. The Core Nat Cat Fund, the initial fund under the newly created company, will mark the first time Swiss Re has opened its natural catastrophe portfolio to investors through a permanent fund format. The reinsurance giant has received authorisation from the Swiss Financial Market Supervisory Authority to act as an asset manager. Swiss Re Insurance-Linked Investment Management will manage the standalone fund, which will offer investors an “an easily accessible and widely accepted investment format” to participate in the group’s catastrophe business. John Dacey, Swiss Re’s chief financial officer, said the move allows for targeted growth of its natural catastrophe portfolio.