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PGGM / PFZW ILS portfolio shrinks 6% to US $8.35bn in first-quarter of 2024


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The portfolio of insurance-linked securities (ILS) and reinsurance investments managed by PGGM, the Dutch pension funding supervisor that allocates the most important quantity to the insurance-linked securities (ILS) market on behalf of end-client the Dutch pension PFZW, has shrunk in dimension by roughly 6% over the first-quarter of 2024.

pggm-pfzw-pension-investors-ilsIn accordance with the most recent quarterly knowledge revealed by Dutch pension fund for the care and healthcare sector PFZW, the insurance-linked securities (ILS) funding portfolio was EUR 7.724 billion in dimension at March thirty first, which at that date was equal to roughly US $8.35 billion.

It’s down roughly 6%, in euro phrases, from the EUR 8.219 billion of ILS belongings reported by the pension at December thirty first 2023, which on the time was simply barely over US $9 billion.

Because of this, the PFZW ILS allocation made up 3.2% of its general belongings at March thirty first 2024, down from 3.5% of belongings.

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That decline, by way of the allocation dimension versus all different asset courses PFZW’s belongings are allotted to, is comprehensible because the ILS portfolio had been operating forward of its goal allocation dimension for a while.

A yr in the past, on the finish of Q1 2023, the allocation was much more over-weight at 3.7% of PFZW’s belongings.

The PGGM managed ILS funding portfolio delivered a stronger return for the first-quarter of 2024, at 3.2% for the interval.

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That’s up on the two.9% return earned for the first-quarter of 2023.

Recall that, as we reported final week, the portfolio of insurance-linked securities (ILS) and reinsurance investments managed by PGGM delivered a document 18.9% return to its consumer PFZW in 2023.

It’s not instantly clear the place the fluctuation in ILS portfolio dimension has come from, as PGGM allocates throughout a number of ILS managers and reinsurance sidecars, in addition to by way of its personal mandate car Nightingale Re.

Whereas the euro worth of the ILS portfolio could also be down by 6%, given the environment friendly entry factors to the reinsurance market that PGGM has developed over time, it’s totally doable the publicity base has not modified considerably, even with the quantity of belongings deployed is down.

PGGM’s ILS funding staff has been working to maintain the portfolio of belongings nearer to the allocation targets it has been set, so this decline in euro worth will likely be aiding in that regards.

PGGM stays the most important single investor listed in our listing of pension funds and sovereign wealth funds investing in ILS and reinsurance.

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