Netherlands-based pension fund manager PGGM has boosted its investment in Viaduct Re, a private sidecar vehicle of Swiss Re.
With this investment, the Dutch fund manager has invested a total of $500m in Viaduct Re.
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Established in July last year, the sidecar vehicle focuses on US property reinsurance risks.
Viaduct Re offers PGGM access to a portion of Swiss Re’s core natural catastrophe property treaty reinsurance portfolio.
PGGM senior director Eveline Takken-Somers said: “Through our investment in Viaduct Re we gain access to Swiss Re’s excellent global underwriting, modelling capabilities and claims handling expertise.
“This transaction allows us to further optimize our client’s steadily growing Insurance Linked Investments portfolio.”
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By GlobalDataPGGM’s investment fully capitalises the sidecar, Swiss Re said in its press statement.
Swiss Re head of Alternative Capital PartnersA Philipp Ruede said: “We are very excited to strengthen our relationship with one of the leading and most sophisticated investors in the ILS market.
“Swiss Re has built a market-leading position as the home for natural catastrophe risks based on our experience in underwriting, our proprietary R&D and our strong client franchise.
“We are delighted to strengthen our long-term ties with PGGM, a similarly innovative partner.”
