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January 12, 2022

Swiss Re secures $250m funding from Alecta

Swiss Re Insurance-Linked Investment Management (SRILIM) has announced that Sweden-based Alecta has made a $250m investment in its 1863 fund platform.

SRILIM, a wholly-owned subsidiary of Swiss Re, is the investment manager for the 1863 fund platform.

Alecta is a private pension fund, which manages assets of nearly 2.6 million customers.

Swiss Re stated that the capital-efficient fund format will allow Alecta to participate in its natural catastrophe business while diversifying and benefitting from its risk knowledge and underwriting expertise.

SRILIM CEO Martin Bisping said: “This marks a significant milestone, particularly in terms of asset raising, in the still young history of our 1863 fund platform, which achieved strong investment performance since its launch a year ago.”

Alecta head of fixed income and strategy Tony Persson said: “We are convinced that insurance-linked securities can generate high-quality and uncorrelated returns and are pleased to partner with Swiss Re to benefit from its extensive expertise in this domain.”

In a separate development, Merrill Lynch International announced in a bourse filing that Swiss Re Finance Midco (Jersey) has sold over 66 million ordinary shares of Phoenix Group.

Swiss Re Finance Midco (Jersey), a wholly-owned subsidiary of Swiss Re, sold Phoenix’s shares for approximately £440m ($602.04m).

The deal, which was conducted through an accelerated bookbuild, will see Swiss Re fully exit its holding in Phoenix.

In June 2021, Swiss Re had sold a 6.6% stake in Phoenix for £437m ($597.48m).

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