A Bermudan fund administrator has announced a client base exceeding $1 billion in assets under administration.
ILS Fund Services, which provides fund administration and valuation services to funds that invest in insurance linked securities, said that its client base has exceeded $1 billion in AuA only 18 months after the company began operations.
“We are delighted that the services ILS are providing funds that invest in this niche asset class have been well received by the community,” said Andre Perez, director of ILS Fund Services.
“Our assets under administration have grown incredibly quickly over the past 18 months and we are optimistic that they will double in the next year. It proves that the model we set up, a fund administrator with deep understanding of reinsurance transactions and valuation works and is being extremely well received by fund managers and investors alike.”
ILS’ client base consists of global institutional investment managers that invest in catastrophe bonds, ILWs, sidecars, collateralised reinsurance and other insurance linked derivatives through Bermuda registered investment companies.
Bermuda has emerged as a strong competitor in the insurance linked securities space, due to a flexible regulatory environment.
In the first quarter of 2013, 8 out of 13 new insurers registered in Bermuda were special purpose insurers (SPIs) with total premiums of over $93 million. This included three SPIs underwriting over $1 billion of catastrophe bonds and insurance linked securities.
