Artemis has discovered that Florian Steiger, the Head of Cat Bonds at insurance-linked securities (ILS) and reinsurance asset supervisor Twelve Capital, is to depart the agency on the finish of the 12 months.
His impending departure has triggered a slight reshuffling of obligations within the group on the Zurich-headquartered asset supervisor, as Twelve Capital makes use of its energy in-depth to make sure there may be expertise and experience in place to proceed managing and rising the cat bond portfolios on the agency.
Steiger has labored at Twelve Capital since 2017 and have become a Accomplice and the Head of Cat Bonds on the supervisor.
Throughout his time on the agency, Twelve Capital has grown its flagship cat bond fund portfolio to be among the many largest within the market, with its UCITS construction the Twelve Cat Bond Fund changing into the biggest such fund technique earlier this 12 months.
Steiger is about to remain one with Twelve Capital till the top of this 12 months, we’re advised, to supply continuity for shoppers and to ship a sturdy handover to the remainder of the ILS group on the supervisor.
We perceive that Steiger is leaving Twelve Capital to take ahead a extra entrepreneurial enterprise, particulars of which we wouldn’t have presently.
Twelve Capital has been strengthening its ILS group and particularly its cat bond experience in 2023, with a number of new hires added as just lately as in October and likewise in the beginning of November, we perceive.
Consequently, the asset supervisor has a powerful group in place to take-forwards the cat bond portfolio that Steiger has managed. We additionally perceive that Twelve has additional hiring exercise ongoing for its cat bond group.
We’re advised that long-standing Twelve Capital worker Etienne Schwartz will take over lead duty for the disaster bond portfolio.
Schwartz joined Twelve Capital in 2013 and is at the moment a Managing Director and the Head of Multi-Asset Portfolio Administration for the corporate. However he additionally has particular cat bond portfolio administration expertise and first labored on cat bond methods on the funding supervisor again in 2016.