About Us History
Core members of today’s CSILS team started to manage the first ILS fund at Bank Leu (later Clariden Leu), a former Credit Suisse Group subsidiary. During their time at Bank Leu, the team launched the first asset group of a Swiss investment foundation for pension funds, and later launched the first commingled fund in Europe that invested in both Cat Bonds and ILS Private Transactions.
The team started to introduce risk transfer structures with a number of reinsurers and to structure special-purpose reinsurance segregated account companies for such risk transfer and fronting purposes. These structures are widely used in the ILS and reinsurance industry today.
In a year that saw record insurance losses in the US from hurricanes such as Katrina, Wilma and Rita, the team proved its capabilities and managed to limit the portfolio impact thanks to the diversified investment strategy and active trading activities around the events.
The team moved to Credit Suisse Asset Management in order to increase its focus on institutional clients; it also launched the institutional platform IRIS (Insurance-Related Investment Solutions).
The CSILS team launched the first commingled Pure Life fund with a main focus on macro longevity and excess mortality risks.
CSILS was the first ILS manager to invest in a start-up-rated reinsurance company, funded by an existing investor of a CSILS-managed fund.
A.M. Best assigned the reinsurance company a financial strength rating of A– (excellent) and a long-term issuer credit rating of a–, which is a strong rating for a reinsurance start-up company with a stable outlook and well-designed risk management program.1
CSILS was able to further enhance its IRIS platform with the ability to transfer risk through another start-up-rated reinsurer company funded by another existing investor in a CSILS-managed fund, which was also assigned an A– rating from A.M. Best.1
CSILS, through CSILS-managed funds funded the Lloyd's syndicate Arcus 1856. With this additional risk transfer carrier, CSILS became the first ILS manager in the market with the ability to transact in Cat Bonds, collateralized reinsurance (via ILS Private Transactions), rated reinsurance (via the rated reinsurance companies) and a Lloyd’s syndicate (via Arcus 1856).
Having managed opportunistic single investor strategies for many years, CSILS launched a new commingled fund with a dynamic risk/return profile, adapting to the reinsurance market cycle.
The new legal entity, Credit Suisse Insurance Linked Strategies Ltd, was formed. It is a wholly owned subsidiary of Credit Suisse Group AG. It is authorized by FINMA as asset manager of collective investment schemes.