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 introduced risk transfer structures with a number of reinsurers and structured 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.
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 thematic ILS life fund with a main focus on macro longevity and excess mortality risks.
CSILS was the first ILS manager to launch a start-up rated reinsurance company on behalf of an existing investor via 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 reinsurance company funded by another existing investor in a CSILS managed fund, which also received an A– rating affirmation from A.M. Best.1
CSILS, through CSILS managed funds, funded the Lloyd’s syndicate ‘Arcus 1856’2. 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).
The CSILS team, based in Switzerland, transferred to Credit Suisse Insurance Linked Strategies Ltd., a wholly owned subsidiary of Credit Suisse Group AG. It is authorized by FINMA as asset manager of collective investment schemes and files reports with the SEC as an exempt private fund adviser.
CSILS further extended its market access platform with the establishment of Bernina Re2 a Bermuda based Class 3A reinsurance company.
Part of the CSILS Investment team joined Bernina Re2, where a part of the ILS investments are sourced, underwritten, priced and modeled.