Twelve Capital and Securis agree to merge

Two leading independent insurance-linked securities managers are to merge, creating a potential powerhouse with almost $8 billion in assets under management. 

The combined Twelve Capital and Securis Investment Partners would be “one of the largest, most experienced ILS managers globally” with $7.8 billion in assets under management, the companies said. 

The companies said the merger would allow them to retain their independence.  

The new partnership will be led by Urs Ramseier, co-founder of Twelve Capital, who will become chief executive officer, with Herbie Lloyd, chief investment officer of Securis, becoming CIO private ILS and head of UK and Bermuda. 

Christoph Buerer, co-founder of Twelve Capital, will become president of the new partnership, while Etienne Schwartz will become CIO of liquid securities. 

Vegard Nilsen, CEO of Securis, will leave the business upon completion of the transaction. The global team includes an office network spanning London, Zurich, Munich, Tokyo and Bermuda.

Securis was founded in 2005 and focuses on public and private ILS with almost two decades of operational experience. Twelve Capital was founded in 2010 and specialises in insurance investments and in particular is an established market leader in catastrophe bonds with over 14 years’ of experience.

The combined business is designed to serve investor demand for a diverse range of ILS strategies and products, the companies said.

The transaction is expected to complete in the fourth quarter of 2024, subject to customary regulatory approvals.

B-FLEXION, a Securis stakeholder, will remain a partner through the merger.

Ramseier, co-founder of Twelve Capital and CEO of the partnership, said: “We have always recognised Securis as an innovative and hugely respected business in the ILS market, and the combination of our two businesses presents an exciting opportunity to create a leading ILS franchise and one of the largest independent ILS asset managers globally. The coming together of our businesses will unlock significant innovation potential and enable a wider range of ILS solutions to be delivered to a truly global investor base, building on existing client coverage in North America, the UK and Europe, as well as Asia Pacific.” 

Lloyd, CIO of Securis and CIO private ILS and head of UK and Bermuda, added: “Our combined resources, global scale and continued independence, together with our complementary distribution networks, mean that we can bring enhanced investment expertise and a broader range of product solutions to our current and future clients.”

Cyrus Jilla, group managing partner, B-FLEXION said: “As long-term backers of Securis’ business, we are excited to support this partnership. Our people and our combined client base will have access to additional complementary resources and expertise. Importantly, the new firm’s ongoing independence and ownership stability will ensure consistency and continuity in its client-centric investment approach. I also want to thank Vegard, whose contributions and stewardship of Securis have been pivotal in driving the business forward to this inflection point.”

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