The Twelve Cat Bond Fund, the flagship UCITS catastrophe bond fund strategy operated by insurance-linked securities (ILS) manager Twelve Securis, has reached a new milestone in terms of its size, becoming the first UCITS cat bond fund to surpass US $4 billion of assets under management.
The Twelve UCITS cat bond fund strategy was launched back in early 2018 and saw steady growth to reach US $500 million in AUM by January 2020.
The Twelve Cat Bond Fund hit the billion dollar milestone in February 2021, then reached US $2 billion in assets by November 2022.
With the catastrophe bond market growing strongly since that time, the strategy reached US $3 billion in assets in January 2024, since when the strong growth has continued.
Since the end of 2024, the Twelve Cat Bond Fund has grown by an impressive US $651 million in assets, leading the manager to place some limits on new subscriptions to maintain the fund’s integrity as it continued to expand.
Now, the strategy has become the first UCITS cat bond fund to reach the US $4 billion mark, as investor demand continued throughout this busy period of cat bond market growth.
Urs Ramseier, Chief Executive Officer of Twelve Securis, discussed this with Artemis saying, “Crossing the $4 billion mark is not just a milestone for our fund — it’s a landmark moment for the UCITS cat bond space as a whole.
“It reflects growing investor recognition of the resilience and diversification benefits cat bonds can bring to a portfolio.
“We’re proud to be the first UCITS cat bond fund to reach this level. It’s a strong testament to the trust our investors place in us and to the maturation of insurance-linked securities as a mainstream asset class.”
By the end of the first-quarter of 2025 the UCITS cat bond fund universe had reached almost US $15.3 billion in combined assets under management.
Growth of the sector has continued and as of this week the entire UCITS cat bond fund universe amounted to somewhere above US $15.7 billion in assets, while the end of Q2 figure may be even higher.
The Twelve Cat Bond Fund makes up a very meaningful more than 25% of the entire UCITS cat bond fund universe at this time, while the top three funds, in terms of size, are now over 60% and the top five more than 77%.
It’s worth also noting that under Twelve Securis there is a second UCITS cat bond fund, the Securis Catastrophe Bond Fund, which stands at a further US $348 million in assets at this time.
Analyse UCITS catastrophe bond fund assets under management using our charts here.
You can also analyse UCITS cat bond fund performance, using the Plenum CAT Bond UCITS Fund Indices.
