Asset managers Twelve Capital and Securis Investment Partners have announced their intention to merge.
The two firms are active in the insurance-linked securities space, with both life and non-life exposures. The duo say that the merger will create a $7.8bn assets under management firm.
The new firm will be led by Urs Ramseier, Co-Founder of Twelve Capital, who becomes Chief Executive Officer, with Herbie Lloyd, Chief Investment Officer of Securis, becoming CIO Private ILS and Head of UK and Bermuda.
“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,” said Ramseier.
“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,” added Lloyd.
Christoph Buerer, co-founder of Twelve Capital, will become President, while Etienne Schwartz will become CIO of Liquid Securities. B-FLEXION, a long-term stakeholder in Securis, will remain involved.
“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,” said Cyrus Jilla, Group Managing Partner at B-FLEXION.
“As the industry experiences further consolidation, we believe we are favourably positioned for growth and long-term success through scale that is genuinely global. The combined business will be in a position to deliver superior outcomes to investors,” added Buerer.
Vegard Nilsen, Chief Executive Officer of Securis, will leave the business upon completion of the transaction.