Aspen Insurance Holdings has entered into a partnership with Cartesian Iris, a specialised investment fund focusing on insurance linked securities (ILS) and reinsurance, globally. The move marks Aspen’s entry in managed fund market for ILS.
Besides investing $25 million in Cartesian, Aspen will provide advice on risk selection, portfolio design and pricing. Willis Capital Markets served as advisor for Aspen in this transaction.
Chris O’Kane, CEO of Aspen, said: “Aspen’s participation in Iris is a great opportunity to leverage our actuarial and risk assessment skills while maintaining aggregate catastrophe exposures within Aspen’s pre-established group tolerances.”
In addition to Aspen, Cartesian Iris has been capitalized with funds from Cartesian affiliates and other investors. The company is managed by affiliates of Cartesian Capital Group.
Aspen offers insurance and reinsurance services through its subsidiaries and has offices in Bermuda, Singapore, US, UK, France, Switzerland and Ireland.