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By Beverly Chandler, Opalesque London
May saw alternative investment group Dexion Group add a further £9.3m ($13.59m) to the funds it has raised for its London-listed, insurance linked strategies (ILS) fund, DCG IRIS Limited. This is the third successful cash raise in a 12 month period for the fund.
Ana Haurie, Dexion’s Group Managing Director said: "DCG IRIS has been positively received by investors since its launch in June 2012, with a cumulative £60.5m ($90m) of equity raised. Diversifying sources of income away from traditional fixed income products continues to be an important theme amongst investors and the growth of insurance linked strategies is a reflection of this trend. As such, we continue to be optimistic on the prospects for DCG IRIS and we would like to continue to grow the fund".
The company accesses a highly diversified portfolio of catastrophe risks, with a target net return of LIBOR +5% to 7% and annual volatility of 2 to 4%, alongside low correlation with other financial markets and alternative investments. Dexion notes that following record natural catastrophe losses for reinsurers in 2011, premiums had sharply increased; however, the firm says, such increases slowed in late 2012, given larger inflows of capital into more easily accessible ILS segments (namely, catastrophe bonds and sidec...................... To view our full article Click here
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