Integral ILS
Investment manager for natural catastrophe reinsurance portfolios.
| Date | Investors | Amount | Round |
|---|---|---|---|
N/A | Early VC | ||
| Total Funding | 000k | ||
Integral ILS Ltd. is an independent investment manager headquartered in Bermuda, specializing in insurance-linked securities (ILS) with a primary focus on natural catastrophe reinsurance. The firm was launched in July 2020 by Richard Lowther and Lixin Zeng, two experienced executives in the ILS market. Lowther was previously the Managing Principal of Hiscox ILS, and Zeng served as the CEO of AIG's AlphaCat unit; the two had also worked together in founding AlphaCat Managers in 2008.
The company provides investment advisory services to institutional investors and funds, structuring portfolios of catastrophe-linked insurance and reinsurance transactions. Integral ILS's business model is centered on creating high-quality, diversified ILS portfolios by leveraging data, science, and analytics in its risk selection process. The firm's strategy aims to provide clients with returns that have a low correlation to the broader financial markets. A key element of its operations involves strategic partnerships with TransRe, a global reinsurance company, and Amwins, a large wholesale insurance distributor. These partnerships grant Integral comprehensive access to the insurance value chain, from primary insurance risks brokered by Amwins to reinsurance business via TransRe.
Integral ILS serves institutional investors, such as pension funds, seeking alternative risk assets. The firm secured its first cornerstone investment in November 2020 from the Public Sector Pension Investment Board (PSP Investments), one of Canada's largest pension managers. A second major investment followed in January 2021 from New Holland Capital. Since its inception, the firm has seen significant growth in assets under management (AUM), reaching $2 billion by mid-2023 and a reported $2.9 billion in regulatory AUM as of January 2025. The company manages several funds, including the Carnot Fund, Principia Fund, and Bernoulli Fund, which invest in instruments like catastrophe bonds and profit participation notes.
Keywords: insurance-linked securities, ILS fund manager, natural catastrophe reinsurance, reinsurance investment, alternative investment, catastrophe bonds, institutional investors, risk management, reinsurance-linked investments, asset management, property catastrophe risk, insurance value chain, capital markets, portfolio diversification, alternative risk premium