Twelve Capital to reshuffle cat bond team as Florian Steiger to depart

Artemis has learned that Florian Steiger, head of Cat Bonds at Insurance-Linked Securities (ILS) and reinsurance asset manager Twelve Capital, will be leaving the company at the end of the year.

Logo of the Twelve CapitalsHis impending departure has sparked a slight reshuffle of responsibilities within the Zurich-based asset manager’s team, as Twelve Capital leverages its strengths extensively to ensure it has the experience and expertise to continue to manage and grow the catastrophe bond portfolios within the company. farm.

Steiger has worked at Twelve Capital since 2017 and became a partner and head of Cat Bonds at the manager.

During his tenure at the firm, Twelve Capital grew its flagship portfolio of catalytic bond funds to become one of the largest in the market, with its UCITS structure, the Twelve Cat Bond Fund, becoming the largest fund strategy of this type at the beginning of this year.

Steiger is expected to remain one with Twelve Capital until the end of this year, we are told, to ensure client continuity and ensure a strong handover to the rest of the ILS team in the management role.

We understand that Steiger is leaving Twelve Capital to pursue a more entrepreneurial venture, details of which we do not have at this time.

Twelve Capital has strengthened its ILS team and in particular its expertise in cat bonds in 2023, with several new hires as recently as October and also at the beginning of November, according to our information.

As a result, the asset manager has a strong team to advance the catastrophe bond portfolio that Steiger managed. We also understand that Twelve has other recruitment activities underway for its Catalytic Bonds team.

We’re told that longtime Twelve Capital employee Etienne Schwartz will assume primary responsibility for the catastrophe bond portfolio.

Schwartz joined Twelve Capital in 2013 and currently serves as a managing director and head of multi-asset portfolio management for the firm. But he also has specific experience in cat bond portfolio management and first worked on cat bond strategies at the investment manager in 2016.

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