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SCOR Investment Partners surpassed the $5 billion milestone in terms of catastrophe bond and insurance-linked securities assets under management and senior executives Sidney Rostan and Alexandre Jaegle told us they view the market outlook as positive and anticipate momentum continuing, for the sector and their own ILS investment platform.
The SCOR Investment Partners cat bond and ILS fund platform has experienced strong growth, with assets under management (AUM) across its three main strategies rising to over US $5 billion at September 30th 2025.
In light of this milestone being reached, Artemis spoke with Sidney Rostan, Head of Insurance-Linked Securities and Alexandre Jaegle, Head of Business Development, to understand more about what the milestone means for the company’s ambitions in the space and to get their updated views on ILS sector conditions.
We began by discussing the new milestone in ILS assets under management and what this means to the team at SCOR Investment Partners.
Sidney Rostan told us that, “It is an important milestone for us, because it further positions us as a leading player, a long-standing and credible player in the ILS market.
“It rewards a collective achievement, reflecting the commitment and the expertise of not only the ILS portfolio management team, but also all the people involved in the ILS business at SCOR Investment Partners.
“It also reflects the close relationship we’ve been able to build and expand with an increasing number of clients.
“Finally, it validates our investment philosophy and motivates us to continue improving our tools and processes to build increasingly high-performing, transparent and robust investment solutions.”
Alexandre Jaegle provided some more insight into the investor flows experienced, saying, “It has been positive across each strategy and for all of our ILS funds. We are still seeing strong dynamics from pension funds – particularly Swiss pension funds – as well as from the Nordics. We have also developed strong relationships with segments like family offices and private banks, who have invested with us in 2025. Currently, we are engaged in targeted distribution discussions in Canada and Asia. In the Nordics, Germany, France, and the Benelux, we anticipate potential growth for next year.”
Jaegle added, “Each of these countries and regions has a different appetite for a strategy. For a first investment, cat bonds are typically the preferred entry point, except for family offices, which tend to favor exposure to less liquid assets with higher return potential.
“Our new strategy, Atropos Plus, which we launched nearly a year ago, resonates particularly well with this segment – even those not previously exposed to ILS.”
We then moved on to discuss the new strategy in more detail, which SCOR Investment Partners launched at the beginning of 2025 having seen an opportunity to offer investors an ILS fund with more of a focus on private transactions and collateralised reinsurance investments.
Rostan noted that the firm is always looking to identify opportunities that play to its strengths.
“Developing new investment solutions with a close eye on the evolution of the ILS market and the evolving needs of investors is a key part of the agenda,” Rostan explained.
Continuing, “The Atropos Plus fund has been launched in that spirit at the beginning of the year. It is expanding our ILS product range as it involves more private ILS and is targeting a higher return than our existing flagship funds, the Atropos Fund and the Atropos Catbond fund. We are seeing good capital raising momentum for the Atropos Plus fund at the moment.”
On whether SCOR Investment Partners could look to further expand its offerings, Rostan explained, “We are monitoring various market evolutions but for the time being, we aim to provide our investors with a range of investment strategies which are consistent, focusing on natural catastrophes, optimising the diversification of exposures and favouring e transparency in all aspects of the investment process.”
Moving on, we looked to explore the SCOR Investment Partners outlook for the insurance-linked securities (ILS) sector.
Rostan is bullish on the catastrophe bond market, expecting it to be particularly active again over the coming months.
He told us, “Just focusing on the cat bond side, we are breaking record after record in terms of volumes issued, quarter after quarter. Q4 should be a very active period, we expect to see $5 billion of new transactions, if not more.
“We expect the pipeline for the first half of 2026 to be really healthy as well and this should help sustain spread levels until the end of the year and into 2026.”
Rostan further commented that, “Our outlook is positive for the rest of ’25 and for 2026. We expect to see the ILS market grow further at a fast pace, as it has done in the last three years. On the back of two factors: a continuous increase in demand for protection and a positive investor sentiment.
“We continuously see new interests from investors looking at the attractive performance, but also the decorrelation benefits especially in the current context of heightened volatility and increased uncertainty in the global macroeconomic environment.
“Overall, the ILS market is becoming more mature, with more insurance and reinsurance companies considering cat bonds as a strategic part of their protection purchase, rather than a supplementary cover. On the other side, an increasing number of investors are looking at an ILS allocation in a strategic way rather than in a tactical way.
“Of course, everyone is looking at the relative attractiveness of the ILS asset class, and in that respect, we believe that the ILS market and cat bonds still stand out compared to a number of other asset classes.
“In that context, even though returns have come down compared to their historical peak, we see interesting investment opportunities in all ILS market segments.”
On the business development side, Jaegle too is very positive with investor interest in the ILS asset class continuing to grow.
“We have welcomed new investors in 2025, and we anticipate that additional investors will strategically decide to invest in ILS and, hopefully, in our funds, driven by the market’s growth and increasing scale,” Jaegle said.
“The ILS market has now reached a significant size, and the outlook for future growth is highly positive. Investors no longer view it as a niche segment; instead, it is increasingly considered as a core component of strategic allocation for a growing number of them.”
You can read more about the SCOR Investment Partners ILS operation and other ILS investment managers in our Insurance-Linked Securities Investment Managers & Funds Directory.
Read all of our interviews with ILS market and reinsurance sector professionals here.
SCOR Investment Partners expects continued positive ILS momentum: Rostan & Jaegle was published by: www.Artemis.bm
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