Securis Investment Partners, the British-based insurance-linked securities manager with an office in Bermuda, is to merge with Zurich-headquartered Twelve Capital, the independent investment manager specialising in insurance investments for institutional clients.

Making the announcement, the companies said both sets of shareholders will remain fully invested in the combined business, which they said will create a leading, founder-led business and one of the largest, most experienced ILS managers globally with $7.8 billion in assets under management.

Securis was founded in 2005 and Twelve Capital was founded in 2010.

The new partnership will be led by Urs Ramseier, cofounder of Twelve Capital, who becomes chief executive officer.

Herbie Lloyd, the chief investment officer of Securis, becomes CIO Private ILS and head of UK and Bermuda.

Christoph Buerer, cofounder of Twelve Capital, will become president of the new partnership, while Etienne Schwartz will become CIO of Liquid Securities.

Vegard Nilsen, chief executive of Securis, will leave the business upon completion of the transaction.

The companies said B-Flexion, a long-term stakeholder in Securis, will remain a supportive, committed partner as the new firm works to meet its clear vision to be a leading ILS industry player as the asset class experiences a strong upward trajectory and its relevance continues to grow.

The combined company will have an office network spanning London, Zurich, Munich, Tokyo and Bermuda.

Mr Ramseier said: “The coming together of our businesses will unlock significant innovation potential and enable a wider range of ILS solutions to be delivered to a truly global investor base, building on existing client coverage in North America, the UK and Europe, as well as Asia-Pacific.”

Mr Lloyd added: “Our combined resources, global scale and continued independence, together with our complementary distribution networks, mean that we can bring enhanced investment expertise and a broader range of product solutions to our current and future clients.”

Financial terms were not disclosed. The transaction is expected to complete in the fourth quarter of 2024, subject to customary regulatory approvals.