UBS sells the catastrophe risk business acquired with Credit Suisse. The buyer is the management team led by Doyen Niklaus Hilti.
UBS is divesting from the insurance risk business for natural catastrophes that it inherited from Credit Suisse (CS).
According to the announcement on Tuesday, the major bank has sold the company CS Insurance Linked Strategies (CSILS) to the management team led by Niklaus Hilti. Hilti has been active in this niche market for decades, initially under the flag of Bank Leu.
Under a New Name
Following the completion of the transaction, which is planned for the second half of the year, CSILS will operate independently of UBS under a new name and will continue to manage the funds and single-investor fund mandates. Regulatory approval is still pending.
The team at CSILS boasts one of the longest track records in the field of tradable catastrophe risks and has developed into a globally leading Insurance-Linked Strategies manager since its inception in 2003.
