Leadenhall Capital Partners expands its assets under management by 27%, driven by heightened investor demand for catastrophe bonds and private ILS strategies, amid a rapidly growing sector and evolving market dynamics.
Leadenhall Capital Partners said it had grown its assets under management to $5.72 billion by the end of 2025, driven by fresh capital across its suite of insurance‑linked securities (ILS) strategies. According to Artemis, that figure represents roughly a 27% increase over the second half of the year from about $4.5 billion at the end of June.
The company credited heightened investor demand for catastrophe bonds and private ILS with the expansion, while noting continued interest in reinsurance‑focused strategies as yields and relative value dynamics evolve. Industry data shows the broader UCITS catastrophe bond fund sector also expanded briskly in 2024–25, climbing to $17.12 billion by mid‑2025 after a string of record issuances and new fund launches; Leadenhall’s UCITS ILS vehicle was reported to have grown to $1.55 billion during that period.
Leadenhall’s senior management framed the growth as validation of long‑running portfolio construction and underwriting discipline. Lorenzo Volpi, Deputy CEO, told us, “Leadenhall has continued to grow across multiple strategies, including our cat bond only UCITS, Cayman and Japanese cat bond funds, alongside strategies investing in ILS private placements. Following several years of heightened volatility, these strategies have demonstrated to investors that the lessons learned from the 2017 and 2018 catastrophe events have been successfully implemented. This has resulted in the construction of more resilient portfolios that have delivered strong performance, despite increased attritional losses driven by secondary perils.”
Volpi also pointed to a widening in pricing between publicly traded cat bonds and private placements as a catalyst for flows into less liquid, higher‑return ILS allocations. He said, “The ongoing decoupling of pricing between cat bonds and private placements has further accelerated investor interest in less liquid ILS strategies. This is primarily due to their absolute levels of expected return, which remain very attractive. At the same time, cat bonds, while experiencing some yield compression, continue to offer compelling relative value versus traditional credit markets. Importantly, our rigorous selection and underwriting process has remained unchanged despite the growth in AUM across our strategies. This discipline has been recognised and appreciated by investors, who have continued to place their trust in Leadenhall by choosing to partner with us.”
Chief Executive Luca Albertini linked the rise in AUM to the firm’s track record and client relationships while signalling confidence about future opportunities in the sector. Albertini further stated, “We owe a big thank to our investors and their advisors for their continued trust and partnership over the years. Investors value the long-term stability of our senior management teams, the structure and breath and scope of our offering and our performance and track record stretching back to 2008.” He added, “There are exciting opportunities for investors in ILS and we look forward to bring them to our investors with a customised and tailor made approach.”
Separately, Albertini has described the catastrophe bond market’s capacity to absorb record issuance without major disruption to pricing or liquidity, a development he said underlines the market’s growing depth and its ability to broaden the sponsor base for capital‑markets reinsurance solutions.
Leadenhall portrays itself as a specialist ILS manager established in 2008 with offices in the UK, Bermuda and the United States and a joint venture ownership structure involving Mitsui Sumitomo Insurance. The firm has advertised a multi‑strategy platform covering open‑ended and closed‑ended funds as well as separately managed accounts. Artemis has also reported recent internal changes intended to strengthen succession planning through the admission of long‑serving employees to the firm’s partnership.
While the firm highlights its performance and selection processes, the ILS sector’s recent momentum has been driven in part by record issuance and fund launches across the market, which have reshaped supply and investor allocations. As Leadenhall scales, investors and advisers will be watching whether that growth is matched by continued underwriting discipline and portfolio resilience through varying catastrophe cycles.
- https://www.artemis.bm/news/leadenhall-capital-partners-expands-aum-to-5-72bn-growing-across-ils-strategies/?utm_source=rss&utm_medium=rss&utm_campaign=leadenhall-capital-partners-expands-aum-to-5-72bn-growing-across-ils-strategies – Please view link – unable to able to access data
- https://www.artemis.bm/news/leadenhall-capital-partners-expands-aum-to-5-72bn-growing-across-ils-strategies/ – Leadenhall Capital Partners, a London-based specialist in insurance-linked securities (ILS) and reinsurance investments, has seen significant capital inflows across all its ILS fund strategies, increasing its assets under management (AUM) to $5.72 billion by the end of 2025. This growth includes a 27% rise in the second half of the year, up from approximately $4.5 billion in June. The firm attributes this success to its experienced team and the favourable conditions in the catastrophe bond and ILS markets. CEO Luca Albertini and Deputy CEO Lorenzo Volpi highlighted the firm’s disciplined approach and the resilience of their portfolios, which have delivered strong performance despite increased losses from secondary perils. They also noted the decoupling of pricing between catastrophe bonds and private placements, which has accelerated investor interest in less liquid ILS strategies. The firm’s rigorous selection and underwriting process have been recognised by investors, leading to continued trust and partnership. Looking ahead, Albertini expressed optimism about future opportunities in ILS and the firm’s ability to offer customised solutions to investors.
- https://www.artemis.bm/news/ucits-catastrophe-bond-fund-sector-grew-24-to-new-17-12bn-high-in-h1-2025/ – The UCITS catastrophe bond fund sector experienced strong growth in 2024, reaching over $13.8 billion in assets under management (AUM) by December 31, 2024, marking a 26% increase over the year. In the first half of 2025, the sector’s combined AUM rose by 24%, adding nearly $1.83 billion to reach a new high of $17.12 billion. This growth was driven by record-breaking catastrophe bond issuance and the launch of new funds, such as the RenaissanceRe Medici UCITS Fund, which began operations in March 2025 with an initial $340 million in capital. The top three UCITS cat bond funds now account for two-thirds of the sector’s assets, with the Twelve Cat Bond Fund leading at almost $4.2 billion, followed by the Schroder GAIA Cat Bond Fund at over $3.88 billion. The Leadenhall UCITS ILS Fund also saw significant growth, increasing by 42% to reach a new high of $1.55 billion.
- https://www.artemis.bm/news/cat-bond-market-poised-to-support-broader-sponsor-base-amid-record-issuance-albertini-leadenhall/ – Luca Albertini, CEO of Leadenhall Capital Partners, discussed the resilience of the catastrophe bond market amid record issuance. He noted that the market has demonstrated its capacity to absorb record levels of issuance without significant disruption to pricing or liquidity, reflecting the depth and maturity of the ILS ecosystem. This resilience underscores a strong alignment between investor appetite for diversifying risk exposures and sponsors’ growing use of capital markets as a complementary source of reinsurance capacity. Albertini highlighted the market’s ability to support a broader sponsor base and sustain record issuance levels.
- https://www.leadenhallcp.com/wp-content/uploads/2024/01/LCP-Press-Release-January-2024-YH.pdf – Leadenhall Capital Partners, established in 2008, is an asset manager focused on managing life and non-life insurance-linked investments, with over $4.8 billion in assets under management. The firm operates offices in the UK, Bermuda, and the United States and is a joint venture between Mitsui Sumitomo Insurance (MSI) and Leadenhall’s individual partners. MSI is responsible for the non-life insurance business, which is a core business of the MS&AD Insurance Group, a world-leading insurance and financial service group. Leadenhall Capital Partners is authorised and regulated in the UK by the Financial Services Authority.
- https://www.leadenhallcp.com/ – Leadenhall Capital Partners is an asset manager focused on managing life and non-life insurance-linked investments, with over $4.8 billion in assets under management. The firm operates offices in the UK, Bermuda, and the United States and is a joint venture between Mitsui Sumitomo Insurance (MSI) and Leadenhall’s individual partners. MSI is responsible for the non-life insurance business, which is a core business of the MS&AD Insurance Group, a world-leading insurance and financial service group. Leadenhall Capital Partners is authorised and regulated in the UK by the Financial Services Authority.
- https://www.artemis.bm/ils-fund-managers/leadenhall-capital-partners-llp/ – Leadenhall Capital Partners LLP, established in November 2008, is a discretionary investment management service provider that manages open-ended funds and managed accounts, investing in life and non-life insurance-linked risk. The firm is a joint venture with MS Amlin, one of the largest reinsurers in the London market, but is independently managed by its staff. As of June 30, 2025, Leadenhall Capital Partners had assets under management of $4.5 billion. The firm offers 17 strategies, including 8 open-ended funds, 2 closed-ended funds, and 7 separately managed accounts, and provides private managed accounts.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The article was published on 27th January 2026, making it current and timely. No evidence of recycled or outdated content was found.
Quotes check
Score:
8
Notes:
The quotes from Lorenzo Volpi and Luca Albertini are consistent with their known positions and roles at Leadenhall Capital Partners. However, the absence of independent verification for these specific statements raises a minor concern.
Source reliability
Score:
7
Notes:
Artemis.bm is a niche publication focusing on insurance-linked securities. While it provides specialised coverage, its limited reach and potential biases due to its focus on a specific sector warrant caution.
Plausability check
Score:
9
Notes:
The reported growth in assets under management aligns with industry trends and Leadenhall’s historical performance. However, the lack of corroboration from other reputable sources slightly diminishes the confidence in the claim.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
While the article is current and presents plausible information, the reliance on a niche publication and the absence of independent verification from reputable sources raise concerns about the reliability and objectivity of the content. The lack of corroboration from other reputable outlets diminishes confidence in the reported figures and statements.