Twelve Capital

What Twelve Capital does

Twelve Capital, now operating under the legal name Twelve Securis following the merger of Twelve Capital and Securis Investment Partners, is an independent, privately held investment manager specializing in insurance-linked securities (ILS) and insurance-related investments. The firm manages approximately USD 9.6 billion in assets (as at 31/03/26) across five core strategies: ILS (Catastrophe Bonds) providing liquid exposure to tropical cyclones, earthquakes, and other catastrophes; ILS (Private) for bespoke private (re)insurance transactions; Insurance Credit (Insurance Bonds) for investment-grade insurance company debt; Insurance Credit (Private Debt) targeting the solvency capital needs of smaller European insurers; and a Multi Asset strategy combining these building blocks in UCITS and custom mandate formats. Underlying capabilities include a proprietary catastrophe risk model integrating the latest scientific research, climate change impacts, and seasonal forecasting to refine portfolio positioning.

The firm serves institutional investors — pension funds, insurers, and other professional allocators — seeking portfolio diversification through insurance risk markets, transparent data-driven risk assessment, and rapid payout structures. Distribution is conducted on an enterprise field-sales basis through five regulated entities: Twelve Capital AG in Zurich (FINMA), Twelve Capital (DE) GmbH in Munich (BaFin), Securis Investment Partners LLP in London (FCA and SEC), Securis ILS Management Ltd in Bermuda (BMA), and Twelve Securis Japan Limited in Tokyo (Japanese FSA). Revenue is generated through recurring asset management fees on AUM, with performance fees on certain strategies; no specific pricing is publicly disclosed and fees are negotiated bilaterally with institutional clients. The 90+ person team, led by CEO/CIO Urs Ramseier, has been building specialist insurance investment capability since 2005.

Name

Twelve Capital

Legal name

Twelve Securis

Website

https://twelvecapital.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

51–100 employees

Short description

Twelve Securis (formerly Twelve Capital) is an independent, Zurich-based insurance-linked securities investment manager serving institutional clients with USD 9.6bn AUM across catastrophe bonds, private ILS, insurance debt, and multi-asset portfolios, distributed through five regulated offices.

Ownership category

akta.pro rank

Product category

Insurance-Linked Securities Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282), Asset-Backed Securities (6189)

akta.pro primary industry

Securitized Products (MBS/ABS/CMBS) (FSAAAHAE)

akta.pro secondary industry

Structured Credit & Securitized Products Investing (RMBS/CRT/IO-PO) (FSALAFAG)

Keywords

• Insurance-linked securities
• Catastrophe bond funds
• Institutional asset management
• Private reinsurance investments
• Insurance debt strategies

Headquarters

HQ city

Zürich

HQ country

Switzerland

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Asset Management Fees: Twelve Capital generates revenue through management fees charged on assets under management of approximately USD 9.6 billion, primarily from institutional investors including catastrophe bonds, private ILS, insurance bonds, and multi-asset insurance strategies.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Twelve Capital (operating as Twelve Securis following its merger with Securis Investment Partners) is an independent insurance-linked securities investment manager that manages approximately USD 9.6 billion in assets for institutional investors. Its core offerings include ILS (Catastrophe Bonds), ILS (Private), Insurance Credit (Insurance Bonds), Insurance Credit (Private Debt), and Multi Asset portfolios, distributed via UCITS funds and custom mandates across multiple regulated jurisdictions.

Product overview

Twelve Capital operates as an insurance-linked securities (ILS) investment manager offering a diversified portfolio of investment products. Following the merger with Securis Investment Partners to form Twelve Securis, the firm manages approximately USD 9.6 billion in assets across five core product strategies: ILS (Catastrophe Bonds) for liquid tradable catastrophe risk instruments; ILS (Private) for bespoke private reinsurance transactions; Insurance Credit (Insurance Bonds) for investment-grade insurance company debt; Insurance Credit (Private Debt) addressing solvency capital needs of smaller insurers; and Multi Asset combining multiple ILS and insurance credit instruments in UCITS or custom mandate formats. The firm maintains global presence across Zurich, Munich, London, Bermuda, and Tokyo.

Differentiator

Problem solved

Functional benefit

Brands

• Twelve Securis Cat Radar: Regular market monitoring and updates on tropical cyclone activity and catastrophe risks published by Twelve Securis.

Quantifiable outcome

• USD 9.6bn AUM managed as at 31/03/26
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Securis Investment PartnerscoreStrategic or Co-development PartnerTwelve Capital and Securis Investment Partners completed their merger to establish Twelve Securis as a global leader in Insurance-Linked Securities (ILS). This strategic move united complementary expertise, skill sets, and a shared dedication to innovation in insurance investment, creating one of the largest ILS investment managers with USD 9.6bn AUM.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Regional players

• GAM Investments: GAM is a Zurich-based active asset manager with insurance-linked and catastrophe bond capabilities serving European institutional clients. Geographic and regulatory overlap (FINMA-regulated, Swiss-domiciled) make it a direct regional competitor to Twelve Securis.

Direct peers

• Fermat Capital Management: Fermat Capital is a specialist ILS investment manager focused on catastrophe bonds and reinsurance-linked investments for institutional clients. Its product scope and target investor base closely mirror Twelve Securis's core Cat Bond and Private ILS strategies.
• Nephila Capital (now Man Group ILS): Nephila Capital is a pioneering dedicated ILS investment manager (now part of Man Group) that manages catastrophe bond, weather derivatives, and private ILS portfolios for institutional investors. It is the closest direct peer to Twelve Securis in scale, product mix, and client base.
• Leadenhall Capital Partners: Leadenhall Capital Partners is a London-based ILS investment manager offering insurance-linked investment funds, including cat bonds and private ILS. It competes head-to-head with Twelve Securis for institutional mandates in the European ILS market.

Broad incumbents

• Munich Re: Munich Re is a global reinsurance leader that also acts as an ILS issuer and investor via its dedicated insurance-linked strategies. Its scale and reinsurance relationships make it both a competitor to and partner of specialist ILS managers like Twelve Securis.
• Swiss Re (insurance-linked securities): Swiss Re is one of the world's largest reinsurers and a leading issuer/arranger of catastrophe bonds through its Capital Markets unit. While much broader than Twelve Securis, it is a major competitor in ILS deal origination and a potential distribution counterparty.
• Schroders Capital (Insurance-Linked Securities): Schroders Capital operates insurance-linked securities strategies as part of its alternatives platform, offering institutional investors access to ILS returns. It is a broad incumbent competing for the same European and global ILS mandates as Twelve Securis.
• BlackRock (Insurance-Linked Strategies): BlackRock manages insurance-linked and catastrophe bond strategies as part of its broader alternatives platform. Its distribution reach and balance sheet make it a powerful competitor for large institutional ILS mandates.
• PIMCO (Insurance-Linked Strategies): PIMCO is a global fixed income asset manager with a dedicated Insurance-Linked Strategies platform offering cat bond and ILS solutions to institutional investors. It is a broad incumbent competing for the same institutional ILS allocations as Twelve Securis.

Emerging players

• Plenum Investments: Plenum Investments is a Swiss-based specialized investment manager offering insurance-linked strategies and cat bond funds. Its Zurich domicile and ILS focus make it a smaller, emerging regional peer competing for Swiss and European institutional mandates.

Market position

Strengths5 records

Weaknesses2 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/twelve-securis
• Xx.com/twelvecapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Twelve Capital