What Leadenhall Capital Partners does

Leadenhall Capital Partners is a London-headquartered institutional asset manager specializing in insurance-linked securities (ILS). Founded in 2008 as a joint venture between Amlin and an experienced management team led by Luca Albertini and John Wells, the firm manages dedicated funds and segregated managed accounts that give institutional investors access to Life (mortality, morbidity, lapse), Non-Life (natural catastrophe and reinsurance), and Alternative Credit insurance-linked investment strategies. The firm is majority-owned (80%) by Mitsui Sumitomo Insurance, a subsidiary of the Japanese MS&AD Group, following Amlin's 2016 acquisition by MS&AD.

The firm's product platform spans open-ended and closed-ended funds, segregated managed accounts, and rated reinsurance vehicles. Core non-life strategies include private-market collateralized reinsurance with quarterly or bi-annual liquidity and catastrophe bond strategies with weekly or bi-monthly liquidity. Life strategies provide financing against mortality, morbidity, and lapse risks, while Alternative Private Credit combines credit experience with insurance-sector risk exposure. Key proprietary structural assets include the UCITS Cat Bond Fund (launched 2016), the Bermuda-based Nectaris Re Ltd. rated reinsurance platform (launched 2021, A.M. Best 'A' rated), and the Tranquil Re 2026-1 catastrophe bond. The firm employs the third-party RMS Miu platform for portfolio management and analytics.

Leadenhall generates revenue primarily through asset management fees on approximately $6.6 billion in assets under management (as of September 2021), with likely performance fees layered on top. Pricing is not publicly disclosed and is determined through individual negotiations with institutional investors and investment consultants. The firm pursues a relationship-driven, enterprise field sales model through a dedicated business development team across London (HQ), Bermuda, and the United States, supplemented by distribution partnerships such as the Bennelong Funds Management alliance for Australia and New Zealand. Triple regulatory registration with the FCA, SEC, and Bermuda Monetary Authority supports cross-border institutional distribution. The firm reports 11-50 employees and a 13-partner cohort.

Name

Leadenhall Capital Partners

Legal name

Leadenhall Capital Partners LLP

Website

https://leadenhallcp.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Leadenhall Capital Partners is a London-based institutional asset manager providing global investors access to insurance-linked securities strategies—Life, Non-Life, and Alternative Credit—through dedicated funds and managed accounts, managing approximately $6.6 billion in assets under management as of September 2021.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 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: Leadenhall charges management fees on assets under management across its dedicated funds and segregated managed accounts. As an FCA, SEC and BMA registered investment management group, the firm generates revenue from managing institutional investor capital in Life, Non-Life and Alternative Credit insurance linked strategies.
2. Performance Fees: The firm likely earns performance fees tied to investment returns on ILS portfolios, typical for hedge fund and alternative investment managers managing institutional capital.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels9 records

Core offering

Leadenhall Capital Partners is a global institutional asset manager that invests institutional client capital in insurance-linked securities across three pillars: Life Insurance Linked Strategies (lapse, mortality/pandemic, morbidity risk financing for life and health insurers), Non-Life Insurance Linked Strategies delivered via private market collateralised reinsurance placements and tradable catastrophe bonds, and Alternative Private Credit investments. The firm offers these exposures through dedicated open and closed-ended funds, segregated managed accounts, the UCITS Cat Bond Fund, and its Bermuda-based rated reinsurance platform Nectaris Re Ltd.

Product overview

Leadenhall Capital Partners operates as a global asset management firm offering institutional investors access to insurance-related risks. The firm provides a platform of dedicated funds and managed accounts spanning three main investment strategies: Life Insurance Linked Strategies (covering mortality, morbidity, and lapse risks), Non-Life Insurance Linked Strategies (split between private markets reinsurance and catastrophe bonds for natural catastrophe exposure), and Alternative Private Credit (combining credit with insurance risk exposure). Key products include the UCITS Cat Bond Fund with weekly liquidity, Nectaris Re Ltd. (a rated Bermuda reinsurance platform), and the Tranquil Re 2026-1 catastrophe bond. All strategies are designed to offer low correlation to traditional capital markets.

Differentiator

Problem solved

Functional benefit

Brands

• Nectaris Re: Bermuda-based rated reinsurance underwriting platform backed by Leadenhall's ILS funds, providing rated reinsurance capacity and retrocessional protection
• UCITS Cat Bond Fund

Products and services

• Life Insurance Linked Strategies Financing solutions for entities in life and health insurance where lapse, mortality/pandemic, and morbidity risks are the primary exposures; offered through open and closed-ended funds and segregated managed accounts to institutional investors.
• Non-Life Insurance Linked Strategies — Private Markets Collateralised reinsurance solutions providing direct access to pure (re)insurance risk via (mostly) one-year contracts, mainly focused on peak natural catastrophic events such as hurricanes, floods or earthquakes; offered with quarterly or bi-annual liquidity.
• Non-Life Insurance Linked Strategies — Cat Bonds Catastrophe bond investment strategies that are securitisations of (re)insurance risk with typical maturity of three to five years, tradable in the secondary market, providing direct access to insurance risk for severe natural catastrophe events; offered via funds with weekly or bi-monthly liquidity.
• Alternative Private Credit Financing to entities in life, health, and non-life sectors combining credit experience with the insurance risk landscape to pick attractive private market investments such as life insurance linked assets and structured credit risks; offered via open-ended funds and segregated managed accounts.
• UCITS Cat Bond Fund UCITS-compliant fund structure providing weekly or bi-monthly liquidity access to catastrophe bond investments for a broader range of institutional investors in Europe and beyond.
• Nectaris Re Ltd. Bermuda-based Class 3A rated reinsurance underwriting platform, backed by Leadenhall's ILS funds, providing collateralised reinsurance solutions through one-year contracts focused on peak natural catastrophic events with AM Best A (Excellent) ratings.
• Tranquil Re 2026-1 Catastrophe Bond $75 million catastrophe bond issued via Gallagher Re's Arthur Re Ltd. providing fully-collateralised multi-peril US peak peril retrocessional reinsurance coverage against named storms and earthquakes over a two-year term to June 2028 for Nectaris Re Ltd.

Quantifiable outcome

• Assets under management grew from $650 million (2012) to $6.6 billion (2021), representing 10x growth over nine years.
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Gallagher RecoreTechnology or Integration · 3 July 2026Gallagher Re's Arthur Re Ltd. platform was used for the Tranquil Re 2026-1 catastrophe bond issuance. The $75 million cat bond for Nectaris Re was structured and facilitated through Gallagher Re's insurance-linked securities platform.
• Bennelong Funds ManagementcoreStrategic or Co-development Partner · 29 August 2024Leadenhall launched a new catastrophe bond fund targeting investors in Australia and New Zealand in partnership with Bennelong Funds Management. This partnership enables distribution of Leadenhall's cat bond investment products to the AUS-NZ institutional market through Bennelong's local distribution network.
• Allianz ARTcoreTechnology or Integration · 16 May 2022Nectaris Re Ltd., Leadenhall's rated reinsurance underwriting platform in Bermuda, received fronting support from Allianz ART (Allianz Alternative Risk Transfer). This fronting arrangement enables Nectaris Re to expand its open market business and benefit from improved risk profile through Allianz's fronting capabilities.
• Standards Board for Alternative Investments (SBAI)minorStrategic or Co-development Partner · 10 January 2022Leadenhall became an SBAI Core Supporter, aligning with industry best practices for alternative investment managers.
• Institutional Investors Group on Climate Change (IIGCC)minorStrategic or Co-development Partner · 1 January 2022In 2022, Leadenhall became a member of IIGCC with a mission to support and enable the investment community in driving significant and real progress by 2030 towards a net zero and resilient future. This supports Leadenhall's ESG and sustainability commitments.
• UN Principles for Responsible Investment (UNPRI)minorStrategic or Co-development Partner · 18 October 2018Leadenhall and its ultimate parent group (MS&AD Group) have been signatories to UN PRI since October 18, 2018. The firm has adopted a Sustainability Risks (ESG) Policy setting out commitment to responsible investing and assessment of ESG issues in insurance linked investments analysis.

Scale indicators9 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Securis Investment Partners: Specialist ILS and reinsurance investment manager. Competes for institutional capital across catastrophe bonds and private ILS opportunities with similar product structures.
• Fermat Capital Management: Specialist ILS manager focused on catastrophe bond and reinsurance-linked investments for institutional clients. Closest US-headquartered pure-play peer to Leadenhall's non-life strategies.
• Twelve Capital: Swiss-based specialist investment manager focused on insurance-linked strategies across catastrophe bonds, life ILS, and private reinsurance. Direct competitor for institutional ILS mandates with comparable strategy breadth.
• Plenum Investments: Swiss specialist asset manager investing in catastrophe bonds, reinsurance, and insurance-linked credit. Comparable in strategy mix and institutional investor focus.

Broad incumbents

• Schroders Capital: Alternatives arm of large UK-listed asset manager with insurance-linked securities capabilities. Competes for institutional ILS mandates as part of a broader private markets platform.
• Swiss Re Capital Markets: Capital markets and ILS arm of major global reinsurer Swiss Re. Offers catastrophe bond and reinsurance-linked investment products with structural advantages from being part of a large reinsurer parent.
• Neuberger Berman (ILS platform): Large diversified asset manager with a dedicated insurance-linked securities platform. Competes broadly for ILS allocations within a much wider alternatives product suite.
• Munich Re (Insurance-Linked Strategies): World's largest reinsurer with dedicated ILS issuance and third-party capital management activities. Indirectly competes for institutional ILS allocations and reinsurance-linked capital.
• Hannover Re ILS (K-Squared): Major global reinsurer with insurance-linked securities and structured reinsurance capabilities. Operates as both cedent and capital partner in ILS transactions, structurally adjacent to Leadenhall's model.
• SCOR Investment Partners: Investment management arm of French reinsurer SCOR, managing ILS, fixed income, and alternative credit strategies. Comparable operating model of reinsurer-affiliated ILS platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/leadenhall-capital-partners-llp

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments6 records

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

Frequently asked questions about Leadenhall Capital Partners