What Integral ILS does

Integral ILS Ltd. is an independent, Bermuda-domiciled insurance-linked securities (ILS) fund manager founded in July 2020 by Lixin Zeng (PhD Atmospheric Sciences, former CEO of AlphaCat Managers) and Richard Lowther (former Managing Principal of Hiscox ILS). The firm operates a single unified investment platform focused exclusively on natural catastrophe (re)insurance, deploying capital across private quota share reinsurance, catastrophe bonds and other ILS strategies, and manages $3.5 billion in assets as of January 2026, up from approximately $600 million at launch.

The platform is structured around a quantitative, science-driven view of risk rather than conventional actuarial/cat-modeling heuristics. Integral emphasizes specialization, capital efficiency and exploitation of persistent market inefficiency in private (re)insurance markets, with proprietary portfolio optimization developed with University of Waterloo professor Ben Feng and a tropical cyclone research program advised by MIT professor Kerry Emanuel. The investment and systems team (Head of Underwriting Kristofer Sannemalm, Underwriter Arthur Begeman, Head of Research Matthew Swann, Head of Investment Systems Vlad Kovacevic, Systems Architect Christian Fiddick, Portfolio Manager Michael Wedel) is concentrated in Bermuda, with research and business development in London and systems support in Canada. The firm accesses the property-cat value-chain via two core strategic partnerships: TransRe (a Berkshire Hathaway subsidiary rated AM Best A++) for reinsurance capacity, and Amwins (the largest US specialty insurance wholesaler, with US$33 billion+ in annual premium placements) for risk origination through its MGAs.

Integral generates revenue through management fees and performance fees on private ILS fund vehicles, distributed exclusively to institutional accredited investors via direct enterprise sales, not retail channels. The investor base is concentrated in large pension funds and alternative allocators including PSP Investments (Canada, cornerstone), New Holland Capital, PGGM (Netherlands) and CalPERS. Geographically the firm sources capital from Bermuda, the United States, the Netherlands, Canada and the United Kingdom, and originates risk predominantly in North America. The firm is privately held with no parent company and no disclosed funding rounds beyond the original $600 million in signed LP commitments.

Name

Integral ILS

Legal name

Integral ILS Ltd.

Website

https://integralils.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Integral ILS is an independent Bermuda-based insurance-linked securities fund manager founded in 2020 by ex-AlphaCat and ex-Hiscox ILS leaders, deploying institutional capital into natural catastrophe (re)insurance strategies and managing $3.5 billion in assets.

Ownership category

akta.pro rank

Product category

Insurance-Linked Securities Fund Management

NAICS

Miscellaneous Intermediation (52391), Other Insurance Related Activities (52429), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Insurance Agents, Brokers & Service (6411), Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Catastrophe Bond / ILS-Linked Reinsurance (FSAOACAM)

akta.pro secondary industries

Catastrophe Bonds & Insurance-Linked Notes (ILS) (FSACABAO), Catastrophe & ILS Placement (Reinsurance) (FSAOAHAD), Insurance-Dedicated Multi-Manager Platforms (e.g., ILS / Cat Bond FoF) (FSAHAKAK), Collateralized / ILS-Backed Retrocession (FSAOAGAI)

Keywords

• Catastrophe reinsurance investments
• Insurance-linked securities
• Property catastrophe risk
• Alternative risk premium
• Natural catastrophe underwriting

Headquarters

HQ city

Hamilton

HQ country

Bermuda

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. ILS Fund Management Fees: Management fees from managing insurance-linked securities funds for institutional investors. The firm's investment products are private offerings suitable only for sophisticated Accredited Investors.
2. Performance Fees: Performance-based compensation aligned with investment returns for institutional clients in ILS strategies.

Pricing tiers

Go-to-market motion3 records

Distribution channels2 records

Marketing channels3 records

Core offering

Integral ILS is an independent Bermuda-based Insurance-Linked Securities (ILS) fund manager that invests in natural catastrophe (re)insurance strategies on behalf of institutional investors, including private quota share reinsurance, catastrophe bonds, and other ILS transactions. The firm applies a science- and data-driven approach to risk selection and portfolio optimization, supported by partnerships with TransRe and Amwins that provide comprehensive access to the property catastrophe (re)insurance value-chain. Investment products are private offerings available only to sophisticated Accredited Investors under respective Offering Memorandums.

Product overview

Integral ILS is an independent Bermuda-based ILS fund manager founded in July 2020 by Lixin Zeng and Richard Lowther. The firm operates a single unified investment platform focused on Insurance-Linked Securities, specifically catastrophe-linked insurance and reinsurance strategies. The platform provides access to property catastrophe risk through quota share reinsurance, catastrophe bonds, and private ILS strategies. Strategic partnerships with TransRe (Berkshire Hathaway subsidiary, AM Best A++ rated) and Amwins (largest independent wholesale distributor of specialty insurance products in the US) enable comprehensive access to the insurance value-chain. The firm manages $3.5 billion in assets under management as of January 2026.

Differentiator

Problem solved

Functional benefit

Products and services

• Integral ILS Fund Management Platform Independent Insurance-Linked Securities (ILS) fund manager offering catastrophe-linked investment products including private quota share reinsurance, catastrophe bonds, and other ILS strategies for sophisticated Accredited Investors, with comprehensive access to the property catastrophe (re)insurance value-chain via strategic partnerships with TransRe and Amwins.
• Property Catastrophe Reinsurance Investments Investment strategy focused on private market catastrophe-linked insurance and reinsurance transactions, transferring natural catastrophe event risk from insurance and reinsurance companies to capital market investors.
• ILS-Backed US Property Insurance Initiative US property insurance initiative issuing policies through Core Specialty insurance subsidiaries, with risks originated by Amwins' MGAs and shared with Integral ILS funds, covering small commercial, personal lines, middle market, and large shared/layered accounts.

Quantifiable outcome

• AUM growth from $600M at launch (2020) to $3.5B by January 2026
• +1 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered minor and core.

• SBAI (Standards Board for Alternative Investments)minorOthers · 1 March 2024Industry standards body for alternative investments. Integral ILS became a Signatory in December 2023 and Core Supporter in March 2024, demonstrating commitment to industry standards and best practices.
• Core Specialty Insurance HoldingsminorStrategic or Co-development Partner · 1 March 2021Partnership for ILS-backed property insurance initiative where Core Specialty insurance subsidiaries issue policies. Risks underwritten by Amwins are shared with Integral ILS funds. Core Specialty carries AM Best rating of A- (Excellent), Financial Size Category XI.
• TransRe (Transatlantic Reinsurance Company)coreStrategic or Co-development Partner · 1 July 2020Strategic partner providing access to reinsurance capabilities. TransRe is a leading global property and casualty reinsurer headquartered in New York, AM Best A++ rated, and member of Berkshire Hathaway group. Founded in 1977, TransRe enables Integral's investors to have comprehensive access to the broader natural catastrophe and event-linked insurance value-chain.
• AmwinscoreChannel Partner/ Reseller/ Distributor · 1 July 2020Strategic partner and largest independent wholesale distributor of specialty insurance products in the United States. Headquartered in Charlotte, NC with 7,400 employees and 155 offices globally. Handles premium placements exceeding US$33 billion annually. Enables Integral to access risk originated from Amwins' MGAs including Amwins Access, Seacoast Brokers, Special Risk Underwriters, and Unicorn Underwriting.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Munich Re: Global reinsurance leader active in ILS via Munich Re Capital Markets and third-party ILS fund partnerships. Comparable as a broad incumbent that interacts with the same LP base and catastrophe risk origination channels as Integral.
• Swiss Re: One of the world's largest reinsurers and a leading participant in ILS markets through its Capital Markets unit. Comparable as a broad incumbent that overlaps with Integral's space while offering reinsurance, primary insurance, and large-scale ILS capabilities.

Direct peers

• Twelve Sigma Capital Management: Catastrophe-focused reinsurance and ILS fund manager offering institutional investors exposure to property catastrophe bonds and private placements. Comparable in product mix and institutional focus.
• Aeolus Capital Management: Bermuda-domiciled ILS investment manager focused on property catastrophe risk for institutional investors. Comparable in mandate, jurisdiction, and institutional LP focus.
• Fermat Capital Management: Specialist ILS fund manager focused on catastrophe bonds and reinsurance-linked investments. Comparable to Integral in targeting institutional investors with ILS allocation strategies and risk-selection discipline.
• Plenum Investments: Swiss-based specialist ILS and catastrophe bond fund manager. Comparable as a dedicated ILS franchise targeting institutional investors with insurance-linked strategies.
• Nephila Capital: Largest dedicated insurance-linked securities and reinsurance fund manager globally (now part of Man Group). Directly comparable to Integral as a third-party ILS capital provider targeting catastrophe-linked investments for institutional LPs.
• Aspen Capital Markets: ILS specialist focused on catastrophe bond investments and insurance-linked strategies for institutional clients. Comparable in product offering and institutional client base.
• Elementum Advisors: Bermuda-based ILS fund manager focused on property catastrophe risk. Directly comparable in product, domicile, and target LP base; former employer of Integral underwriter Arthur Begeman, illustrating direct talent crossover.
• Hiscox Insurance Linked Strategies: ILS platform within Hiscox Group. Directly comparable as an institutional ILS franchise; former employer of Integral co-founders Lowther and Swann and CFO van der Merwe, making it both a peer and a talent lineage source.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/integral-ils-ltd

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 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 Integral ILS