CalPERS, the largest public pension fund in the United States, ended 2025 with its investments in catastrophe bond and insurance-linked securities (ILS) fund strategies amounting to $1.451 billion, with allocations in place with Tangency Capital, Integral ILS and Swiss Re’s SRILIAC.
We had reported last October that CalPERS was set to make its first catastrophe bond allocation and it later became known that the pension fund had also made reinsurance related ILS fund investments as well in 2025.
Now, disclosures from CalPERS show the scale of its ILS fund investments and reveal some more details on the strategies that have been allocated to.
CalPERS ILS investments were valued at $1.451 billion as of December 31st 2025, up from just $300 million at June 30th.
Pre-June 30th last year, CalPERS had already made investments into of $185 million into an ILS strategy called the Bear Island QS Fund Ltd.
We can now confirm that this is a quota share reinsurance focused investment fund, potentially a fund-of-one specifically for CalPERS, managed by specialist manager Tangency Capital.
The other pre-June ILS fund allocation that CalPERS had made was $115 million to a fund named the CB Eiger Bear 2025 Fund Ltd.
We believe that CB Eiger Bear 2025 is a catastrophe bond focused investment fund strategy and understand it to be managed by Swiss Re’s ILS investment arm SRILIAC, or Swiss Re Insurance-Linked Investment Advisors Corporation.
With both of these ILS fund strategies, we understand $310 million commitments were initially made to each manager, but the quota share reinsurance strategy managed by Tangency Capital has grown significantly since.
In addition, based on disclosures as of December 31st 2025, CalPERS has also made an investment allocation to what we believe to be a private collateralized reinsurance strategy managed by specialist ILS investment firm Integral ILS.
As of December 31st 2025, the CalPERS $1.451 billion in total ILS asset class allocations are disclosed as follows.
The Tangency Capital managed quota share reinsurance strategy, Bear Island QS Fund Ltd., is disclosed at a valuation of almost $720 million as of the end of 2025, so clearly additional allocations have been made in the second-half of the year.
Meanwhile, the Swiss Re SRILIAC managed CB Eiger Bear 2025 Fund allocation, which we believe to be the catastrophe bond investment, is valued at almost $331 million as of December 31st, suggesting the full commitment of $310 million was made, with the rest likely being increased net asset values and accumulated returns.
On the Integral ILS investment, which only appears to have been made in the second-half of 2025, this is reported at a $400 million valuation as of the end of the year.
The Integral ILS investment is to a fund structure named the Arctos Cat Island Fund Ltd., which as said we believe to be a collateralized reinsurance focused investment, so private ILS opportunities.
It’s a meaningful start to CalPERS ILS investing journey, with now $1.451 billion of investments in the cat bond and reinsurance linked asset class made in what appears to be under a year.
In addition, the pension fund has established three distinct access points, into quota share reinsurance investments, catastrophe bond investments and private ILS (likely largely excess-of-loss reinsurance focused) investments, which provides a robust platform for further expansion of the ILS allocation over time.
The California Public Employees’ Retirement System (CalPERS) is just one of the numerous pension fund and major ILS investors we track in our directories here.
