There has been a notable increase in the target investment allocation range for reinsurer SCOR’s sidecar vehicle Concordia Re, in the insurance-linked securities (ILS) portfolio managed by PGGM, the Dutch pension fund investment manager, on behalf of its end-client Dutch pension PFZW..That structure enables the pension investor to allocate to worldwide catastrophe reinsurance business on a quota share basis alongside leading global reinsurer SCOR.At that time, the allocation target size for the Concordia Re sidecar was set in a range from EUR 50 million to as much as EUR 100 million.

The target allocation range was increased for 2023, to a higher EUR 50 million to as much as EUR 250 million.Now, updated information seen by Artemis shows that the allocation target range for SCOR’s Concordia Re sidecar has been increased further, to a new high of between EUR 250 million and EUR 500 million.It’s a meaningful increase in the target allocation potential, although exact allocation sizes are not disclosed so we do not know where it currently sits.

There have been two other minor changes to the allocation targets for some of the ILS investments made by PGGM on behalf of PFZW at the latest update as well.The allocation target range for the Theia Catastrophe Fund, which is managed by ILS fund manager Elementum Advisors and investors into private reinsurance contracts, has now been reduced from EUR 250 million to EUR 500 million, to a new target range of EUR 50 million to EUR 250 million.Again, we can’t be sure where this Elementum allocation is actually sized at this time.

In addition, an allocation target range for the Soteria Fund that had been managed by AlphaCat Managers has been reduced, although this has likely been in run-off since the RenaissanceRe acquisition of Validus.This allocation had been stated with a target range of EUR 50 million to EUR 250 million, but this has been lowered to EUR zero to EUR 50 million, which we suspect is due to the running-off of this ILS investment.PGGM has, in recent years, increased its focus on two avenues of insurance-linked securities (ILS) investment, aligned partnership vehicles with global reinsurance firms, as well as establishing its own unique access points such as the Vermeer Re rated reinsurance joint-venture and its Nightingale Re private mandate vehicle.

The changes seen in the latest allocation target range disclosures reflect this, although the investor maintains a broad range of access points that encompass catastrophe bonds, collateralized reinsurance or private ILS, sidecars and traditional reinsurance.The latest update from pension PFZW show the allocation target ranges stand at the levels below, as of June 30th 2025, with changes only to the Concordia Re, Elementum and AlphaCat allocations: It’s worth also noting that there is also , but this has still not been disclosed in the latest update from PFZW.Overall, across its ILS and reinsurance investments, the target allocation range for PGGM’s investments on behalf of PFZW remains set at between EUR 5 billion and EUR 10 billion.

The latest confirmed figure we had for the overall allocation was .PGGM remains the largest single investor listed in ..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.

Our can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.