The Ambassador US mutual catastrophe bond fund strategy operated by Embassy Asset Management has continued to expand its total insurance-linked securities (ILS) assets under management, with further growth in the last quarter of record which has continued since, lifting the funds AUM to just over $607 million at this time.Expansion has come through additional assets raised from investors, which have supported further deployments of capital to both catastrophe bonds and private industry-loss warranty (ILW) deals in recent months., it had reported reaching almost $512 million in total net assets as of April 30th 2025, which represented a roughly 23% increase in the quarter.As we also explained at the time, since that reporting date the Ambassador Fund had continued to grow, reaching $537 million in assets by June 30th 2025.

Now, the next quarter of official data shows growth to total net assets of $559.12 million as of July 31st, which represented growth of more than 9% through the last quarter of record.But the expansion has continued through August and into September, our data sources show, with the Ambassador Fund reaching $588 million in assets by the end of August and now having grown again to $607.4 million as of last week.In the last quarter of record, to July 31st, the Ambassador Fund grew its holdings of catastrophe bonds from $403 million to a new high of $468.3 million.

At the same time, preferred note investments into industry-loss warranty (ILW) contracts under the Consulate Re structure amounted to $59 million at the end of the previous quarter, but had increased through the mid-year reinsurance renewals to reach almost $80.6 million by July 31st.The portfolio management team behind the Ambassador Fund has been utilising Consulate Re to augment the diversification of the fund and gain access to privately negotiated ILW contracts that assist in portfolio construction, with this trend looking like it will remain a key piece of the strategy.As of April 30th, the Ambassador Fund held 10 Consulate Re positions, with 8 being 2025 series deals.

By July 31st that increased to 16 Consulate Re positions, presumably all ILW investments, all of which are 2025 vintage issuances.With steady growth, the Ambassador Fund has become a more meaningful offering in the world of insurance-linked mutual investment funds.It has rapidly grown since , with the busy catastrophe bond market providing plenty of opportunity to deploy new assets raised, alongside investments made into its private ILS vehicle Consulate Re..

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