PGGM, the Dutch pension fund investor that invests in insurance-linked securities and reinsurance on behalf of its end-client Dutch pension PFZW, has revealed a meaningful increase in the target allocation size for its investment into the PartnerRe operated Huygens sidecar structure., as it added reinsurer PartnerRe to the roster of major global players it was working with to gain broad access to reinsurance-linked returns.Through Huygens, PGGM invests on behalf of pension PFZW in private insurance contracts on a worldwide basis alongside global reinsurer PartnerRe, with the underlying business having a peak natural catastrophe reinsurance focus.When the relationship was established, the target ILS allocation size range was initially set at between EUR 50 million and EUR 100 million.

The target size for this reinsurance allocation to PartnerRe’s Huygens structure was later lifted to between EUR 100 million and EUR 250 million in the disclosures PFZW makes, but then in 2023 was reduced back to a target range for an investment of between EUR 50 million and EUR 250 million.The Huygens ILS investment allocation target range has remained the same ever since, but in the last quarter it has been increased to a new target range of between EUR 250 million and EUR 500 million, a potentially meaningful increase.Of course, PFZW does not disclose the precise allocation amounts, only a target range for each of its ILS and reinsurance investment allocations, so we do not know the exact size of the PartnerRe Huygens investment.

There have been two other minor updates to the allocation disclosures released by the PFZW pension in the latest information seen by Artemis.First, .Initially, the investment PGGM made was said to have been US $200 million, made to the quota share structure Scenery Re in the second half of 2024, on behalf of its end-client the Dutch pension PFZW.

Now, this investment into Scenery Re has been added to the disclosure list, with a target allocation range of between EUR 50 million and EUR 250 million, which that US $200 million falls firmly within.The second change we’ve noticed is that the PGGM / PFZW investment allocation with specialist insurance-linked securities manager Aeolus Capital Management appears to have switched to what is either a new private fund, or a renaming of the strategy.Previously, the pension’s investment with Aeolus Capital Management was cited as being into the Spire PF Fund.

But, the latest disclosure information we’ve seen cites it as being to a newly named segregated account strategy called the Ashlar Fund (presumably the Aeolus Property Catastrophe Ashlar Fund L.P.), while the target allocation range remains stable at between EUR 250 million and EUR 500 million.PGGM continues to build-on its triple-focus within insurance-linked securities (ILS) investment, strategies that represent aligned partnership vehicles with global reinsurance firms, allocations to dedicated ILS manager operated strategies, as well as establishing its own unique access points to source reinsurance risk such as the Vermeer Re rated reinsurance joint-venture and its own Nightingale Re private mandate vehicle.Overall, across its ILS and reinsurance investments, the target allocation range for PGGM’s ILS investments on behalf of PFZW remains for between EUR 5 billion and EUR 10 billion to be invested at any one time.

The latest update from pension PFZW shows the following target allocation ranges as of September 30th 2025, including the latest changes to the disclosure: Across all of these investment access points the focus for PGGM and its client pension PFZW remains on property catastrophe reinsurance, either through managed ILS fund strategies, quota share reinsurance sidecars, or the unique managed access points we mentioned before.The latest confirmed figure we had for the overall allocation, in terms of assets deployed, was .PGGM remains the largest single investor listed in ..

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