The Florida State Board of Administration, which manages allocations to insurance-linked securities funds and reinsurance strategies on behalf of the giant Florida Retirement System Pension Plan, has made a new $150 million allocation to a life insurance settlements strategy managed by Miravast.The strategy of maintaining a diversified approach to investing across insurance and reinsurance opportunities persists for the Florida Retirement System Pension Plan, with contingent life settlement exposure set to remain a component of the portfolio.Previously, the Florida State Board had allocated to a commingled Miravast Asset Management operated life settlement fund strategy back in 2022, which was also a $150 million investment.Now, the Board has disclosed a new $150 million allocation to the latest vintage of that strategy, the Miravast ILS Credit Opportunities III LP fund.

Miravast ILS Credit Opportunities III LP is a recently established Cayman Islands fund structure, we understand.We believe it to be commingled again, suggesting other allocators may have already supported its launching as well.The Florida State Board allocated $150 million to the Miravast ILS Credit Opportunities III LP in the first-quarter of 2026, with the investment presumably forming part of the Florida Retirement System Pension Plan’s portfolio of ILS and reinsurance related investments.

Miravast Asset Management LLC is an investment manager focused on underwriting longevity related risk and investing in life insurance settlements.In 2024 it announced raising $346 million for the Miravast ILS Credit Opportunities II LP, which was its second flagship life insurance focused investment fund strategy, that the Florida State Board also participated in as we said.The new Miravast ILS Credit Opportunities III LP is presumably therefore the third vintage of this flagship life settlements strategy for Miravast, now receiving backing again from the giant Florida Retirement System Pension Plan.

It’s expected the fund will again focus on life contingent assets, largely life settlements, although we understand the remit does allow for certain other life insurance-linked investments to be included.With another investment made into an insurance-linked investment strategy in the first-quarter of 2026, the Florida State Board continues to build-out the Florida Retirement System’s allocations to insurance and reinsurance opportunities.Recall that, .

Diversification within the ILS and reinsurance asset class has remained a focus and the fourth-quarter of 2025 saw the State Board allocating .The pension investment giant from Florida also allocates to reinsurance opportunities through Aeolus Capital Management, Pillar Capital Management, other Nephila Capital strategies and one fund managed by RenaissanceRe Capital Partners..

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