Nest Pension’s ILS Returns Stay in 2025
Nest Sammelstiftung, a Swiss pension fund, reported that its insurance-linked securities (ILS) allocation delivered convincing results in 2025. The fund achieved over 20% performance in 2024 and maintained a 3.3% share of its portfolio by June 2026.
Nest Sammelstiftung, a Swiss pension that follows ecological-ethical investment principles, announced that its insurance-linked securities (ILS) allocation produced "convincing results" in 2025.
2024 Performance
The pension enjoyed a strong year in 2024, with its cat bond and reinsurance holdings returning more than 20% across the calendar year. Those gains were driven by attractive risk premiums in the ILS market.
2025 Results
While Nest did not publish a specific return figure for 2025, the fund said the ILS results were again convincing. Across all alternative asset classes, performance was deemed solid. The pension’s ILS allocation benefited from the same attractive risk premiums that helped it in 2024.
Investment Allocation
Nest allocates to two natural-catastrophe-focused ILS funds: a reinsurance-focused fund managed by Swiss Re’s ILS investment unit and a pure catastrophe bond offering from Twelve Securis. Cambridge Associates assists with the ILS strategy, and a smaller position is held in the Leadenhall Capital Partners Life ILS Fund.
At the end of 2024, ILS holdings represented about 3.6% of the pension’s assets, equating to roughly CHF 154 million (US $170 million). By December 31 2025, the ILS portfolio had a value of just under CHF 150 million, which converted to about US $189 million at that time.
| Year | ILS Value CHF | ILS Value USD |
|---|---|---|
| 2024 | 154 million | 170 million |
| 2025 | 150 million | 189 million |
The pension did not increase its allocations; it maintained its positions across managers while benefiting from exchange-rate effects that masked the carry earned in CHF terms. As of June 30 2026, ILS made up 3.3% of the portfolio, implying a portfolio value of around US $192 million at that date.
| Date | ILS % of Portfolio |
|---|---|
| 2024 | 3.6% |
| 2025 (June 30 2026) | 3.3% |
From the full-year 2025 disclosure, the fund’s investments were:
| Fund | USD Value |
|---|---|
| Swiss Re Core Nat Cat Fund | 97.14 million |
| Twelve Securis Cat Bond Fund | 85 million |
| Leadenhall Life ILS Fund | 8 million |
The pension continues to target a 3% allocation to ILS investments, allowing a range of between 1% and 5% of its assets. The ILS component has slipped slightly as a proportion of the total portfolio, but dollar appreciation has continued as the pension derives attractive returns from the asset class.
The fund’s ILS holdings are now valued at roughly US $192 million, a figure that can be cross-checked in our stats database. The allocation to the Swiss Re Core Nat Cat Fund stands at US $97.14 million, as listed in the squad section. Overall portfolio composition is tracked in our standings page.
The Nest Sammelstiftung pension continues to target a 3% allocation to ILS investments, allowing for a range of between 1% and 5% of its assets.
