Plenum Investments, the Zurich based specialist catastrophe bond and insurance-linked securities (ILS) investment manager, has published a position paper clearly communicating its thoughts on the European Securities and Markets Authority (ESMA) recommendation regarding cat bond eligibility under the UCITS investment framework.
Recall that, the European Securities and Markets Authority (ESMA) made a recommendation in June 2025 to the European Commission not to allow catastrophe bonds as eligible assets in UCITS funds, a move that garnered wide attention across the industry.
One reason for the attention is of course the important role UCITS fund structures play in catastrophe bonds, with over $19.12 billion of cat bond assets under management in UCITS strategies as of the end of last year.
FULL ORIGINAL PUBLICATION HERE