The Healthcare of Ontario Pension Plan (HOOPP), a large Canadian institutional retirement fund, saw its investment allocation to insurance-linked securities (ILS) rising in value by approximately 9% in 2025, lifting its ILS portfolio to approximately US $1.44 billion.
The now CAD $132 billion pension fund has been allocating to the insurance-linked securities (ILS) asset class, including catastrophe bonds and private reinsurance opportunities, since late 2019.
The Healthcare of Ontario Pension Plan’s ILS investments are understood to feature allocations to dedicated ILS manager strategies, as well as some direct reinsurance arrangements.
Overall, the HOOPP pension fund delivered a 7.7% net return in 2025 and generated net investment income of CAD $9.7 billion, which helped to lift its AUM to the new CAD $132 billion high.
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