The insurance-linked securities (ILS) and reinsurance investments portfolio managed by specialist pension investor PGGM on behalf of Dutch pension PFZW delivered a 12.4% return in USD for full-year 2025, while the portfolio assets ended the year at a valuation of just over US $8.9 billion.
The portfolio of insurance-linked securities funds and reinsurance structures that PGGM Investments allocates to on behalf of the Dutch pension fund for the care and welfare sector, Pensioenfonds Zorg en Welzijn (PFZW), remains the largest allocation from a single entity investing in the ILS sector.
The insurance and reinsurance investments make up a key component of the alternative assets PGGM allocates to for PFZW, making up 3% of the total pension fund (which is around EUR 252 billion in size) as of December 31st 2025.
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