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PGGM sets up Bermuda SPI to back PartnerRe quota share ILS deal
The Huygens Re investment allocation target has been upsized to a EUR 250 million to EUR 500 million range, after previously targeting EUR 50 million to EUR 250 million.
Artemis reports that PGGM has established a new dedicated restricted special purpose insurer in Bermuda, Huygens Re Ltd., to house its insurance-linked securities investment into a quota share with reinsurance firm PartnerRe.
PGGM uses the structure for ILS and reinsurance allocation on behalf of its end-client Dutch pension PFZW, with nearly US$9 billion invested in the asset class by the end of 2025. PGGM previously allocated to the Huygens structure in 1999 through a PartnerRe relationship, and the target allocation for the PartnerRe relationship has since been increased to a EUR 250 million to EUR 500 million range, from a prior EUR 50 million to EUR 250 million.
Artemis says the Huygens investment strategy was originally set up in a multi-use structure, potentially within PartnerRe platforms or under a cell of Lorenz Re, but PGGM is now looking to move it into its own dedicated vehicle. The company registered Huygens Re Ltd. as a restricted SPI in June 2026.
Artemis also notes that PGGM’s ILS and reinsurance portfolio managed for PFZW delivered a 12.4% return in USD for full-year 2025, with assets ending the year at just over US$8.9 billion. The outlet adds that PGGM remains the largest single investor across its directory of pension funds and sovereign wealth funds investing in these products.