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Since our last update, the Ambassador mutual catastrophe bond funds strategy has grown its assets under administration by $63.3 millions, reaching $191 million net assets under managed.
The Ambassador Fund, launched by investment manager Embassy in the third quarter of 2021, focuses on non-correlated strategy and providing income to clients.
The fund is the latest of a series of US mutual funds that focus on offering clients access to investment in insurance-linked securities and catastrophe bonds.
The Ambassador Fund started allocating capital towards catastrophe bonds for the quarter of April 30th, 2023. They also renewed their first private ILW arrangements.
The mutual cat bond fund’s total net assets had reached just over $82.1 million at April 30th 2023, but then rose further to $100.6 million at July 31st 2023, surpassing the all-important level required to qualify as a QIB, or qualified institutional buyer, so it could be directly sold securities via a private placement under Rule 144A, opening up the pipeline…
