Bloomberg News

LGT Group Buys Insurance-Linked Security Unit From Clariden Leu

March 13, 2012

LGT Group, a Liechtenstein-based asset manager, will acquire the division of Credit Suisse Group AG (CSGN)’s Clariden Leu private bank that invests in insurance-linked securities such as catastrophe bonds.

Terms of the sale weren’t disclosed. The transaction, which is subject to legal and regulatory approvals, is expected to close in the second quarter, Vaduz, Liechtenstein-based LGT said in a statement today. LGT Capital Management will obtain all insurance-linked funds of Clariden Leu, the company said.

Clariden Leu, a Zurich-based private bank that oversees about $2 billion, is among the biggest asset managers specialized in buying insurance-linked securities such as catastrophe bonds. Insurers and reinsurers sell the bonds to help protect themselves against the most severe natural disasters such as U.S. hurricanes, earthquakes and European winter storms.

“As a long-standing investor in the insurance-linked asset class, and especially within the Clariden Leu funds, we are convinced of the quality of the team, their consistent investment strategy and the disciplined investment style,” LGT Capital Management Chief Executive Officer Torsten de Santos said in the statement.

To contact the reporter on this story: Oliver Suess in Munich at osuess@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net; Edward Evans at eevans3@bloomberg.net


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