Insurance Linked Securities: Why the asset class warrants an allocation in institutional portfolios
INTERVIEWSERIES
Gareth Abley, Co-Head of Alternative Strategies, MLC Asset Management
August 2025
In this exclusive interview, Gareth shares his insights from nearly two decades investing in Insurance Linked Securities as an institutional investor, discussing what makes the asset class structurally attractive in the current environment, how to implement a successful exposure and the pitfalls for investors to avoid along their journey navigating the asset class.
Watch the full interview which covers:
0:26 - What are some unique features of Insurance Linked Securities that make it an attractive asset class for institutional investors, especially in the context of diversifying portfolios?
2:36 - What drives the positive expected return in Insurance Linked Securities and what are some of the key risks investors need to be attuned to?
5:34 - Could you explain the differences between public and private Insurance Linked Securities? What unique opportunities does each segment present for investors?
8:35 - How would you rate the attractiveness of Insurance Linked Securities today compared to the last 17 years you have been investing in the space?
10:56 - What are some of the key tricks to implementing a successful exposure to Insurance Linked Securities?
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Gareth Abley, Co-Head of Alternative Strategies, MLC Asset Management
Gareth is Co-Head of Alternative Strategies for MLC. His team are focused on identifying investments that deliver attractive risk-adjusted returns and are uncorrelated to mainstream asset classes. The team manages ~A$6.5 billion in total across two portfolios.
The team manages the ~A$3.3 billion MLC Opportunistic Capital Solutions portfolio that allocates predominantly to various fund and co-investments in niche, esoteric, private credit.
The team also manage ~A$3.2 billion in natural catastrophe reinsurance (ILS) focused strategies, including a recently launched co-mingled Reinsurance Investment Fund, which is available to external (non-MLC) investors.
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