Key Takeaways
- • Cambridge Associates has formalised a specialist insurance-linked securities (ILS) advisory team and is adding one new member, with the hire scheduled to join in September 2026, to support growing client interest in the asset class.
- • Michael Knecht, Managing Director Investment, leads the ILS business line, which oversees more than USD 2.5 billion in ILS investments as of March 2026.
- • Cambridge positions catastrophe bonds and ILS as liquid diversifiers for institutional portfolios, with returns generally distinct from traditional financial market risks.
- • Joe Tolen, Senior Director in the Credit Investments Practice, leads the firm's ILS research output, while Siti Dawson, a Senior Director and catastrophe bond specialist, manages ILS-specific mandates alongside Knecht.
Summary
Cambridge Associates, the global investment firm providing specialist advisory and portfolio construction services, has formalised a dedicated ILS-focused advisory team and is adding one new member to support its specialists as client interest in the asset class grows, according to an Artemis.bm report dated 1 July 2026.
Michael Knecht, Managing Director Investment, oversees the ILS business line, which manages more than USD 2.5 billion in ILS investments as of March 2026. Joe Tolen, Senior Director in the Credit Investments Practice, leads ILS research and is responsible for the firm's research output on the asset class. Siti Dawson, a Senior Director and experienced catastrophe bond and ILS product specialist, works alongside Knecht to manage ILS-specific mandates for clients. The new team member is scheduled to join in September 2026, reflecting Cambridge's stated intention to pair dedicated research with client coverage in a specialised, integrated advisory model.
Cambridge frames catastrophe bonds and ILS as liquid diversifiers that may become more valued by investors amid geopolitical, macroeconomic and valuation uncertainty. Knecht said that ILS may continue to play an important role in that context, and that the firm's continued investment in its advisory and research team reflects an ongoing focus on the asset class. He also noted that reinsurance and insurance-linked securities are viewed as one relevant building block among the options clients are considering.
Tolen said ILS investments can offer return drivers generally distinct from traditional financial market risks and may help diversify portfolios exposed to equities, credit and private markets. He added that some investors are focusing on liquid forms of diversification, which brings ILS and reinsurance to the fore.
Michael Knecht, Managing Director Investment, oversees the ILS business line, which manages more than USD 2.5 billion in ILS investments as of March 2026. Joe Tolen, Senior Director in the Credit Investments Practice, leads ILS research and is responsible for the firm's research output on the asset class. Siti Dawson, a Senior Director and experienced catastrophe bond and ILS product specialist, works alongside Knecht to manage ILS-specific mandates for clients. The new team member is scheduled to join in September 2026, reflecting Cambridge's stated intention to pair dedicated research with client coverage in a specialised, integrated advisory model.
Cambridge frames catastrophe bonds and ILS as liquid diversifiers that may become more valued by investors amid geopolitical, macroeconomic and valuation uncertainty. Knecht said that ILS may continue to play an important role in that context, and that the firm's continued investment in its advisory and research team reflects an ongoing focus on the asset class. He also noted that reinsurance and insurance-linked securities are viewed as one relevant building block among the options clients are considering.
Tolen said ILS investments can offer return drivers generally distinct from traditional financial market risks and may help diversify portfolios exposed to equities, credit and private markets. He added that some investors are focusing on liquid forms of diversification, which brings ILS and reinsurance to the fore.
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