DCG Iris outlines winding up of ILS fund
London-listed insurance-linked securities (ILS) fund, DCG Iris, is set to be wound up.
In a stock exchange filing, the fund, operated by Dexion Capital and managed by Credit Suisse AG, outlined recommended proposals for a voluntary winding up of the company.
Directors of the fund had proposed winding up of the fund in June, as the company had remained of relatively small asset size and hadn’t attracted the investor demand that had been anticipated.
Decreasing premium levels in the reinsurance market and the fact that a significant proportion of shareholders were seeking an exit from their investment in the company were also cited as reasons for winding up the fund.
DCG Iris has submitted a full redemption request to the master fund to recoup capital. The next available dealing date for redemption is October 1, 2014, and it expects to receive the proceeds by November 30, 2014.
It added that the cost of winding up the fund will be approximately £740,000, with £613, 595 payable to Credit Suisse for launch costs of the placing and the placing programme.
