IBM pension fund allocates $50m to Nephila

Nephila Capital’s Iron Catastrophe Fund has received $50 million in investment from technology services company IBM’s pension fund.

The pension fund, which is approximately £5.9 billion in size, has made a 1.04 percent allocation into the catastrophe fund.

In its annual report, the pension fund said it had moved into the new asset class of reinsurance towards the end of 2013.