King Ridge Capital Advisors LLC, the specialist insurance-linked securities (ILS) investment manager and the sub-advisor to the Brookmont Catastrophic Bond ETF (ILS), has established a UCITS ETF catastrophe bond fund structure in Ireland.
On investigation, the KRC Cat Bond UCITS ETF has been established as a fund entity sitting underneath the HANetf II ICAV.
Given this is a UCITS ETF fund structure, it appears this cat bond fund would be destined to be listed on an exchange.
The majority of UCITS cat bond funds are a more traditional mutual fund, so unlisted.
The UCITS ETF category is an exchange-traded fund but still compliant with the Undertakings for Collective Investment in Transferable Securities (UCITS) regulations, which is the same set of regulatory rules the rest of the UCITS cat bond funds align with.
Unlike many ETFs, a cat bond ETF won’t actually track any index, rather it would be expected to be managed to approximate the market exposure to a degree, which is similar to how the Brookmont strategy that King Ridge Capital advises on is run.
ETF Stream says that this new UCITS cat bond ETF fund is still in the process of getting Irish regulatory approvals, which we understand may not be far off being received at this time.
Working with white-labeller HANetf makes sense for King Ridge Capital Advisors, as the platform eases access to the UCITS ETF fund category for investment managers, making set-up easier and also providing distribution support as well.
This will add to the range of UCITS cat bond funds and it comes on the heels of one we revealed just last week, a newly active UCITS cat bond fund strategy from asset manager Man AHL.
The UCITS fund structure remains attractive to catastrophe bond fund managers despite some uncertainty over the ESMA view regarding the eligibility of cat bonds to the UCITS fund structure.
Prior to that recent launch in Q4, there were 17 UCITS catastrophe bond funds, which across the group had almost $17.73 billion in cat bond assets under management as of the end of Q3 2025.
