Why UK’s Pool Re de-risked 20% of its portfolio
The reinsurance company benefited from a surge in equity prices from late March, only to shift one-fifth of its portfolio into defensive, short-term gilts in August. Its CIO explains why.
London-based Pool Re, a £6.5 billion ($9.08 billion) terrorism risk reinsurer, astutely shifted 20% of its investment portfolio out of credit, multi-asset credit and equities in favour of short-dated UK government bonds over the past month, over concerns that lofty equity valuations could topple as the Covid-19 pandemic rolls on.
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