HAMILTON, BERMUDA, August 28, 2013

ILS Fund Services Ltd., (ILS) a Bermuda licensed fund administrator that provides fund administration and valuation services to funds that invest in insurance linked securities is extremely excited to announce that its client base has exceeded $1bn in assets under administration only 18 months after the Company commenced operations. “We are delighted that the services ILS are providing funds that invest in this niche asset class have been well received by the community,” remarks Andre Perez, Director of ILS Fund Services Ltd. “Our assets under administration have grown incredibly quickly over the past 18 months and we are optimistic that they will double in the next year. It proves that the model we set up, a Fund Administrator with deep understanding of reinsurance transactions and valuation works and is being extremely well received by Fund Managers and Investors alike.”

ILS’ client base consists of global institutional investment managers that invest in catastrophe bonds, ILWs, sidecars, collateralized reinsurance and other insurance linked derivatives through Bermuda registered investment companies. Bermuda has emerged as a leader in the insurance linked securities space because of its strong (re)insurance and capital markets infrastructure and its flexible yet firm regulatory environment. ILS’ comprehensive service offering combined with Bermuda’s strong regulatory framework and its commitment to this asset class will assist the Company in winning additional client mandates and hence emerging as the service provider of choice for insurance linked securities funds.

“The growth that ILS has experienced since we launched the company has exceeded our expectations,” commented Ede Conyers, Director of ILS Fund Services Ltd. “We are extremely proud of the level of service that we currently provide our clients and are committed to exceeding our clients’ expectations. There was a gap in the provision of comprehensive service offerings for insurance linked securities funds which both Horseshoe Group and IKONIC Fund Services have successfully filled and helped raise the bar in terms of best practice.”

About ILS Fund Services Ltd.

Horseshoe Group and IKONIC Fund Services Ltd. formed a joint venture, ILS Fund Services Ltd. (“ILSFS”), a Bermuda exempted company licensed as a fund administrator by the Bermuda Monetary Authority in November 2011. ILSFS is dedicated to providing fund administration services to funds investing in insurance linked securities.

ILSFS will provide all required services to administer insurance linked securities funds through its joint venture partners including, but not limited to:

• Prelaunch Advisory Services
• Portfolio Valuation Review Services specific to insurance linked securities
• Fund Accounting and Investor Services
• Financial Statement Preparation and Audit Coordination
• Advise and support to clients on best practice accounting for insurance linked security investments
• Registered Office and Corporate Secretarial Services

About Horseshoe Group

Horseshoe Group is the foremost independent insurance manager dedicated to the Reinsurance and ILS market and offers a broad array of management, transforming and advisory services to insurers and reinsurers, reinsurance transformers, catastrophe bonds, sidecars, dedicated reinsurance funds, hedge funds and private equity firms, Lloyd’s affiliates and investment banks. Horseshoe has offices in Bermuda, the Cayman Islands and Ireland. For more information please visit www.horseshoeglobal.com.

About IKONIC Fund Services Ltd.

IKONIC Fund Services provides comprehensive fund administration solutions to alternative investment funds including fund and partnership accounting, investor servicing, AML/ATF review, corporate administration and directorial services. IKONIC Fund Services solutions are tailored specifically for offshore and onshore hedge funds, fund of hedge funds and private equity funds. IKONIC has offices in Bermuda and Charlotte, North Carolina as well as the Cayman Islands. For more information please visit www.ikonicfunds.com.

Enquiries:
Andre Perez
andre@horseshoe.bm
Brian Desmond
briand@ikonicfunds.com

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