Pioneer ILS Interval Fund


Pioneer ILS Interval Fund

Insurance-Linked Securities are financial instruments whose performance is determined by insurance loss events primarily driven by weather-related and other natural catastrophes - such as hurricanes and earthquakes. These events are typically low-frequency but high-severity occurrences.

The openings for the fund in 2024 are as follows:
February 26, 2024 – March 8, 2024 May 20, 2024 – May 31, 2024
August 12, 2024 – August 23, 2024 December 4, 2024 – December 17, 2024

Once capacity limits have been reached requests will be placed on a waiting list in the order in which they were received. Please contact your Amundi US representative for more details. Sign up for reminders – in your inbox.

Please review our repurchase and subscription calendar or contact your Amundi US representative for further details. 2024 Calendar

Insurance-Linked Securities May Offer Investors


Low Correlations¹

Insurance-Linked Securities (ILS) provide a unique opportunity to invest in an alternative asset class that is uncorrelated with financial markets. This may result in strong diversification² benefits and an attractive risk-return profile.

A Measurable Risk Profile

Unlike corporate bonds, where risk is tied to financial performance, ILS have well-modeled and time-tested actuarial risk - the risk of securities defaulting due to specific disasters - to assess potential returns and losses.

A Hedge Against Interest Rate Risk

The primarily floating rate structure of ILS links a component of their performance to a benchmark rate (such as SOFR),³ leaving investors with limited interest rate risk. 

Why Invest in ILS with Amundi US?

Experience and Commitment: We have been investing in ILS since early 2008. We manage ILS as a component of many of our diversified portfolios and on a dedicated basis. As of December 31, 2023, Amundi US has over $1.6 billion in exposure to ILS. 

Extensive Risk Analysis: The Fund's process is built upon a significant analytical foundation, using industry analytics to evaluate the risk of individual investment opportunities.

Comprehensive Research Coverage: Amundi US supplements its robust proprietary research capabilities with third party analysis, to incorporate broad industry trends as well as in-depth company-specific analysis into the investment decision. Our comprehensive coverage permits analysis of reinsurers from multiple views: equity, corporate bond and ILS risk.

Global Presence and Access: Amundi US has cultivated partnerships with many reinsurers, providing us strong market access to the ILS sector.

Low Correlation¹ to Traditional Asset Classes

One of the most appealing aspects of ILS is its potential diversification properties. By definition, performance is driven by random meteorological or geophysical catastrophic events, which leads to a very low correlation to traditional financial market investments.

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ILS Resource Center

Webinar | Recorded February 7, 2024

Pioneer ILS Interval Fund & Pioneer CAT Bond Fund Webinar

Topics Discussed
  • Investment Results and Review
  • Initial Assessment of the January 1 Renewals
  • Current Industry Trends
  • February/March 2024 Subscription Schedule and Capacity


  View Webinar

Portfolio Event Update: Hurricane Ian

September 23, 2022

Hurricane Ian made landfall, near Cayo Costa, Florida, in the afternoon on September 28, 2022, south of Sarasota, Florida and north of Fort Myers as a Category 4 hurricane. After making landfall, Hurricane Ian decreased as it traveled northeast towards Orlando Florida and toward the Atlantic Ocean.

  Read More


ILS Monthly Perspective

April 2024

Pioneer ILS Interval Fund Monthly Perspective is designed to assist you in better conveying the potential benefits of this Fund.

  Read More


Learn more about Pioneer ILS Interval Fund

Fund Overview

Read more about the Fund in our  fund overview.


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Insurance-Linked Securities Team*

We believe Insurance-Linked Securities (ILS) provide a unique opportunity to invest in an alternative asset class that is uncorrelated1 with financial markets. This may result in strong diversification2 benefits and an attractive risk return profile. Further, we believe a portfolio construction approach that mimics the regional and peril exposure of the global reinsurance industry and that seeks to reduce adverse selection through a comprehensive due diligence process can add value over a purely passive approach over time. 

Client Portfolio Management

Chin Liu
Managing Director
Director of Insurance-Linked Securities
and Fixed Income Solutions
Portfolio Manager

Mei Li 
Investment Resource

Joe Qiu
Investment Resource

Jing Chen
Investment Resource





 Joseph Morgart
Vice President 
Client Portfolio Manager


*Effective April 28, 2023, Campbell Brown has resigned from Amundi US.

1 Correlation - The degree to which assets or asset class prices have moved in relation to one another. Correlation ranges from -1 (always moving in opposite directions) through 0 (absolutely independent) to 1 (always moving together).

2 Diversification does not assure a profit or protect against loss.

3 Secured Overnight Financing Rate (SOFR) is used as a reference for short-term interest rates.

A Word about Risk: Pioneer ILS Interval Fund

Certain fees and expenses are associated with an investment in Pioneer ILS Interval Fund. The Fund is a non-diversified, closed-end management investment company designed primarily as a long-term investment. The Fund is not a complete investment program. The Fund is operated as an interval fund, meaning the Fund will seek to conduct quarterly repurchase offers for a percentage of the Fund’s outstanding shares. Although the Fund will make quarterly repurchase offers, the Fund’s shares should be considered illiquid. The Fund invests primarily in insurance-linked securities (“ILS”). ILS include event-linked bonds, quota share instruments (also known as “reinsurance sidecars”), collateralized reinsurance investments, industry loss warranties and other insurance and reinsurance-related securities. The Fund could lose a portion or all of the principal it has invested in an ILS, and the right to additional interest and/or dividend payments with respect to the security, upon the occurrence of one or more trigger events, as defined within the terms of the security. Trigger events may include natural or other perils of a specific size or magnitude that occur in a designated geographic region during a specified time period, and/or that involve losses or other metrics that exceed a specific amount. ILS may expose the Fund to other risks, including, but not limited to, issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences. The Fund has limited transparency into the individual contracts underlying certain ILS, which may make the risk assessment of such securities more difficult. The size of the ILS market may change over time, which may limit the availability of ILS for investment. The availability of ILS in the secondary market may also be limited. ILS in which the Fund invests may have limited liquidity or may be illiquid and, therefore, may be impossible or difficult to purchase, sell, or unwind. ILS also may be difficult to value. The values of Fund holdings may go up or down, due to market conditions, inflation, changes in interest or currency rates, lack of liquidity in the financial markets or adverse investor sentiment. Investments in high yield or lower-rated securities are subject to greater-than-average price volatility, illiquidity, and possibility of default. The market price of securities may fluctuate when interest rates change. When interest rates rise, the prices of fixed income securities held by the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed income securities held by the Fund will generally rise. Investments in the Fund are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations. The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health issues or adverse investor sentiment. The Fund may use derivatives, such as swaps, inverse floating-rate obligations and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on the Fund’s performance. Derivatives may have a leveraging effect. Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, and economic and political conditions. To the extent the Fund invests a significant percentage of its assets in a single industry, such as the financial segment, the Fund may be particularly susceptible to adverse economic, regulatory or other events affecting that industry and may be more risky than a Fund that does not concentrate in an industry. As a non-diversified Fund, the Fund can invest a higher percentage of its assets in the securities of any one or more issuers than a diversified fund. Being non-diversified may magnify the Fund’s losses from adverse events affecting a particular issuer. Please see a prospectus for a complete discussion of the Fund’s risks.

Individuals are encouraged to seek advice from their financial, legal, tax and other appropriate professionals before making any investment or financial decisions or purchasing any financial, securities or investment-related product or service, including any product or service described in these materials. Amundi US does not provide investment advice or investment recommendations.

Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your financial professional or Amundi US for a prospectus or summary prospectus containing this information. Read it carefully. To obtain a free prospectus or summary prospectus and for information on any Pioneer fund, please download it from our  literature section.

Securities offered through Amundi Distributor US, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer mutual funds, Member   SIPC.   

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