Bermuda-based insurer Aspen Insurance Holdings Ltd. has partnered with and invested $25 million in the new investment fund focusing on insurance-linked securities, Cartesian Iris 2009A.

Iris, which is also based on the Island, is sponsored and managed by affiliates of Cartesian Capital Group and has been capitalised with funds from Aspen, Cartesian affiliates and other investors.

In addition to its capital investment, Aspen will provide advice on risk selection, pricing and portfolio design. Aspen was advised on this transaction by Willis Capital Markets.

Aspen chief executive officer Chris O'Kane said: "Iris is Aspen's first step into the managed fund market for insurance linked securities and we expect our partnership with Cartesian will allow us to develop a more substantial presence in due course. "Aspen's participation in Iris is a great opportunity to leverage our actuarial and risk assessment skills while maintaining aggregate catastrophe exposures within Aspen's pre-established group tolerances," he said.