PKRück

PKRück

PKRück operates as a dedicated captive reinsurance vehicle, founded and capitalized by a consortium of Swiss occupational pension schemes including Nest Sammelstiftung, PKG Pensionskasse, and Stiftung Abendrot. The structure allows these institutional shareholders to retain underwriting risk and investment returns that would otherwise flow to third-party reinsurers. CEO Regina Knöpfel and Chairman Hans-Ulrich Stauffer have embedded the firm within Switzerland's independent collective foundation ecosystem; Knöpfel serves on the board of inter-pension, the advocacy group for precisely this type of unbundled pension vehicle. The firm deploys premium float and shareholder capital across four observable asset strands. Direct Swiss real estate includes holdings at Zollikerstrasse 4, Kalkbreitestrasse 3, Rebbergstrasse 60, and Universitätsstrasse 51 in Zurich, spanning commercial, mixed-use, and residential property. A mortgage portfolio is anchored domestically in Switzerland. The firm also participates in indirect real estate funds with exposure to Germany and global markets, and maintains a book of insurance-linked securities, the catastrophe-bond and sidecar market that offers returns uncorrelated to equity and credit cycles. Shareholder expansion beyond the three founders confirms PKRück's utility to the Swiss pension sector. Previs Vorsorge joined as a shareholder in 2013, with ALSA PK subsequently participating as well, broadening the risk pool and capital base. The firm has been a UN PRI signatory since 2020, tying its investment governance to the principles that now define allocator standards across the DACH region. That commitment sits alongside the operational reality of holding Zurich residential and commercial property directly — assets whose value is fundamentally local and whose income streams hedge the very longevity risk the founding pensions seek to reinsure. Structurally, PKRück sits at the intersection of pension-liability management and principal investing — a model where the LPs are also the owners, and the investment portfolio is the balance sheet. This eliminates the agency gap between policyholder and asset manager that defines most insurance-linked platforms. The vehicle is not a fund and does not market to third-party capital; it exists to serve the specific cohort of Swiss foundations that built it.