How to snare a big fish

institutional investment

When Highway Insurance joined the list of institutions taking exposure to alternatives in its insurance fund last year, Phil Irvine, director of advisory services at London-based consultancy Liability Solutions, which assisted Highway in search and selection, believed they were the first UK insurance company to go for absolute returns.

In 2004, after the first full year of its new direction, funds had increased by 10%. Ross Dunlop, executive chairman of Highway Insurance, said: "We did not co