City National Rochdale’s industry loss warranty (ILW) focused mutual insurance-linked securities (ILS) investment fund grew during the last quarter and saw “positive opportunities” at the January reinsurance renewals, with an expectation of the ILW market seeing dynamic conditions and improving returns.
The City National Rochdale Select Strategies (CNRLX) is a mutual fund structured in the interval style, with a predominant focus on investments in industry loss warranty (ILW) focused reinsurance and retrocession contracts across global peak peril zones as well as some regional U.S. ILW contracts.
The fund gains access to the ILW market and sources its risk-linked returns through a relationship with asset manager Neuberger Berman’s experienced ILW and index reinsurance investment team, with its assets deployed into cells of the Neuberger Berman ILS team’s NB Re Ltd. vehicle (previously named Iris Re).
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