Neuberger Berman Insurance-Linked Strategies, the specialist ILS investment management arm of the global asset manager, won a $250 million mandate and immediately funded allocation from giant US state pension plan the Virginia Retirement System at the end of last year.
The allocation has been made to a closed-end fund focused on insurance-linked securities (ILS), although its not immediately clear what the underlying asset strategy is focused on.
However, the Neuberger Berman Insurance-Linked Strategies team typically allocates to natural catastrophe risk-linked opportunities, with instruments such as industry-loss warranties (ILW) and catastrophe bonds having been the main focus for the investment manager over the years.
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