Willkie represents investment manager Neuberger Berman in its acquisition of insurance-linked strategies manager Cartesian Re and affiliated reinsurer Iris Re, broadening its alternative capabilities.
On November 1, Willkie client Neuberger Berman announced it has broadened its alternative investment platform through the acquisition of specialist asset manager Cartesian Re, which with its affiliate Iris Re, manages more than $1 billion in assets under management focusing on the insurance-linked strategies (ILS) asset class.
Cartesian Re was developed as a portfolio company of Cartesian Capital Group, which will work with Neuberger Berman to deliver ILS capabilities to clients globally. The addition of Cartesian Re illustrates Neuberger Berman's continued focus on diversifying its alternative capabilities, particularly with strategies offering returns uncorrelated with financial markets. Cartesian Re will be renamed NB Insurance-Linked Strategies and its affiliated Bermuda reinsurer, Iris Re, will be renamed NB Reinsurance Ltd.
Cartesian Capital Group is a global private equity firm with $3 billion in committed AUM. In 2009, Cartesian Capital Group founded Cartesian Re as an ILS manager focused on industry-loss warranties, and has grown the firm consistently for nine years. Cartesian Re brings to Neuberger Berman a diverse group of institutional clients and an experienced investment team, which has produced a long-term track record driven by a proprietary investment process and sophisticated quantitative analytics.
Founded in 1939, Neuberger Berman is a private, independent, employee-owned investment manager. With more than 2,000 professionals in offices in 20 countries, Neuberger Berman manages $315 billion in client assets as of September 30, 2018. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity and hedge funds—on behalf of institutions, advisors and individual investors globally.
The Willkie team was led by partner Gregory Astrachan and included partners Bradley Friedman and James Silk.