Rochdale ILW fund puts capital to work, grows, but Irma dents returns

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Industry loss warranty (ILW) focused mutual insurance-linked securities (ILS) investment fund City National Rochdale Select Strategies (CNRLX), grew its net assets by 13% in the quarter to July 31st, but also saw fresh losses on two positions as hurricane Irma continued to develop.

The City National Rochdale Select Strategies Fund is a largely industry loss warranty (ILW) focused reinsurance and retrocession investment strategy focused on global peak peril zone and regional U.S. ILW contract investments.

It accesses this broad exposure through its relationship with the experienced ILW and index reinsurance investment team of asset manager Neuberger Berman, investing its assets in the cells of the Neuberger Berman ILS team’s NB Re Ltd. vehicle (previously named Iris Re) in order to source its risk-linked returns.

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