Neuberger Berman acquired insurance-linked strategies specialist Cartesian Re and its affiliated Bermuda reinsurer, Iris Re, from private equity firm Cartesian Capital Group, Neuberger Berman spokesman Alexander Samuelson confirmed in an email.
Terms of the deal, which closed Wednesday, were not disclosed.
Cartesian Re and Iris Re have more than $1 billion in assets under management. Cartesian Re will be renamed NB Insurance-Linked Strategies. Iris Re will be renamed NB Reinsurance Ltd.
All Cartesian Re employees, including managing directors Peter J. DiFiore, Cedric Drui and Charles Mixon, will continue to serve in their current roles but as Neuberger Berman employees. Neuberger Berman will maintain Cartesian Re's investment management, investment philosophy, strategy and operations.
Sandler O'Neill & Partners was financial adviser to Cartesian Capital Group, and Kirkland & Ellis served as legal adviser. Willkie Farr & Gallagher acted as legal adviser to Neuberger Berman.
Cartesian Capital Group founded Cartesian Re in 2009 as an ILS manager focused on industry-loss warranties.
Neuberger Berman managed $315 billion in client assets as of Sept. 30.
