Nephila Capital
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There are various routes for ILS managers wanting to access the diversity of Lloyd’s underwriting. -
New catastrophe reinsurance Syndicate 2359 has an approved stamp capacity of £100mn.
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Carriers are grappling with a rush of investor interest in longer-tail lines.
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Operating revenues were also up on the $29.1mn reported over Q2.
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The syndicate is targeting capital allocation for 1 January, the company confirmed.
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Hagood will stay on as sole CEO of Nephila Holdings, with Taylor continuing as president.
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The ILS manager revised down slightly its forecast for the syndicate’s 2023 YOA.
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Markel announced the sale of its global reinsurance renewal rights to Nationwide.
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The ILS manager also swung to an operating profit after posting a loss in Q1 2024.
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He joined Nephila in 2023 from Lancashire as a senior underwriter.
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Both syndicates also reported a deterioration in their combined ratios.
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Indirect exposure to cat risk through long-term investors gives Markel optionality.
