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The fund ranks 19th in Trading Risk’s ILS fund manager directory following this disclosure. -
The new fund will be led by Daniel Ineichen and be open to US investors.
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The former chairman and CEO of New York Life will support the asset manager in developing strategies that harness longevity pooling.
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The UK asset manager’s ILS strategy is operating across six of its multi-asset funds.
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The current year performance marks an uplift compared to a tough 2022, in which Elementum delivered a loss to White Mountains of 4.6%.
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The ILS manager said returns on casualty ILS were "much higher than on the diversifying nat cat perils such as Italian quake or German flood".
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Howden Tiger worked on the structure of the deal with the unnamed syndicate.
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The life segment has shifted from its genesis in mortality and morbidity risk transfer as lapsed risk deals have proliferated.
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The takeover will push it up two places to rank as the fifth-largest writer of P&C reinsurance by gross premium.
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AIG will invest a significant amount into Fontana and DaVinci.
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The firm has posted a combined ratio of 75.4% for 2022.
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Nephila Syndicate CEO Adam Beatty said that the firm hopes to grow its new specialty syndicate to $500mn of premium within the next few years.
