Nephila Capital
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The brouhaha over trapped ILS capital has led to the question of whether alternative collateral management solutions will emerge.
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The Oregon Public Employees fund held $119.3mn in two Nephila funds at year end 2018.
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The follow-up investments take its overall ILS allocation to up to $950mn, as it put in place mandates to respond to higher rates. -
The Markel co-CEO also said that “noise” around the performance of new acquisition Nephila will clear up by year end.
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Its new acquisition offset lower revenues from the Markel Catco business, which will take about three years to run off.
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The InsurTech uses satellite imagery to provide underwriters with data on individual properties.
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The weather protection market currently resembles the early ILS market, according to the Nephila managing principal.
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Swiss funds active in ILS recorded stable or slightly increased allocations after 2017’s losses.
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With Nephila’s market share slightly shrinking, RenaissanceRe and Gen Re moved up the Florida leaderboard.
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WorldCover, a climate insurance provider to smallholder farmers, has raised $6mn from a fundraising round led by MS&AD ventures.
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The gains were partially offset by the costs associated with Markel Catco.
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The firm's chief commercial lines underwriter has left, as it separately announced expansion into North Carolina and New York.
