Nephila Capital
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Carriers are grappling with a rush of investor interest in longer-tail lines. -
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.
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The group ceded 55% more premium to Nephila over the year at $1.3bn.
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The top quartile, which includes Nephila 2357, were set to shrink overall.
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Strong growth in fee income builds on the favourable rating environment.
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Fee income fell by 42% to $25.1mn in Q3 over the prior-year quarter.
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Collateralised reinsurance and retro are in the firing line.
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Insurance Insider ILS reported in June that the company had bought substantial ILW coverage.
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Nephila’s income rose steeply owing to changes in its funds’ product mix.
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Aeolus increased its participation on the program more than fourfold.
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He will continue to play a role as a fund director and firm ambassador.
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Traditional reinsurers such as Berkshire Hathaway and Arch pushed for more share, our annual study of Florida cessions shows.
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Parent company Markel said the ILS manager’s performance was subject to a reporting lag.
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Operating revenue at the ILS manager climbed 49% to $19.2mn.
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The coverage will be annual aggregate with an index trigger for wind and quake.
