Nephila Capital
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Citizens has disclosed that Nephila Capital increased its exposure to the carrier’s reinsurance program by 68% to a total $756mn line. -
The investment firm’s ILS holdings were worth around $746mn at year-end 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.
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Markel’s ILS platform maintained assets under management at $7.2bn, down by $200mn from a January figure of $7.4bn.
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The syndicate had the second-lowest combined ratio for 2022.
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The £50mn syndicate made most of its profits in aviation.
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The syndicate’s combined ratio was down for the fifth year in a row.
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The reinsurance and ILS leader joined the firm in 2012 during a “rollercoaster” year for industry loss warranties.
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Reinsurer-owned ILS platforms were challenged to grow fee income in a tough year for nat cat losses and as cat market economics shifted.
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Markel gross written premiums ceded to Nephila grew by 45% year over year to $1bn, including program business.
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The CFO of parent company Markel has said it aims to lean into property cat through Nephila.
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Nephila achieved significant rate increases at 1 January and expected the strong rate environment to continue this year.
