Nephila Capital
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Cat activity and financial market volatility had impacted investor’s allocations to ILS and redemptions, Markel said. -
She had served as director of underwriting at Nephila since mid-2018.
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The incoming president for insurance also highlighted the role Nephila could play in the transition to net zero.
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The firm has folded its former Nimbus weather strategy into the new vehicle.
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The pension investor re-directed capital to the Pillar Opportunity fund as of January 2022.
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The syndicate’s growth headroom is somewhat constrained compared to the Lloyd’s market average.
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Some firms have fared better than others in the competition to raise funds during the year.
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The insurer also emphasized that it realised more than $300mn from selling two MGA operations.
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The ILS platform has dipped to $7.8bn in assets under management, as ILS revenues were down 44% after the sale of Velocity.
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The product protects firms buying carbon credits from third-party negligence and fraud.
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Evanston Insurance Company, a subsidiary of Markel, backed the move.
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The ILS firm reported $8.5bn of assets under management at mid-year.
