Nephila Capital
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The pension investor re-directed capital to the Pillar Opportunity fund as of January 2022. -
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.
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The hardening rate environment in Florida provided a mid-year opportunity for some, but overall there was little growth.
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The asset manager also invests in Pimco ILS and has an inactive mandate with Nephila.
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The increase in allocation by the railways scheme contrasts with steady or declining ILS holdings at other UK pension funds.
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The ILS platform delivered stable revenues as Markel spent $102mn on its Catco buyout.
