Nephila Capital
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Markel’s overall ILS revenues dropped by 27% year on year as it lifted fronted premium written for the Bermudian firm. -
Covid-19 and nat cat losses take a higher toll on the ILS firm’s MGA unit.
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The $20bn fund has 2% of its assets allocated to ILS, equal to about $400mn.
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Target investments could include cat bonds and other reinsurance, though the allocation size is unknown.
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The permitted growth has accelerated from a 7% increase moving from 2019 to 2020.
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The investment is thought to be the $81bn fund’s first ILS allocation.
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Could a back-to-basics approach see ILS firms shun Lloyd's advantages for lower-cost alternatives?
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The Nephila CEO said ILS capital backing sidecars that are a "trade not a relationship" will charge a higher cost of capital.
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The sting could be in the tail for reinsurers dropping agg risk.
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Markel's ILS revenue dropped 30% amid Catco run-off and growing side-pocketed assets at Nephila.
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Platform planning head Tim Shreeve and portfolio manager Niall MacGillivray have left.
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The appointment follows a number of senior departures from Aon’s reinsurance ranks.
