Markel
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Nephila achieved significant rate increases at 1 January and expected the strong rate environment to continue this year. -
The incoming president for insurance also highlighted the role Nephila could play in the transition to net zero.
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The executive will help grow the insurer’s presence in the region and support the office’s overall operations and strategy.
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The insurer also emphasized that it realised more than $300mn from selling two MGA operations.
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The company’s combined ratio edged up by 0.3 points despite a two-point reduction in expenses and a 3.4-point reduction in cats.
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Rhoads joined Markel in 2013 as part of its acquisition of Alterra Capital Holdings Limited.
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Evanston Insurance Company, a subsidiary of Markel, backed the move.
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Company's Nephila ILS operations will focus on “significant” cat opportunities.
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Acrisure entered into a definitive agreement with Markel in March to acquire the MGA.
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The ILS platform delivered stable revenues as Markel spent $102mn on its Catco buyout.
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The retro fund has redeemed 99% of share capital, returning around $106mn to public fund investors.
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Courts in Bermuda and the US approved the move, which had earlier been subject to investor litigation.
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