Nephila Capital
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Strong growth in fee income builds on the favourable rating environment. -
Fee income fell by 42% to $25.1mn in Q3 over the prior-year quarter.
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Collateralised reinsurance and retro are in the firing line.
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Insurance Insider ILS reported in June that the company had bought substantial ILW coverage.
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Nephila’s income rose steeply owing to changes in its funds’ product mix.
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Aeolus increased its participation on the program more than fourfold.
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He will continue to play a role as a fund director and firm ambassador.
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Traditional reinsurers such as Berkshire Hathaway and Arch pushed for more share, our annual study of Florida cessions shows.
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Parent company Markel said the ILS manager’s performance was subject to a reporting lag.
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Operating revenue at the ILS manager climbed 49% to $19.2mn.
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The coverage will be annual aggregate with an index trigger for wind and quake.
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