Nephila Capital
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Many ILS entrepreneurs have already successfully cashed out. -
Co-founder says the ILS manager's relationship with fronting carrier Allianz will continue.
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It affirmed the carrier’s A financial strength rating.
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RenaissanceRe kept its stake in the $1bn reinsurance programme stable at $262.5mn while Swiss Re increased its line by $10mn this year to $185mn.
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Nephila Capital announced new hires to complete the team to run its own managing agency.
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The Florida-based insurer is also expecting to make reinsurance claims related to the Hawaiian eruptions.
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Nephila will provide data for the company’s instantaneous indicative pricing service which gives an immediate idea of the costs of a structure.
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M&A activity in the ILS manager market is continuing despite last year’s catastrophe activity, with one start-up being acquired by its cornerstone investor and the industry’s largest firm seeking new partners.
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Cutting costs out of the reinsurance risk transfer chain is going to be the next focus for evolution in the market, said Nephila co-founder Greg Hagood.
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Evercore has been retained to advise Nephila management.
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The companies have assumed risks related to production value, timing of energy generation and future energy prices.
