Nephila Capital
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Traditional reinsurers such as Berkshire Hathaway and Arch pushed for more share, our annual study of Florida cessions shows. -
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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Increased ILW purchasing reflects cash-rich funds looking to protect return levels.
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Managers have tightened buffer terms and added extension spreads to enhance illiquid strategies.
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The coverage will be for named storm and quake.
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Follow-only specialty Syndicate 2358 has reported a profit in both years since its launch.
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The parent also expects the ILS platform’s AuM to grow.
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The fund manager operations booked management fees of $31mn.
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Of the 18 top-tier ILS managers, 10 recorded growth, while eight were flat or down.
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The year brought a degree of closure on the loss-hit years of 2017-2021, while the outlook remains changeable for ILS managers.
