Nephila Capital
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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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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.
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The firm’s follow-only Syndicate 2358 has grown its stamp by 67% to £150mn.
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A new pooling structure allowed the firm to free up historic side pockets and provides a template for future exit options.
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Prior-year cat loss years that are finally shaking out drove fee benefits in Q3.
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The ILS firm reported $6.8bn of assets under management at the third-quarter mark.
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The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.
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Citizens has disclosed that Nephila Capital increased its exposure to the carrier’s reinsurance program by 68% to a total $756mn line.
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