Nephila Capital
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The firm’s follow-only Syndicate 2358 has grown its stamp by 67% to £150mn. -
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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The investment firm’s ILS holdings were worth around $746mn at year-end 2022.
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Nephila Syndicate CEO Adam Beatty said that the firm hopes to grow its new specialty syndicate to $500mn of premium within the next few years.
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Markel’s ILS platform maintained assets under management at $7.2bn, down by $200mn from a January figure of $7.4bn.
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The syndicate had the second-lowest combined ratio for 2022.
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The £50mn syndicate made most of its profits in aviation.
