Nephila Capital
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The £50mn syndicate made most of its profits in aviation. -
The syndicate’s combined ratio was down for the fifth year in a row.
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The reinsurance and ILS leader joined the firm in 2012 during a “rollercoaster” year for industry loss warranties.
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Reinsurer-owned ILS platforms were challenged to grow fee income in a tough year for nat cat losses and as cat market economics shifted.
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Markel gross written premiums ceded to Nephila grew by 45% year over year to $1bn, including program business.
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The CFO of parent company Markel has said it aims to lean into property cat through Nephila.
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Nephila achieved significant rate increases at 1 January and expected the strong rate environment to continue this year.
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Cat activity and financial market volatility had impacted investor’s allocations to ILS and redemptions, Markel said.
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She had served as director of underwriting at Nephila since mid-2018.
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The incoming president for insurance also highlighted the role Nephila could play in the transition to net zero.
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The firm has folded its former Nimbus weather strategy into the new vehicle.
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The pension investor re-directed capital to the Pillar Opportunity fund as of January 2022.
