Nephila Capital
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Evanston Insurance Company, a subsidiary of Markel, backed the move. -
The ILS firm reported $8.5bn of assets under management at mid-year.
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The hardening rate environment in Florida provided a mid-year opportunity for some, but overall there was little growth.
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The asset manager also invests in Pimco ILS and has an inactive mandate with Nephila.
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The increase in allocation by the railways scheme contrasts with steady or declining ILS holdings at other UK pension funds.
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The ILS platform delivered stable revenues as Markel spent $102mn on its Catco buyout.
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The firm’s Syndicate 2357 had halved losses to $41.5mn during the year.
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The ILS manager’s Lloyd’s business delivered a $55.5mn profit, on an 86.5% combined ratio.
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The new firm says ESG criteria will be embedded into the products.
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The bond provides annual aggregate industry loss cover for named storm and earthquake.
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The ILS firm’s management fees, however, fell back compared with 2020.
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The new issuance is slightly less risky than 2020’s offering.
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