Nephila Capital

The change in plan comes as Lloyd’s restricts cyber growth.

The transaction provides reinsurance capital from four pension funds and marks the second use of the Lloyd’s ILS transformer vehicle.

Despite the drop-off in AuM, Markel boosted ILS operating revenues significantly in the quarter.

The consultant recommended the pension fund allocate $95mn to Pillar in 2022 after pulling a $41mn mandate from Nephila.

Both the firm’s underwriting and portfolio management functions will report into her.

The 2017 start-up has previously focussed on quota share investing.

SageLink will enable fully automated quoting capabilities for reinsurance.

The new retro fund launched with $98.9mn after an extended development phase.

Sources told Trading Risk that a different kind of investor was interested in ILWs compared with retro cat bonds.

NatWest cited a reduction in relative risk-adjusted returns as it decreased allocations, while North Yorkshire reported outperformance across its trio of ILS investments.

Her move follows overall leadership change at Nephila Climate.

The asset manager’s primary platform has previously been using fronting providers and Nephila's Lloyd’s syndicate to access business.