Nephila Capital
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The ILS manager’s Lloyd’s business delivered a $55.5mn profit, on an 86.5% combined ratio. -
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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The change in plan comes as Lloyd’s restricts cyber growth.
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The transaction provides reinsurance capital from four pension funds and marks the second use of the Lloyd’s ILS transformer vehicle.
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Despite the drop-off in AuM, Markel boosted ILS operating revenues significantly in the quarter.
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The consultant recommended the pension fund allocate $95mn to Pillar in 2022 after pulling a $41mn mandate from Nephila.
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Both the firm’s underwriting and portfolio management functions will report into her.
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The 2017 start-up has previously focussed on quota share investing.
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SageLink will enable fully automated quoting capabilities for reinsurance.
