Nephila Capital

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.

CEO Talbir Bains founded the business in 2017 with backing from the market’s largest ILS manager.

The world’s largest specialty insurance market must minimise its use of jargon and make processes easier for capital investors to understand, panellists at Trading Risk’s ILS Week said.

Markel’s overall ILS revenues dropped by 27% year on year as it lifted fronted premium written for the Bermudian firm.

Covid-19 and nat cat losses take a higher toll on the ILS firm’s MGA unit.

The $20bn fund has 2% of its assets allocated to ILS, equal to about $400mn.

Target investments could include cat bonds and other reinsurance, though the allocation size is unknown.

The permitted growth has accelerated from a 7% increase moving from 2019 to 2020.