Nephila Capital

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.

The investment is thought to be the $81bn fund’s first ILS allocation.

Could a back-to-basics approach see ILS firms shun Lloyd's advantages for lower-cost alternatives?

The Nephila CEO said ILS capital backing sidecars that are a "trade not a relationship" will charge a higher cost of capital.

The sting could be in the tail for reinsurers dropping agg risk.

Markel's ILS revenue dropped 30% amid Catco run-off and growing side-pocketed assets at Nephila.