Nephila Capital
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Two large ILS managers bucked the trend for alternative retractions, but traditional carriers recorded the fastest expansion. -
The top ILS manager expects assets under management to decline by 7% in H1.
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The entity has told brokers that its “minimum standards” on all terms and conditions will include exclusions for these perils.
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The MGA insurance business returned an underwriting profit of $1.4mn having made a loss of $75.1mn in 2018.
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The three ILS-backed syndicates at Lloyd’s narrowed their losses in 2019.
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The insurer will offer to buy out side-pocketed assets at a discount, with several hundred millions of capacity available if needed.
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Co-CEO Richie Whitt also highlighted an expectation that Nephila will seek to raise capital and return to growth.
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Costs associated with Markel's investigations into Catco drove ILS expenses up tenfold for the insurance group in 2019.
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The ILS manager has no current plans to deploy investor capital in cyber underwriting risks.
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This is the first time the Bermuda-based ILS manager is known to have been linked to cyber risk deals.
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Markel is fronting the deal, which will cover insurance business transacted for Nephila by State National.
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The carrier’s ILS revenues tripled year on year after its Nephila acquisition.
