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If you rewind to Monte Carlo a decade ago, Nephila and other ILS managers were merely an exotic corner of the reinsurance markets – independent, small teams slugging away at building up franchises. Ten years on and the industry’s largest manager has just sold up to Markel in a landmark M&A deal, and the ILS top 10 have boomed from under $10bn to $68bn in size.
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Nephila’s sale to Markel is likely to accelerate the ILS manager’s push into primary insurance by bringing it closer to one of its key fronting partners as well as a carrier with distribution reach to the ultimate insurance buyers. -
Co-founder says the ILS manager's relationship with fronting carrier Allianz will continue.
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It affirmed the carrier’s A financial strength rating.
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Sirius International Insurance Group and Easterly Acquisition Group have named Gallatin Point Capital as one of the investors on a private placement that will raise at least $213mn.
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Aspen CEO Chris O’Kane said the acquisition by Apollo would help the group have additional scale and “take Aspen to the next level”.
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Beat Capital Partners is merging with Paraline UK, owner of the Icat Lloyd’s syndicate 4242.
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The deal would boost the Hartford’s ranking in the US commercial insurance market.
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The (re)insurer said it had already bought an aggregate reinsurance cover for the combined Axa-XL entity and has decreased its cat exposure by about 40 percent relative to 2017.
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M&A activity in the ILS manager market is continuing despite last year’s catastrophe activity, with one start-up being acquired by its cornerstone investor and the industry’s largest firm seeking new partners.
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The reinsurer said a listing on the stock market will facilitate its growth.
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