Nephila Capital, the Bermuda-based specialist ILS re/insurer and investment manager, has received UK regulatory approval to establish its own Lloyd’s managing agency. The new entity, Nephila Syndicate Management Ltd. (NSML), will launch on Oct. 11, 2019.
Since 2013, Nephila has operated a syndicate managed by Asta, the London-based third-party managing agent. Under Asta’s management, the launch of Nephila’s Syndicate 2357 in 2013 created a blueprint for future ILS vehicles entering the Lloyd’s market, said Asta in a statement.
In the six years since Nephila launched the first ILS-backed syndicate at Lloyd’s, the business has grown significantly and is set to meet the £400 million ($492.9 million) stamp capacity planned for 2019, said Asta.
The syndicate now provides a key platform for Nephila’s funds, and the launch of NSML is the natural next step in its strategy for driving future growth.
Nephila first announced it had received approval from Lloyd’s to form its own managing agency in August 2018.
“We are excited about this new phase in the development of Nephila’s business at Lloyd’s and we’d like to thank Asta for their outstanding contribution in helping us to reach this important milestone,” said Adam Beatty, CEO of NSML. “From our launch in 2013, to the point where today we are ready for independence, their expertise and experience has been invaluable”.
Julian Tighe, CEO of Asta said: “There are always mixed emotions when a managed syndicate makes the move to independence. We’ve been proud to partner with Nephila on their journey from establishing the first ILS syndicate at Lloyd’s, to the successful launch of their own managing agency. It’s been a pleasure to work with the team at Nephila and we wish them every success in the future.”
Nephila Capital Ltd is an investment manager specializing in re/insurance and climate risk, offering investment products that focus on instruments such as insurance-linked securities, catastrophe bonds, insurance swaps and private transactions. In November 2018, Markel Corporation acquired 100% of the equity interests of Nephila Holdings Ltd., which is Nephila’s direct parent.
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