Nephila Capital
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Increased ILW purchasing reflects cash-rich funds looking to protect return levels.
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Managers have tightened buffer terms and added extension spreads to enhance illiquid strategies.
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The coverage will be for named storm and quake.
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Follow-only specialty Syndicate 2358 has reported a profit in both years since its launch.
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The parent also expects the ILS platform’s AuM to grow.
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The fund manager operations booked management fees of $31mn.
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Of the 18 top-tier ILS managers, 10 recorded growth, while eight were flat or down.
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The year brought a degree of closure on the loss-hit years of 2017-2021, while the outlook remains changeable for ILS managers.
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The firm’s follow-only Syndicate 2358 has grown its stamp by 67% to £150mn.
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A new pooling structure allowed the firm to free up historic side pockets and provides a template for future exit options.
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Prior-year cat loss years that are finally shaking out drove fee benefits in Q3.
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The ILS firm reported $6.8bn of assets under management at the third-quarter mark.
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The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.
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Citizens has disclosed that Nephila Capital increased its exposure to the carrier’s reinsurance program by 68% to a total $756mn line.
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The investment firm’s ILS holdings were worth around $746mn at year-end 2022.
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Nephila Syndicate CEO Adam Beatty said that the firm hopes to grow its new specialty syndicate to $500mn of premium within the next few years.
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Markel’s ILS platform maintained assets under management at $7.2bn, down by $200mn from a January figure of $7.4bn.
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The syndicate had the second-lowest combined ratio for 2022.
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The £50mn syndicate made most of its profits in aviation.
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The syndicate’s combined ratio was down for the fifth year in a row.
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The reinsurance and ILS leader joined the firm in 2012 during a “rollercoaster” year for industry loss warranties.
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Reinsurer-owned ILS platforms were challenged to grow fee income in a tough year for nat cat losses and as cat market economics shifted.
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Markel gross written premiums ceded to Nephila grew by 45% year over year to $1bn, including program business.
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The CFO of parent company Markel has said it aims to lean into property cat through Nephila.
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Nephila achieved significant rate increases at 1 January and expected the strong rate environment to continue this year.
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Cat activity and financial market volatility had impacted investor’s allocations to ILS and redemptions, Markel said.
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She had served as director of underwriting at Nephila since mid-2018.
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The incoming president for insurance also highlighted the role Nephila could play in the transition to net zero.
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The firm has folded its former Nimbus weather strategy into the new vehicle.
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The pension investor re-directed capital to the Pillar Opportunity fund as of January 2022.
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The syndicate’s growth headroom is somewhat constrained compared to the Lloyd’s market average.
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Some firms have fared better than others in the competition to raise funds during the year.
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The insurer also emphasized that it realised more than $300mn from selling two MGA operations.
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The ILS platform has dipped to $7.8bn in assets under management, as ILS revenues were down 44% after the sale of Velocity.
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The product protects firms buying carbon credits from third-party negligence and fraud.
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