Nephila Capital’s specialty Syndicate 2358 delivers $35.6m profit in 2025 as premiums soar

Nephila Capital’s specialty lines focused Syndicate 2358 at Lloyd’s delivered a $35.6 million profit for the 2025 underwriting year, as its gross premiums written soared by 129% to reach over $508.6 million for the period.

2025 was the fourth full underwriting year for Nephila’s specialty lines focused Syndicate 2358 at Lloyd’s, with further expansion of the portfolio of risks and an improved combined ratio reported.

The 2025 calendar year combined ratio came in at 90.9% for Syndicate 2358, much better than 2024’s 98.5%, while gross premiums of $508.6 million n 2025 was a meaningful increase on the $222 million written a year earlier.

As a result, profit rose to $35.6 million for 2025, up from $4.6 million for 2024.

Capacity deployed for 2025 reached $405 million, up on 2024’s $202.5 million.

For 2026, the projection for stamp capacity for Syndicate 2358 now sits at $607.5 million, suggesting further premium growth opportunities are anticipated.

The syndicate’s report states, “2025 was a transformative year for the Syndicate in terms of increasing in scale to maximise the opportunity afforded by the market and its evolving placement trends as reflected in the reported performance. The Syndicate seeks to identify and work with high quality underwriting counterparties, and their performance has helped to generate a positive result for our capital across all years of account.

“The syndicate’s deliberately underweight position in US property catastrophe business means that it does not derive a material benefit from the lack of US landfall hurricanes in 2025. Notwithstanding this, the net combined ratio for the calendar year of 90.9% meets our expectations and it is pleasing to see the 2024 and 2025 years of account performing at or slightly ahead of plans at this stage in their development.”

In 2025, Syndicate 2358 underwrote more premiums in a number of classes of business, most notable in inwards reinsurance, property insurance, credit and surety, accident and health, third-party motor liability, legal expenses, other third party liability and marine, aviation and transport.

The only line of business that saw premiums written decline was in other classes of motor business.

Nephila Capital continues to expand the diversified risk portfolios it offers to investors, with this Syndicate 2358 one way it brings specialty insurance and reinsurance returns to investors.

It’s worth also noting here that, as we reported, Nephila Capital also launched a specialty lines focused strategy named Navaura Holdings Ltd. and a Bermuda domiciled collateralized insurer class of company named Navaura Re Ltd. in 2025, with a $200 million allocation to Navaura won from the Florida Retirement System Pension Plan.

Also read: Nephila Capital’s flagship Syndicate 2357 reports 48% higher profit for 2025.