Nephila Capital, the largest investment manager of insurance and reinsurance linked securities (ILS) and weather risk assets, is nearing launch of its own independent Lloyd’s managing agency.
Assisted by Lloyd’s servicer and third party managing agent Asta, Nephila Capital is ready to launch its Nephila Syndicate Management Ltd. managing agency at Lloyd’s after it received UK regulatory approval for it.
The new entity, Nephila Syndicate Management Ltd (NSML), is set for launch on 11th October 2019. Work on its establishment has been underway for around a year.
Asta helped Nephila with the launch and management of its own Lloyd’s of London syndicate, the first to be owned and operated by an ILS fund manager.
Nephila’s Syndicate 2357 launched back in 2013 and became a blueprint for future ILS vehicles entering the Lloyd’s market.
Since the launch of the first ILS backed syndicate at Lloyd’s, Nephila has put it to good use and is on target for its £400m stamp capacity planned for 2019 (as we explained recently here).
Adam Beatty, CEO of NSML, commented, “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. 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 added, “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.”
Having its own managing agency for Lloyd’s business will enable Nephila to put its reinsurance capital to work in an increasingly efficient manner, giving it greater control over its future operations in the market.