Nephila Capital news

Markel’s flagship insurance-linked securities (ILS) fund management operation Nephila Capital saw another significant rise in catastrophe reinsurance premiums underwritten during the second-quarter of 2022.

Florida’s Citizens Property Insurance Corporation looks set to continue rapidly growing its exposure, with its policy count likely to near record levels again in 2023, according to President and CEO Barry Gilway.

Once again, third-party sources of reinsurance capital, largely from the insurance-linked securities (ILS) market, have dominated the reinsurance renewal of Florida’s Citizens Property Insurance Corporation in 2022, with ILS investment manager Nephila Capital again taking the largest share.

Markel’s sale of the two managing general agent (MGA) platforms that its ILS investment manager Nephila Capital had created and had ownership stakes in has unlocked significant value related to its acquisition of the manager, Co-CEO Richie Whitt explained recently.

Markel Corporation is now officially “off-risk” for property catastrophe reinsurance, as of the end of the first-quarter of 2022, according to its Co-CEO Richie Whitt.

Assets under management at Markel’s flagship insurance-linked securities (ILS) operation Nephila Capital declined slightly during the first-quarter of 2022, ending the period at $8.6 billion.

After Markel Corporation sold off the managing general agent (MGA) platforms created and owned by its flagship insurance-linked securities (ILS) investment manager Nephila Capital, it’s now become clear the combined value of the MGA’s was around $384 million.

Darren Toh, a portfolio strategy focused employee of insurance-linked securities (ILS) investment manager Nephila Capital, has moved across to the firm’s weather and climate risk focused division, Nephila Climate.

Nephila Capital, the largest dedicated investment manager in the insurance-linked securities (ILS), weather and catastrophe reinsurance space, has reported a more profitable year for its flagship Lloyd’s of London Syndicate 2357 in 2021, as its premiums written also soared year-on-year.

Insurance-linked securities (ILS) investment manager Nephila Capital has sold its ownership stake in multi-class international MGA platform Volante Global to fintech broker owner Acrisure.