Nephila to Launch New ILS Investor Backed Syndicate at Lloyd's

HAMILTON, Bermuda, June 23, 2020 /PRNewswire/ -- Nephila Capital announced today that the Lloyd's Council has given in principle approval to Nephila's plan to form a new syndicate.

Nephila is the largest institutional asset manager dedicated to investing in natural catastrophe and weather risk. Nephila's Syndicate 2357 at Lloyd's, which is backed by funds managed by Nephila, has been trading since 2013.

Nephila Syndicate Management Ltd (NSM), Nephila's Lloyd's managing agency, has been given approval to create Syndicate 2358, which it plans to launch in Q4 2020 as part of the Future at Lloyd's initiative. Syndicate 2358 will write a diversified portfolio of Lloyd's specialty risks to create a complementary source of returns for institutional ILS investors looking to broaden their exposure into specialty lines. The new Syndicate will seek to partner with leading underwriters in targeted classes of business who can put the syndicate's capital to work to the mutual benefit of capital providers. Adopting this "follow" model allows for efficient and flexible access to risk. NSM will manage the portfolio and seeks to generate an attractive risk adjusted return for its investors over time.

Adam Beatty, CEO of NSM, said, "We are excited about this new venture for Nephila at Lloyd's. We see an opportunity to build a high-quality investment proposition for ILS investors and to do it using the unique and attractive features of the Lloyd's market."

Frank Majors, co-founder and co-CEO of Nephila Capital, said, "Our Lloyd's business is an important part of Nephila's strategy. We are delighted to support the Lloyd's market further with an innovative new business that can contribute to the Future at Lloyd's vision."

Lloyd's CEO, John Neal, said, "Nephila's new syndicate represents an exciting step forward in our Future at Lloyd's ambition, with a route for ILS capital to be more quickly matched with risk. I look forward to watching Syndicate 2358 develop, following its launch during 2020."

About Nephila Capital

Nephila Capital Ltd is a leading investment manager specializing in (re)insurance, climate and weather risk. The firm has been active in the ILS markets since launching its first fund in 1998 and offers a broad range of investment products focusing on instruments such as insurance-linked securities, catastrophe bonds, insurance swaps, and private transactions across its robust platform. Nephila has approximately $10.2 billion in assets under management as of June 1, 2020 and is headquartered in Bermuda, with offices in San Francisco, CA, Nashville, TN and London.  There are currently over 250 employees across its various business lines with expertise in finance, seismic engineering, catastrophe modeling, risk management and traditional underwriting.

About Nephila Syndicate Management Ltd

Nephila Syndicate Management Ltd is Nephila's managing agency at Lloyd's. Syndicate 2357 was the first syndicate at Lloyd's to be wholly backed by capital from managed ILS portfolios raised from institutional investors. It is wholly supported by investment funds managed by Nephila Capital and writes Property Catastrophe Reinsurance, US insurance and weather risk business.