Lloyd’s of London has joined investment manager Nephila Capital in announcing the launch of Syndicate 2358.
Nephila’s new Syndicate focuses on short to medium term business lines, with capital provided through London Bridge Risk PCC (LBR PCC).
The new transaction provides reinsurance capital from a varied group of investors, including four pension funds, to support underwriting beginning with the 2022 Year of Account.
Nephila hopes the move will bring part of its investment activity onshore in the UK.
In addition, Lloyd’s has confirmed that Ontario Teachers’ Pension Plan have provided a second tranche of capital via LBR PCC to cover further risks in 2022, having been announced as the first investor to use the vehicle in November.
“I am again delighted to see LBR PCC being used to support further ILS investments at Lloyd’s and to welcome such a prevalent ILS Investor as Nephila to the platform,” said Lloyd’s CFO Burkhard Keese.
This underlines the importance of this initiative to the Lloyd’s marketplace and shows there is real momentum behind ILS support of Lloyd’s, which is great to see.”
Adam Beaty, Nephila Syndicate CEO added, “Using the LBR PCC structure was an efficient way to bring our investors’ capital into Lloyd’s to back our new syndicate.
It is encouraging to see an initiative like LBR PCC being introduced to the market by Lloyd’s and we are pleased to have had the opportunity to support it.”