Insurance-linked securities (ILS) investment manager Nephila Capital has announced that the Lloyd’s Council has approved its plans to form a new syndicate.
Nephila’s Lloyd’s managing agency, Nephila Syndicate Management Ltd (NSM), will launch Syndicate 2358 as part of the Future at Lloyd’s initiative.
The syndicate will write a diversified portfolio of Lloyd’s specialty risks to create a source of returns for institutional ILS investors looking to broaden their exposure into specialty lines.
It 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.
“We are excited about this new venture for Nephila at Lloyd’s,” said Adam Beatty, CEO of NSM. “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, also commented: “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 added: “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.”
Nephila’s Syndicate 2357 at Lloyd’s, which is backed by funds managed by Nephila, has been trading since 2013.
The new Syndicate 2358 will be Nephila’s first specialty lines focused venture, marking an expansion of its appetite beyond catastrophe, weather and climate focused risks.