Nephila
-
The follow-only vehicle initially launched in January with a more limited set of permissions. -
The change in plan comes as Lloyd’s restricts cyber growth.
-
The transaction provides reinsurance capital from four pension funds and marks the second use of the Lloyd’s ILS transformer vehicle.
-
SageLink will enable fully automated quoting capabilities for reinsurance.
-
CEO Talbir Bains founded the business in 2017 with backing from the market’s largest ILS manager.
-
The follow-only syndicate has carved up most of its 2021 capacity among leading Lloyd’s intermediaries.
-
The Nephila CEO said ILS capital backing sidecars that are a "trade not a relationship" will charge a higher cost of capital.
-
The appointment follows a number of senior departures from Aon’s reinsurance ranks.
-
Ex-Novae deputy CUO to become active underwriter at Syndicate 2358.
-
Syndicate 2358 will write specialty risks, an expansion from the Markel-owned platform's historic focus on property catastrophe.
-
The launch will mark the third follow-only syndicate in the works within the Lloyd’s market.
-
This comes after Everest Re previously let a mid-year renewal lapse, with ILS capacity scarce.
