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