Nephila
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The recruits will join from Nephila, Aon and Malaysian Re. -
The syndicate is targeting capital allocation for 1 January, the company confirmed.
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Hagood will stay on as sole CEO of Nephila Holdings, with Taylor continuing as president.
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The coverholder’s deal with SiriusPoint expired at 1.4.
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The carrier was seeking to expand its 1 March-renewing programme.
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The syndicate’s combined ratio was down for the fifth year in a row.
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The reinsurance and ILS leader joined the firm in 2012 during a “rollercoaster” year for industry loss warranties.
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The product protects firms buying carbon credits from third-party negligence and fraud.
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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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This comes after Everest Re previously let a mid-year renewal lapse, with ILS capacity scarce.
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Nephila’s choice of the more traditional route is a reminder that the creation of a cost-light follow syndicate is not out of reach for many.
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The new venture would mark the third follow-only syndicate to come to light this year.
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Joint-third-ranked Cincinnati 318 and WRB Syndicate 1967 achieve significant underwriting turnarounds.
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The ILS fund manager’s parents makes hundreds of millions of dollars of capacity available.
