Nephila
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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. -
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.
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AIG’s AlphaCat-managed ILS funds grew AuM by $200mn in Q3, while assets at Nephila, Hiscox ILS and Mt Logan dipped in the quarter.
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The launch comes after six years of Nephila using Asta's turnkey services.
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The ILS market faces a test to recover position as it loses market share to traditional players.
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