Nephila
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Validus, Nephila and Everest lead reinsurers providing Irma payouts to Citizens. -
Allianz's interest in a deal with Nephila may fuel speculation that major insurers will start to acquire ILS managers.
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With Markel as its new parent, the fund manager can diversify further away from its traditional mainstay of property cat reinsurance.
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Several independent managers remain but ILS entrepreneurs have already largely cashed out.
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Sometimes in insurance it ain’t what you do, it’s the way that you do it that really gets results.
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The deal, which will give Markel a 20 percent share of the ILS market, could be the industry's first true convergence play.
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The ILS manager will continue to use Allianz as a fronting partner after ownership change.
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Markel will gain a dominant ILS position and an enhanced business profile, AM Best said, while Moody's noted strategic benefits and enlarged asset base.
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The sale will accelerate the fund manager's expansion into the primary insurance markets.
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Cat bond fund names new hires as it expands London operation.
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Nephila helped the top 10 ILS managers expand their asset bases to $67bn in H1 2018.
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Reinsurers may hold less risk in the long term as they look to cut costs and originate risk for other investors, Nephila co-founder Greg Hagood forecast.
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