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The insurer will begin ceding risk to Lifson from January 1 next year. -
The companies said they will pursue a “controlled exit” as the affiliated ILS manager continues to draw back following a reduction in assets.
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If the fundraise closes, the business will operate as a “permanent capital” monoline retrocessionaire.
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The former Pioneer underwriting chief will lead the programs team within Brit Global Specialty USA from Georgia.
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By setting up an asset manager, the reinsurer is competing with ILS firms on their turf.
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The company has expanded its sidecar in recent years but this will allow it to tap into a different investor base.
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The Syndicate 6131 team will also start writing business on ILS Capital’s US rated balance sheet.
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Direct investment has propped up the reinsurer ILS platforms, but further evolution will be needed.
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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 executive has begun sounding out investors about a retro offering.
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The expansive ILS firm is likely to look for debt funding to remain staff-owned.
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Post-Covid fundraising may not be on the same scale as the post-Irma reload, but similar narrative themes are a risk to monitor.
