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Division will focus on MGAs and programs as well as InsurTech and alternative risks.
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Sources said that Evercore has been retained to advise Nephila management, who holds the majority of the business. -
The Bermuda-based firm had $500mn of ILS under management in 2017.
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The latest issuance includes European windstorm, as well as US wind and quake.
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The financial services company may look to gain a credit rating for the Bermuda-based vehicle.
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The residual carrier obtained rates that came in better than anticipated.
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The alliance with the insurer comes a month after the carrier closed its Lloyd's India branch.
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Many cat bonds were pricing below their guidance range earlier in the second quarter.
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The move could be a bid to emulate the success of the reinsurance funds run by rival mutual fund managers Stone Ridge and Pioneer.
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The increase reflects the assignment-of-benefits crisis in the southern part of the state.
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The reinsurer had originally been expected to hold an IPO late last year.
