Specialist insurance-linked securities (ILS) (re)insurer and investment manager Nephila Capital can now establish its own Lloyd’s of London managing agency following receipt of UK regulatory approval.
The announcement was made by third-party managing agent Asta, which has been managing Nephila’s Syndicate 2357 since it came to life six years ago as the insurance marketplace’s first ILS-backed syndicate. In what is called as “the natural next step” in the syndicate’s growth strategy, new entity Nephila Syndicate Management Ltd (NSML) will be born on October 11.
“We are excited about this new phase in the development of Nephila’s business at Lloyd’s and we’d like to thank Asta for their outstanding contribution in helping us to reach this important milestone,” said NSML chief executive Adam Beatty.
“From our launch in 2013, to the point where today we are ready for independence, their expertise and experience has been invaluable.”
Providing a key platform for Nephila’s funds, the syndicate is set to meet the £400 million stamp capacity planned for this year.
Commenting on the development, Asta CEO Julian Tighe pointed to a combination of feelings.
“There are always mixed emotions when a managed syndicate makes the move to independence,” stated Tighe. “We’ve been proud to partner with Nephila on their journey from establishing the first ILS syndicate at Lloyd’s, to the successful launch of their own managing agency.
“It’s been a pleasure to work with the team at Nephila and we wish them every success in the future.”
