Asta, the leading third party managing agent, announces that Nephila Capital, the specialist ILS re/insurer and investment manager, has received UK regulatory approval to establish its own Lloyd’s managing agency. The new entity, Nephila Syndicate Management Ltd (NSML), will launch on 11th October 2019.
Under Asta’s management, the launch of Nephila’s Syndicate 2357 in 2013 created a blueprint for future ILS vehicles entering the Lloyd’s market. In the six years since Nephila launched the first ever ILS backed syndicate at Lloyd’s, the business has grown significantly and is set to meet the £400m stamp capacity planned for 2019.
The syndicate now provides a key platform for Nephila’s funds and the launch of NSML is the natural next step in its strategy for driving future growth.
Adam Beatty, CEO of NSML, said: “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. From our launch in 2013, to the point where today we are ready for independence, their expertise and experience has been invaluable”.
Julian Tighe, CEO of Asta said: “There are always mixed emotions when a managed syndicate makes the move to independence. 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”.
Asta Managing Agency Ltd is the leading third party managing agent at Lloyd’s and is responsible for 10 syndicates and two SPAs with capacity under management in 2019 of more than £1.4bn:
Syndicate 1729 and SPA 6131 (Dale Underwriting Partners)
Syndicate 1897 (Skuld)
Syndicate 2357 (Nephila)
Syndicate 2525 (DL Dale & Others)
Syndicate 2689 (Verto)
Syndicate 2786 and SPA 1892 (Everest)
Syndicate 4242 and SPA 6123 (Beat)
Syndicate 5886 (Blenheim)
Syndicate 3268 (Agora)
Syndicate 1980 (Pioneer)
Asta Underwriting Management Limited (AUML) brings the skills, experience and capabilities of the leading third party managing agency at Lloyd’s to the MGA market.
MGAs under management:
Arma Underwriting Limited
Nephila Capital Ltd is a leading investment manager specializing in re/insurance and climate risk. Nephila offers a broad range of investment products focusing on instruments such as insurance-linked securities, catastrophe bonds, insurance swaps, and private transactions. Nephila has assets under management of approximately $10.7 billion as of August 1, 2019 and has been managing institutional assets in this space since it was founded in 1998. The firm has over 200 employees based in their Bermuda headquarters, San Francisco, CA, Nashville, TN and London. Further information can be found at www.nephila.com.
About Syndicate 2357
The Syndicate has stamp capacity of £391 million for the 2019 year of account. It is wholly supported by investment portfolios managed by Nephila Capital Ltd and writes Property Catastrophe Reinsurance, US insurance and weather risk business.