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New ILS Investor Backed Syndicate at Lloyd’s

Monday 29 June 2020

Lloyd’s Council has given in principle approval to Nephila’s plan to form a new syndicate.

Nephila Syndicate Management Ltd (NSM), Nephila’s Lloyd’s managing agency, has been given approval to create Syndicate 2358, which it plans to launch in Q4 2020 as part of the Future at Lloyd’s initiative. Syndicate 2358 will write a diversified portfolio of Lloyd’s specialty risks to create a complementary source of returns for institutional ILS investors looking to broaden their exposure into specialty lines. The new syndicate will seek to partner with leading underwriters in targeted classes of business who can put the syndicate’s capital to work to the mutual benefit of capital providers. Adopting this “follow” model allows for efficient and flexible access to risk. NSM will manage the portfolio to generate an attractive risk adjusted return for its investors over time.

Adam Beatty, CEO of NSM, said, “We are excited about this new venture for Nephila at Lloyd’s. We see an opportunity to build a high-quality investment proposition for ILS investors and to do it using the unique and attractive features of the Lloyd’s market.”

Frank Majors, co-founder and co-CEO of Nephila Capital, said, “Our Lloyd’s business is an important part of Nephila’s strategy. We are delighted to support the Lloyd’s market further with an innovative new business that can contribute to the Future at Lloyd’s vision.”

Lloyd’s CEO, John Neal, said “Nephila’s new syndicate represents an exciting step forward in our Future at Lloyd’s ambition, with a route for ILS capital to be more quickly matched with risk. I look forward to watching Syndicate 2358 develop, following its launch during 2020.”