Nephila gets green light from Lloyd’s for managing agency
Nephila Capital has announced that its plan to form its own managing agency has been given in principle approval by the Lloyd's Board, subject to regulatory authorisation.
Nephila is an institutional asset manager of vehicles dedicated to investing in natural catastrophe and weather risk. Nephila's Syndicate 2357, which is backed by funds managed by Nephila, has been managed by Asta, the leading third party syndicate manager at Lloyd's, since its inception in 2013.
In the wake of the decision by the Lloyd’s Board Nephila Syndicate Management (NSM) will submit an application to the PRA/FCA. NSM expects to assume the management of Syndicate 2357 in mid-2019 on receipt of formal authorisation.
Adam Beatty, currently the active underwriter of Syndicate 2357, will assume the role of chief executive officer of NSM, effective immediately.
“We are excited about this new phase in the development of Nephila's business at Lloyd's,” said Beatty. “Over the last five years the Syndicate has grown into a significant underwriting platform for Nephila's funds. We are particularly delighted with the quality of the team we have been able to attract to Nephila to manage the new agency and all of us at Nephila look forward to working with them.”
NSM has also announced several key new senior hires. Gina Butterworth joined in June as director of underwriting. She was previously director of underwriting at ERS and spent many years in senior roles at Chaucer. Butterworth succeeds Beatty as active underwriter of the Syndicate effective January 1, 2019. Irfan Haq will join in October as director of finance and operations. Haq joins from Occam Underwriting where he was CFO and has previous senior Lloyd's market finance experience from his seven years at CNA Hardy.
Charity Bare joined in May to assume the role of director of risk and compliance. Bare was previously head of risk at Talbot Underwriting and worked in a risk management role at Brit Insurance prior to that. Sam Drysdale joins in September as head of claims, having recently held the same role at Fidelis and worked in claims at Renaissance Re Syndicate Management before that. Salil Parkash will transfer from Nephila's technology team to take on the role of head of IT for NSM. Parkash joined the company in August 2015 and previously worked at Commerzbank.
