Nephila’s fund receives $50m boost

Technology services company IBM’s pension fund has diversified into reinsurance with the allocation of $50 million to Bermuda-based Nephila Capital’s Iron Catastrophe Fund.

The pension fund, which is approximately £5.9 billion in size, has made a 1.04 percent allocation into the catastrophe fund.

In its annual report, the pension fund said it had moved into the new asset class of reinsurance towards the end of 2013.