Nephila to launch new Lloyd’s Syndicate in January

Bermuda-based investment manager Nephila Capital is to launch a new syndicate at Lloyd’s. Syndicate 2358 will start operations in January and give investors access to the specialty insurance market alongside its existing catastrophe and climate-based strategies.

The reinsurance risk specialist launched its syndicate 2357 in 2013, the first at Lloyd’s to be wholly backed by capital from managed ILS portfolios. It is the largest institutional asset manager dedicated to investing in natural catastrophe and climate risk.

The new syndicate will focus on short to medium tail lines of business accessed through partnerships with leading underwriters.

“Such relationships will provide unique access for Nephila’s investors to existing profitable markets while allowing those leaders to further develop and invest in their customer proposition,” the company said in a statement.

The syndicate portfolio will be managed by active underwriter Ross Louden, who joined the firm last year from AXIS Insurance, where he was deputy chief underwriting officer of its international division.

“We aim to build a profitable and efficient syndicate,” he said. “We will do so by working with people who value the tradition of strategic partnerships yet see the future being defined by a greater delineation between leaders and followers, enhanced placement efficiency and an increased reliance on data and portfolio management techniques.”

Nephila Syndicate CEO Adam Beatty said: “With our existing Nephila Managing Agency and the worldwide market for specialty risk being centred in London, a new Lloyd’s syndicate was the obvious choice to further enhance our product offering. We’d like to thank Lloyd’s, our risk partners and, most of all, our investors for supporting this project.”