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11th September 2019
Asta announces that Nephila Capital, the specialist ILS re/insurer and investment manager has received approval to form its own Lloyd’s managing agency
Asta has announced 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.
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, ceoof NSML, comments “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, added “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”.
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