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Investment manager Nephila Capital can now proceed with its Lloyd’s managing agency plans after having received the initial green light.
In an announcement, Nephila said the Lloyd's board has granted in-principle approval, which means Nephila Syndicate Management Ltd (NSM) can forge ahead and submit an application to the Prudential Regulation Authority and Financial Conduct Authority. Once formally authorised, NSM will take over Syndicate 2357, which has been managed by third-party syndicate manager Asta since 2013.
The Lloyd’s syndicate is backed by funds managed by Nephila, the largest institutional asset manager of vehicles dedicated to investing in natural catastrophe and weather risk. The firm expects its own Lloyd’s managing agency to be handed the reins in the middle of next year.
Ahead of the transition, NSM has tapped a number of senior executives, including former ERS underwriting director Gina Butterworth who joined in June to serve in the same capacity. Charity Bare, who previously held the role of risk head at Talbot Underwriting, came onboard in May as director of risk and compliance.
Joining from Fidelis next month is claims head Sam Drysdale, while Occam Underwriting chief financial officer Irfan Haq makes the switch in October as NSM’s director of finance and operations. Appointed head of IT is Salil Parkash, who will be transferring from Nephila's technology team.
“We are excited about this new phase in the development of Nephila's business at Lloyd's,” commented Syndicate 2357 active underwriter Adam Beatty, who becomes NSM chief executive effective immediately. “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.”
Come January 01, 2019, Butterworth will be taking over Beatty’s active underwriter position.
“We consider our Lloyd's business an important strategic initiative for Nephila,” noted Nephila co-founder and co-CEO Frank Majors. “We have been fortunate to work with Asta these last five years and benefitted enormously from their expertise and experience. We are now focused on supporting Adam's efforts to create further opportunities for Nephila in this key market.”
