The Lloyd’s Council has given Nephila Syndicate Management Ltd (NSM) the go-ahead to create Syndicate 2358 as part of the Future at Lloyd’s initiative.
Slated to be launched in the fourth quarter, the new syndicate will write a diversified portfolio of Lloyd’s specialty risks aimed at offering a complementary source of returns for institutional insurance-linked securities (ILS) investors looking to broaden their exposure into specialty lines.
NSM is the Lloyd’s managing agency of Nephila Capital Ltd, the largest institutional asset manager dedicated to investing in natural catastrophe and weather risk. Syndicate 2357, which has been trading since 2013, is backed by funds managed by Nephila.
“We are excited about this new venture for Nephila at Lloyd’s,” commented NSM chief executive Adam Beatty. “We see an opportunity to build a high-quality investment proposition for ILS investors and to do it using the unique and attractive features of the Lloyd’s market.”
Nephila co-founder and co-CEO Frank Majors described the Lloyd’s business as an important part of Nephila’s strategy. “We are delighted to support the Lloyd’s market further with an innovative new business that can contribute to the Future at Lloyd’s vision,” he said.
Meanwhile Lloyd’s chief executive John Neal looks forward to watching Syndicate 2358 develop.
Neal stated: “Nephila’s new syndicate represents an exciting step forward in our Future at Lloyd’s ambition, with a route for ILS capital to be more quickly matched with risk.”