Markel acquired Nephila, a leading ILS investment manager who was the first to focus on the convergence of catastrophe reinsurance and weather risk transfer markets with capital markets, in November 2018. Nephila has been active in the ILS markets since launching the industry’s first ILS fund in 1998. Nephila offers a broad range of investment products, which are fundamentally uncorrelated to traditional and alternative assets classes, across its robust platform. The platform includes Nephila Climate, a dedicated weather and climate risk transfer and ESG-driven business, Nephila Syndicate, the first syndicate wholly backed by ILS capital offering non-catastrophe specialty lines of business, and Velocity Risk Underwriters, the only direct insurance origination entity in existence today.
As of July 1, 2020, Nephila manages approximately $9.5 billion of assets under management for geographically diverse institutional investors, and is headquartered in Bermuda, with offices in San Francisco, CA, Nashville, TN and London. There are currently over 250 employees firmwide with expertise in finance, seismic engineering, catastrophe modeling, risk management and traditional underwriting.