9 Mar 2010
Bermuda-based Nephila Capital has attracted inflows of US$340 million from 11 UK institutions into its catastrophe reinsurance fund in the second half of 2009. The latest inflows bring total assets under management in the platform to US$$2.6 billion.
Nephila, in which Man Group has a 25% stake, has multiple investment products and managed accounts dedicated to investing in insurance-linked instruments such as catastrophe bonds.
Nephila is also active in traditional reinsurance markets, where the vast majority of hurricane and earthquake risk is written. In 2009, catastrophe premiums in reinsurance markets reached their highest level since 2006.
Nephila has bolstered its senior management team with the appointment of two new partners, Steve Glassman and Adolfo Pena, who will help support the ongoing growth of the business.
Steve Glassman joined on 1 February 2010 as a Managing Partner, after more than twenty years with Merrill Lynch. He will focus on strategy, product structuring and the management of human resources and business processes.
Adolfo Pena, a portfolio strategist and Seismic and Financial Engineer, has also been promoted to Partner. Having joined Nephila in 2005, Adolfo will continue to co-manage the Portfolio Management & Analytics Group.
Nephila, in which Man Group has a 25% stake, has multiple investment products and managed accounts dedicated to investing in insurance-linked instruments such as catastrophe bonds.
“Insurance-linked securities are clearly gaining broader acceptance from institutional investors and consultants,” said Paul Dackombe, Head of UK Institutional Sales at Man, “After the recent financial market turmoil, institutional investors are actively seeking return streams that are independent from the capital markets and catastrophe reinsurance certainly provides that portfolio benefit.”
Nephila is also active in traditional reinsurance markets, where the vast majority of hurricane and earthquake risk is written. In 2009, catastrophe premiums in reinsurance markets reached their highest level since 2006.
Co-Founder of Nephila, Greg Hagood commented: “Insurance payouts for damages caused by hurricanes Gustav and Ike and the heavy investment losses and liquidity constraints brought about by the financial crisis have led to a major market shake out. Remaining participants, such as Nephila, have therefore been able to capitalise on this opportunity and charge higher catastrophe premiums.”
Nephila has bolstered its senior management team with the appointment of two new partners, Steve Glassman and Adolfo Pena, who will help support the ongoing growth of the business.
Steve Glassman joined on 1 February 2010 as a Managing Partner, after more than twenty years with Merrill Lynch. He will focus on strategy, product structuring and the management of human resources and business processes.
Adolfo Pena, a portfolio strategist and Seismic and Financial Engineer, has also been promoted to Partner. Having joined Nephila in 2005, Adolfo will continue to co-manage the Portfolio Management & Analytics Group.
Greg Hagood adds: “As we approach the twelfth anniversary of this business, we are excited to bring in Steve’s experience and to recognize Adolfo’s contribution and value.”
