Nephila Capital has obtained in principle approval from the Lloyd’s Council for its plan to form a new syndicate.

The company’s Lloyd’s managing agency Nephila Syndicate Management (NSM) received the approval to create Syndicate 2358.

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NSM CEO Adam Beatty said: “We are excited about this new venture for Nephila at Lloyd’s. 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.”

This new syndicate will write a diversified portfolio of Lloyd’s specialty risks to form a complementary source of returns for institutional ILS investors.

The new syndicate is expected to launch in the final quarter of this year as part of the Future at Lloyd’s initiative.

It will collaborate with leading underwriters in targeted classes of business to offer its capital to the mutual benefit of capital providers.

Nephila Capital co-founder and co-CEO Frank Majors said: “Our Lloyd’s business is 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.”

Lloyd’s CEO John Neal said: “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. I look forward to watching Syndicate 2358 develop, following its launch during 2020.”