Bermuda-based Nephila Capital Ltd. is set to launch its own managing agency after getting in-principle approval from Lloyd's of London's board, subject to regulatory authorization.
Syndicate 2357, which is backed by funds managed by Nephila, has been managed by Asta Managing Agency Ltd., the third-party syndicate manager at Lloyd's, since its inception five years ago.
Nephila Syndicate Management Ltd. will submit an application to the Prudential Regulation Authority and Financial Conduct Authority following Lloyd's approval to proceed with the project. Nephila Syndicate Management anticipates to assume the management of Syndicate 2357 in mid-2019 on receipt of formal authorization.
Adam Beatty, who currently serves as active underwriter of Syndicate 2357, will become CEO of Nephila Syndicate Management. Gina Butterworth, who joined in June as director of underwriting, will also succeed Beatty as active underwriter of the syndicate, effective Jan. 1, 2019.
Charity Bare, previously head of risk at Talbot Underwriting Ltd., joined in May to assume the role of director of risk and compliance.
Additionally, Nephila Syndicate Management announced the appointments of Sam Drysdale as head of claims and Irfan Haq as director of finance and operations.
Drysdale will join Nephila Syndicate Management in September from Fidelis Insurance Holdings Ltd., where he served in the same capacity. Haq, former Occam Underwriting CFO, will join the company in October.
Salil Parkash will take on the role of head of IT for Nephila Syndicate Management.