Markel to Acquire Nephila Holdings Limited
Markel Corporation and Nephila Holdings Limited announced today that they have entered into a definitive agreement for Markel to acquire all of the outstanding shares of Nephila. Upon completion of the transaction, which is subject to approval and set to close in the Q4 2018, the combined assets under management between Nephila and Markel CATCo will stand at approximately $19 billion, representing approximately 20% of the insurance-linked securities sector, which makes Markel the largest manager of funds in this sector.
“We are excited to welcome Nephila to the Markel team . Frank Majors and Greg Hagood have built the industry’s pre-eminent and longest-tenured insurance-linked securities manager. With a proven 20 year track record of success, they bring with them an incredibly experienced and talented management team and a culture of creativity, innovation and excellence that exemplifies the Markel Style. The addition of Nephila to Markel’s insurance, reinsurance, insurtech, fronting, and existing insurance-linked securities capabilities will enhance and strengthen the breadth and depth of Markel’s offerings to policyholders, producers and investors.” – Co-Chief Executive Officer of Markel, Richie Whitt.
“We are delighted to be joining Markel, a company with a similar culture, strategic outlook and long-term focus. They have built a great company with a sterling reputation for both outstanding performance and a collaborative business approach, and have a proven track record of successful acquisitions. Markel shares our strategic vision for the future of the insurance markets; this transaction will allow us to accelerate our delivery of that strategy, creating additional value for our investors and our trading partners. We are looking forward to working with the Markel team, and are excited by the possibilities from our combined strengths.” – Co-Chief Executive Officer of Nephila, Frank Majors.
“As the industry continues to evolve, we believe the resources and expertise from both platforms will provide meaningful benefits to our investor base, as it combines the investment independence of a 20 year, stand-alone insurance-linked securities manager with the additional resources of a well-respected and strongly rated insurer. We are excited about leveraging these joint resources on behalf of our investors in the years ahead.” – Co-Chief Executive Officer of Nephila, Greg Hagood.
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