We were the first syndicate at Lloyd’s to be wholly backed by capital from managed ILS portfolios raised from institutional investors. ‘Syndicate 2357' wrote its first property catastrophe risks in 2013, and today our gross written premium is over $500 million.
We chose to invest in an operating capability at Lloyd’s to provide an alternative underwriting platform for our managed portfolios. Lloyd’s has a strong brand and reputation, a global license network and unique capital structure.
Syndicate 2357 is controlled by Nephila, subject to the cooperation and approval of Lloyd’s. It enables us to efficiently accept risk that is ultimately borne by our managed funds and investors. All the capital that supports the underwriting of the syndicate is provided by Nephila’s managed funds.
The syndicate has been managed since inception by Asta Managing Agency, the leading third-party syndicate manager at Lloyd’s. In 2018, Lloyd’s granted approval in principle for Nephila to form its own managing agency, Nephila Syndicate Management. Regulatory approval was received and NSM assumed the management of the syndicate in October 2019.
In compliance with our duty under Section 16(2) Schedule 19 of the Finance Act 2016 we set out here our UK tax strategy for the financial year ended 31 December 2019.