From its early role in insurance-linked investing to the development of a broader, integrated risk platform, Nephila's history reflects a consistent ability to adapt, evolve and take a long-term view.
Founded by Frank Majors and Greg Hagood within Willis Ltd., Nephila was built on a simple but powerful insight: catastrophe risk could be analyzed, priced and invested in with the same rigor as traditional financial assets. From the outset, the firm focused on insurance-linked securities tied to natural catastrophes. This asset class was largely unexplored, but rich with opportunity for those willing to approach it scientifically.
By 2005, Nephila had begun expanding what insurance-linked investing could address. The firm launched the first dedicated weather derivative strategy, applying insurance and capital markets expertise to weather-driven exposures. That early work has since evolved into Nephila Climate, today focused on risk transfer solutions across renewable energy, storage, agriculture resilience and other climate-linked exposures.
Through the following decade, the platform deepened and expanded. Around 2012, Nephila was firmly establishing itself as a leading institutional manager in the ILS space by scaling assets, refining its analytical capabilities and broadening its participation. This period represents the firm’s transition from pioneer to market leader, with growing institutional adoption and a more diversified investment platform.
This evolution accelerated in the mid-2010s with the launch of Velocity Risk Underwriters, representing a strategic move upstream into primary insurance origination. Nephila enhanced its underwriting insight, improved data access and strengthened its ability to proactively source and shape opportunities rather than relying solely on secondary market participation.
A defining transformation came in 2018, when Nephila became part of Markel Group. On November 14, 2018, Markel acquired 100% of the equity interest in Nephila Holdings Ltd. from KKR and MAN Group. This partnership combined Nephila’s investment expertise with a permanent balance sheet, unlocking new capabilities in capital efficiency, portfolio construction and liquidity, while preserving the firm’s independence in investment decision-making.
In 2022, Lloyd’s Syndicate 2358 began underwriting as Nephila’s Specialty Risk strategy at Lloyd’s, focused on non-catastrophe lines such as energy, aviation, cyber and other specialty exposures. This addition to the platform demonstrates Nephila’s ability to source, structure and optimize risk across the full insurance value chain.
Today, Nephila operates at the forefront of innovation in insurance-linked investing, continuously evolving how risk is understood, priced and transferred. Building on decades of experience, the firm integrates advanced analytics, climate science and real-time market intelligence to shape portfolios that anticipate global risk dynamics.