Lloyd’s has announced that investment manager Nephila has funded its newly launched Syndicate 2358 with capital provided through London Bridge Risk PCC. Lloyd’s has also confirmed that Ontario Teachers’ Pension Plan, the first investor to use LBR PCC in November, has provided a second tranche of capital via LBR PCC to cover further risks in 2022.

Burkhard Keese, CFO at Lloyd’s, said: “I am again delighted to see LBR PCC being used to support further ILS investments at Lloyd’s and to welcome such a prevalent ILS Investor as Nephila to the platform. This underlines the importance of this initiative to the Lloyd’s marketplace and shows there is real momentum behind ILS support of Lloyd’s, which is great to see.”

Adam Beaty, Nephila Syndicate CEO, said: “Using the LBR PCC structure was an efficient way to bring our investors’ capital into Lloyd’s to back our new syndicate. It is encouraging to see an initiative like LBR PCC being introduced to the market by Lloyd’s and we are pleased to have had the opportunity to support it.”

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