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Bailey McCann, Opalesque New York: Nephila Capital Ltd., a Bermuda-based, investment manager focused on investing in natural catastrophe and weather risk announced late today that New York-based buyout firm, KKR will buy a 25% stake in the company from management and minority stakeholder Man Group plc. Man Group will remain invested in the company with a 18.75% interest. Financial terms of the transaction were not disclosed.
Nephila was established in 1998 by Frank Majors and Greg Hagood as part of Willis Limited, at the time a KKR portfolio company. Nephila specializes in investing in reinsurance risk, including insurance-linked securities, catastrophe bonds and weather derivatives. Through its investment strategies, Nephila provides its investors with access to sources of returns that are uncorrelated to the global financial markets relative to other asset classes.
Barney Schauble, managing director at Nephila Capital, spoke with Opalesque TV in 2010 about investment in the reinsurance industry, including investments in insurance-linked securities, catastrophe bonds, insurance swaps, and weather derivatives. Bloomberg reports that the purchase is part of KKR's strategy to expand its business beyond corporate buyouts. Nephila said it will re...................... To view our full article Click here
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