Lloyd’s Market Association appoints Nephila’s Beatty to Board

In a move signalling acceptance of alternative sources of risk and reinsurance capital in the market, the Lloyd’s Market Association (LMA) has named to its Board Adam Beatty, Chief Executive Officer of Nephila Syndicate, the Lloyd’s operation of ILS manager Nephila Capital.

As far as we’re aware, this is the first executive from a Lloyd’s underwriter solely backed by insurance-linked securities (ILS) fund capital to take a seat on the LMA Board.

Beatty has been underwriting in the Lloyd’s marketplace for Nephila for over a decade now, having joined the ILS firm as Active Underwriter for its Lloyd’s of London syndicate 2357 on 1st January 2014.

He was a managing director for Nephila Advisors (UK), the ILS fund specialists arm in the United Kingdom.

Then, in 2018, became the CEO of Nephila Syndicate, taking the lead on all activities at Lloyd’s for the ILS manager.

Since then, Nephila Capital has launched its own managing agency focused on Lloyd’s, Nephila Syndicate Management Ltd.

Then, in 2020, the ILS manager launched Syndicate 2358, its first strategy focused on accessing the returns of specialty lines of business at Lloyd’s.

As CEO of the managing agency, Beatty has led on many of the Lloyd’s initiatives that Nephila Capital has launched over the years and assisted in the way the ILS manager utilised the infrastructure and regulatory environment at Lloyd’s to its benefit in originating insurance-linked opportunities for its investor base.

The LMA Board governs the organisation and sets the overall strategy, direction and priorities of the association, consisting of senior market practitioners and LMA leaders.

Four new leaders have been added to the LMA Board today, one of which is Beatty of Nephila, alongside Richard Milner, Group Chief Executive Officer, Chaucer, Clare Constable, Chief Claims Officer, MS Amlin, and John Fowle, Chief Executive Officer, Atrium.

Three former Board members, Rob Callan, Mark Graham and Martyn Rodden, have also stepped down.

Sheila Cameron, Chief Executive Officer of the LMA, commented on the additions, “I am delighted to welcome Richard, Clare, John and Adam to the LMA Board. The new members bring a wealth of experience and commitment, enhancing the Board’s ability to navigate the complexities of the Lloyd’s market and to execute on our purpose of making the market a better place.”

Andrew Brooks, Chairman of the LMA and Non-Executive Director of Ascot Group Limited, added, “I would like to thank Rob Callan, Mark Graham and Martyn Rodden for their dedication and support to the LMA’s mission and their contributions as Board members.”

Beatty’s appointment to the LMA Board is another signal of the approval and acceptance Nephila’s operations have secured within the Lloyd’s market, as well as of the Lloyd’s market’s increasing lack of differentiation between alternative and more traditional sources of capital in use there.

After all, Lloyd’s really was the first alternative capital market in reinsurance, so ILS capital being used there is just a different flavour of this and has augmented Lloyd’s strength and the market’s underwriting capabilities.