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Nephila Capital ILS revenues rise at Markel despite lower cat reinsurance premiums

Nephila Capital generated $37.7 million in ILS fund management revenues in Q2 2026, but fronted property catastrophe reinsurance premiums declined on rate decreases.

Reported · Written up by our desk · Industry & Deals

Nephila Capital’s insurance-linked securities, or ILS, fund management revenues rose within parent Markel’s results, increasing 23% in Q2 2026 and 30% for the first half of 2026, according to Artemis.

The outlet said the gains were partly offset by a softer reinsurance backdrop. Markel reported that fronted property catastrophe reinsurance premiums for Nephila Capital linked programs declined, which it attributed to rate decreases.

Artemis added that ILS fund management revenues had climbed 59% year-on-year to $40.5 million in Q1 2026. For the second quarter, Nephila Capital’s ILS fund management revenues totaled $37.7 million, versus $29.1 million in Q2 2025, and first-half 2026 revenues rose to $78.1 million from $54.6 million in H1 2025.

The story also pointed to Nephila Capital’s scale, saying third-party investor assets under management reached $7.7 billion at the start of 2026. Artemis cited Nephila’s expanded premium volumes supported by third-party capital and said property catastrophe rates still remain attractive in parts of the market, even as reinsurance softening began to show in assumed premium volumes.

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