Quick Take
Markel (MKL) has announced it has agreed to acquire Nephila Holdings for an undisclosed amount.
Nephila Holdings operates as a reinsurance risk investment management firm.
With the acquisition, MKL will control 20% of the insurance-linked securities service market and be the leader in the sector.
Target Company
Hamilton, Bermuda-based Nephila was founded in 1998 to manage risk through insurance-linked securities. The company has assets under management of approximately $12.3 billion as of July 31, 2018.
Management is headed by Managing Principal, CCO and CMO Steve Glassman, who has been with the firm since 2010 and has previously served BofA Merrill Lynch (BAC), working in the real estate group, primarily in the commercial real estate space.
Investors have invested at least…
