06 June 2008
Man Group plc today announces that it has entered into an agreement to acquire a 25 per cent interest in Nephila Capital Ltd for $50m in cash, funded from the Group's existing resources.
Nephila is an alternative investment manager specialising in underwriting natural catastrophe (re)insurance and investing in insurance-linked securities and weather derivatives. Through its proprietary investment strategy, Nephila provides access to uncorrelated sources of returns. Established in 1998, Nephila is headquartered in Bermuda, employs 25 staff and has approximately $2.4 billion in funds under management.