Nephila, one of the world’s largest and longest-standing insurance-linked securities (ILS) managers, has made changes at the leadership level, with Jessica Laird promoted to become CEO of Nephila Capital, as one of its co-founders, Frank Majors, steps back from the top team to focus on portfolio construction.
In recent years, the business has been preparing for leadership transition, with many of the daily operations responsibilities held by Majors passed on to a new generation of leaders at Nephila.
While Majors is stepping down from his Co-CEO role he is not leaving the business though, instead he will adjust his focus to portfolio construction, an area of interest and passion for him.
“Frank & I have been business partners for 30 years, and dear friends for over 45 years. It has been an honor and an incredible amount of fun to share the CEO role with him for nearly three decades. We are very proud of Nephila and the value it has provided to our investors and insurance companies,” commented Hagood. “We have been planning for Frank’s transition for some time, and I will truly miss sharing the day-to-day CEO role with him. However, I am delighted he will still be engaged and active with our investors’ portfolios, which is where his highest interest has always resided.”
“Being Co-CEO of Nephila with Greg, a lifelong friend and the best business partner one could ask for, has been one of the most meaningful aspects of my life. I am particularly proud of the development of talent and our platform in recent years and feel that the time is right to step back and make room for a new generation that has demonstrated their capabilities. I believe I can add value by continuing to cultivate new ideas and new products with our portfolio team, but the firm and our clients will benefit from the energy and ideas arising from the new organizational structure,” added Majors.
As Majors steps back from leadership, long-standing Nephila executive Jessica Laird has been promoted to the role of CEO of Nephila Capital, the firm’s flagship catastrophe business, effective immediately.
Laird has headed the Property Catastrophe team at Nephila recently and has worked at the company for more than 15 years.
She has had responsibility for Nephila’s overall strategy and execution of all property catastrophe risk underwritten and the resulting portfolios constructed by the firm.
As the CEO of Nephila Capital, Laird will take on strategic responsibility for the overall direction and take on day-to-day leadership of the catastrophe underwriting and investment business.
During her tenure at Nephila, Laird has worked across business areas including structuring and operations, data analytics, risk origination and portfolio construction, giving her a unique overview of the ILS manager business through a period of meaningful change and the integration with Markel.
As a result, Laird stands well-positioned to lead the Nephila Capital business into the future.
“I am excited to support Jessica as she leads Nephila into the future, building on the incredible work she and others have done in recent years to adapt to the changing market. She has developed a strong bench of talent beneath her, and she is fully prepared to assume these new responsibilities. I am very excited for her and the entire firm,” Majors further stated.
Going forward, Greg Hagood will be the sole CEO of Nephila Holdings, with his time set to be focused on strategy and capital and with new Nephila Capital CEO Laird now reporting directly to him.
Meanwhile, Laura Taylor will also continue in her role as President of Nephila Holdings, with herself and Hagood continuing to be actively engaged in the business, providing continuity to it and its clients.
Majors explained, “Laura has been with us since the beginning and over the last 20 years, she has been a fantastic partner helping us build this business together. Since assuming the role as President in 2020, she has been instrumental in leading the platform through a period of transformation and evolution, including leading the efforts to clean up legacy reserves and eliminate trapped capital for investors, which unlocked tremendous value.”
“I am excited and optimistic about this transition. Jessica brings a deep understanding of the Nephila platform, having served in many leadership positions across the organization. She is well-respected throughout the firm and the market, with a thorough knowledge of our investors’ needs and how we work with Markel as a partner,” added Hagood. ”I have complete confidence in her leadership abilities and believe the firm is extremely well-positioned for the future.”
Also read: Nephila leadership: Six years into Markel Group ownership, platform has evolved materially.
