AMP Capital has hired Nephila Capital to manage a $44 million mandate that will invest in insurance-linked securities.
Nephila Capital is partly owned by Man Investments. The Bermuda-based manager specialises in investing in the reinsurance market, including industry loss warrants, insurance-linked securities and catastrophe bonds.
"We are impressed with the non-correlation of the returns in the insurance-linked securities market and the track record and quality of the team at Nephila," AMP Capital Investors investment director Sean Henaghan said.
Capital in the insurance industry is scarce, which Henaghan said makes the market attractive.
"Premiums are at levels not seen in a long time," he said.
Henaghan heads the international and future directions funds for AMP Capital, a multi-manager business.
