Nephila Holdings has announced that Jessica Laird has been promoted to CEO of Nephila Capital, the firm’s flagship catastrophe business, effective immediately, while Frank Majors will step down as Co-CEO of Nephila Holdings at year-end to focus on portfolio construction.
Hagood commented, “Frank & I have been business partners for 30 years, and dear friends for over 45 years.
“It has been an honour 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. 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.
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“However, I am delighted he will still be engaged and active with our investors’ portfolios, which is where his highest interest has always resided.”
Majors added, “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 organisational structure.”
As mentioned, at the same time, Jessica Laird is being promoted to the CEO of Nephila Capital, Nephila’s flagship catastrophe business.
Laird is currently the Head of the Property Catastrophe team, responsible for the overall strategy and execution of all property catastrophe risk underwritten and the resulting portfolios constructed by Nephila.
“In her 15 years at Nephila, she has been integral to numerous business areas including structuring and operations, data analytics, risk origination and portfolio construction,” the firm said.
In her new role as the CEO of Nephila Capital, Laird will be responsible for the overall direction and day-to-day leadership of the catastrophe business.
Aforementioned Greg Hagood will remain the sole CEO of Nephila Holdings, focusing his time on strategy and capital, while Laura Taylor will also continue in her role as President of Nephila Holdings.
Majors noted, “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.
“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.”
Hagood concluded, “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 organisation.
“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. I have complete confidence in her leadership abilities and believe the firm is extremely well-positioned for the future.”
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