Nephila Capital’s insurance-linked securities (ILS) fund management revenues reported within parent Markel’s results have risen strongly by 23% in the second-quarter of 2026 and now by 30% for the first-half of the year. After the first-quarter of this year, Nephila Capital’s insurance-linked securities fund management revenues had risen by an impressive 59% year-on-year, to reach $40.5 million for Q1 2026. For the second-quarter, ILS fund management revenues generated by Nephila Capital reached $37.7 million, a 23% increase on Q2 2025’s $29.1 million. For the first-half of 2026, ILS fund management revenues rose to $78.1 million, a 30% increase over H1 2025’s ILS fund revenues of $54.6 million earned by the Nephila Capital business. For the first-half of 2026, premiums ceded to Nephila reinsurance entities through these property catastrophe focused programs were $1 billion, down considerably from $1.7 billion in H1 2025.