Insurance-linked securities manager Nephila Capital has promoted Mark Richardson to head of underwriting.

Mr Richardson joined the firm in 2023 as a senior underwriter and will now take the lead on underwriting activity for the company’s Bermuda operations. His appointment was confirmed in an update posted on LinkedIn.

Nephila, a unit of US-based insurance group Markel, serves the global ILS market.

Mr Richardson has worked in Bermuda’s reinsurance sector for the past seven years, including underwriting roles at Fidelis and Lancashire. He began his career at broker Aon in London, later moving to New York before settling in Bermuda in 2018.

He was named head of international treaty reinsurance at Lancashire in 2022 before moving to Nephila, where he has focused on underwriting property catastrophe reinsurance across the firm’s portfolios and ILS funds.

His new role comes as Bermuda continues to strengthen its position as a hub for ILS and alternative reinsurance capital.