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Contents
– Firm overview
  
– Rationale for the asset class
  
– Current market environment
  
– Nephila’s competitive advantages
  
– Appendix
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Important notes
This material is distributed by Nephila Capital Ltd. (“Nephila”), which is registered with the US Securities and Any statements regarding market events, future events or other similar statements constitute only 
Exchange Commission (“SEC”) and the Commodity Futures Exchange Commission (“CFTC”). The subjective views, are based upon expectations or beliefs, should not be relied on, are subject to change due 
registrations described in the preceding sentence in no way imply that the SEC or CFTC has endorsed to a variety of factors, including fluctuating market conditions, and involve inherent risks and uncertainties, 
Nephila to provide any of the services discussed herein. both general and specific, many of which cannot be predicted or quantified and are beyond a Fund’s control. 
Future evidence and actual results could differ materially from those set forth in, contemplated by, or 
This document is intended only for the person to whom it has been delivered. This document is underlying these statements. In light of these risks and uncertainties, there can be no assurance that these 
strictly confidential and its contents may not be disclosed to any other person. This material is statements are now or will prove to be accurate or complete in any way. No representation is made that a 
being provided for information and discussion purposes only and is qualified in its entirety by the Fund’s investment process or investment objectives will or are likely to be successful or achieved.
information included in the confidential offering documents (collectively, the “Memorandum”) of each 
private investment fund (a “Fund”) described herein, and is not intended to be, nor should it be, construed PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
or used as investment, tax or legal advice or an offer to sell, or a solicitation of an offer to buy, an interest in 
a Fund. Any offer or solicitation of an investment in a Fund may be made only by delivery of such Fund’s Source: Nephila. The figures in the report are estimates as of the published report date and 
Memorandum to qualified investors. The Fund may not be eligible for sale in certain jurisdictions, or suitable subject to change. Certain returns depicted may be unaudited. Performance for each class of 
for all investors. An investment in a Fund is not suitable for all investors. Alternative investments and shares or interests, as well as individual investor experience, may differ. Investors should be 
privately-offered investment vehicles can involve significant risks and the value of a Fund may go up or prepared to lose all or substantially all of their investment. There is no assurance that the 
down. Before making any investment in a Fund, you should thoroughly review the Memorandum with your Fund's investment objective will be achieved or that its strategies will be successful. 
professional advisor(s) to determine whether an investment in a Fund is suitable for you in light of your 
investment objectives and financial situation. Each Fund’s Memorandum contains important information Benchmarks and financial indices are shown for illustrative purposes only, may not be available for direct 
concerning risk factors, including a more comprehensive description of the risks and other material aspects investment, are unmanaged, assume reinvestment of income, do not reflect the impact of any management 
of the investment (including a Fund’s investment program and applicable fees and expenses), and should be incentive fees and have limitations when used for comparison or other purposes because they may have 
read carefully before any decision to invest is made. You should not rely in any way on this summary. different volatility or other material characteristics (such as number and types of instruments). A Fund’s 
investments are not restricted to the instruments composing any one index. Certain information is based on 
Unless otherwise indicated, performance results are net of applicable fees and expenses and presume data provided by third-party sources and, although believed to be reliable, has not been independently 
reinvestment of income. No representation is made that a Fund’s risk management, investment process, verified and its accuracy or completeness cannot be guaranteed. This material is intended only for 
trading performance or investment objectives will or are likely to be achieved or successful or that any Fund institutional investors, investment professionals, market counterparties or intermediate customers and has 
or underlying investment will make any profit or will not sustain losses. This material is accompanied by been furnished upon request, solely for your Information and may not be reproduced or otherwise 
important notes, which must be read carefully. disseminated in whole or in part without our prior written consent.
Portfolio or return targets or objectives are used for illustration, measurement or comparison purposes and Swiss representative: Mont-Fort Funds AG, 63 Chemin Plan-Pra, 1936 Verbier, Switzerland
only as an aid or guideline for prospective investors to evaluate a particular investment program’s 
investment strategies and accompanying information. Such targets or objectives reflect subjective Swiss paying agent: Banque Cantonale de Geneve, 17, quai de l’ile, 1204 Geneva, Switzerland
determinations by a Fund’s investment manager based on a variety of factors and should not be relied upon 
as an indication of actual or future performance. Any descriptions or information involving investment Place of jurisdiction: In respect of the shares distributed in or from Switzerland, the place of jurisdiction 
process or strategies is provided for illustration purposes only, may not be fully indicative of any present or under Swiss Law is the registered office of the Swiss representative.
future investments, may be changed at the discretion of the investment manager and are not intended to 
reflect performance.
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About Nephila
Nephila provides investors with access to non-correlated exposures in the insurance, reinsurance and climate 
markets
– Introduced alternative capital to the reinsurance markets in 1998, pioneering catastrophe insurance linked securities
– At the forefront of change in re/insurance and climate markets with many market innovations over the last 20 years
– Deep platform with scale and relevance to access risk, reduce costs and increase efficiencies
Nephila has the largest AUM and broadest team in the sector
– AUM of ~$10.4bn1 and 100% institutional investor base
– Over 230 employees2 worldwide
– A breadth of experienced professionals from the financial markets, re/insurance industry, climate markets, risk modeling 
firms and academia
Source: Nephila Capital Ltd. 1. As of January 1, 2020. Represents discretionary assets under management. 2. Nephila headcount as of January 1, 2020 Including Nephila Syndicate Management and Velocity Risk 
Underwriters.