ILS syndicates report 2017 losses

The Lloyd's syndicates of insurance-linked securities (ILS)
managers all made a loss in 2017 in the wakes of hurricanes Harvey,
Irma and Maria.
Nephila's Lloyd's Syndicate 2357 reported a $120.6mn
loss in 2017 as its combined ratio soared to 167 percent.
The losses were driven by the syndicate's MGA insurance
business, which made an underwriting loss of $132.1mn on gross
claims of $216mn.
By contrast, its reinsurance segment made a $9.8mn profit, as
reinsurance recoveries of $26.0mn helped reduc