WeatherBill Extends Strategic Partnership With Nephila Capital Signing Enhanced Multi-Year Risk Capacity Agreement
SAN DIEGO, April 29 /PRNewswire/ -- WeatherBill (www.weatherbill.com) the world's only online weather risk management service, announced today at the Risk and Insurance Manager's Society (RIMS) conference in San Diego that the company has signed a new Risk Capacity Agreement with Nephila Capital, extending the strategic partnership between the two companies. Under the terms of the newly enhanced Risk Capacity Agreement, Nephila, a leading fund manager specializing in catastrophe reinsurance and weather risk, will continue to provide WeatherBill with risk capacity and collateral, via the Nimbus Weather Fund, to support weather coverage sold by WeatherBill. "This important Agreement allows us to continue to offer our clients evidence of strong financial backing as we grow our business and offer new innovative products to help companies manage the financial impact of bad weather," said David Friedberg, CEO of WeatherBill. "Over the past year, our strong relationship with Nephila Capital has allowed us to provide secure coverage to clients across industries, with individual exposures ranging from $1 to $100 million and more." Barney Schauble, a Partner at Nephila Capital, said, "WeatherBill's unique online platform for managing weather risk has allowed businesses, large and small, to access this important coverage in a way not available before. We have been impressed by growth in the first year well in excess of our expectations and look forward to a long relationship with this exciting company." This multi-year partnership involves the Nimbus Weather Fund continuing to collateralize the risk of all weather contracts sold by WeatherBill, placing cash in a Trust that may only be used to satisfy payout obligations to WeatherBill customers. Nephila is also a strategic investor in WeatherBill and maintains a seat on the company's Board of Directors. WeatherBill (www.weatherbill.com) provides the only online service that allows businesses to protect revenue and control costs from the impact of bad weather. Founded by CEO David Friedberg and CTO Siraj Khaliq, former members of the Google team, WeatherBill is funded by New Enterprise Associates, Index Ventures, and Allen & Company and is backed by Nephila Capital, one of the world's largest weather risk and catastrophe reinsurance fund managers. Nephila (www.nephilacapital.com) is a leading investment manager specializing in the reinsurance industry with multiple investment products dedicated to investing in instruments such as insurance-linked securities, catastrophe bonds, insurance swaps, and weather derivatives. The company has been managing institutional assets in this space since it was founded in 1998.
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