WeatherBill Extends Strategic Partnership With Nephila Capital Signing Enhanced Multi-Year Risk Capacity Agreement

Apr 29, 2008, 01:00 ET from WeatherBill

    SAN DIEGO, April 29 /PRNewswire/ -- WeatherBill (
 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 ( 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 ( 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.

SOURCE WeatherBill