Jessica Laird has become chief executive of Nephila Capital, one of the largest catastrophe insurance-linked securities managers in the world, according to reinsurance website Artemis.bm.

Cofounder Frank Majors, who formed Nephila with Greg Hagood 28 years ago, is stepping back to focus on portfolio construction, one of his passions.

“It has been an honour and an incredible amount of fun to share the CEO role with him for nearly three decades,” Mr Hagood said. “We are very proud of Nephila and the value it has provided to our investors and insurance companies.”

Mr Majors said: “The time is right to step back and make room for a new generation that has demonstrated their capabilities. I believe I can add value by continuing to cultivate new ideas and new products with our portfolio team, but the firm and our clients will benefit from the energy and ideas arising from the new organisational structure.”

Previously heading the firm’s property catastrophe team, Ms Laird will take on the strategic responsibility for the overall direction and the day-to-day leadership of the catastrophe underwriting and investment business.

Laura Taylor will continue in her role as president of Nephila Holdings.