Global Parametrics, the parametric and index-based risk transfer start-up that is backed by the German Government, through its development finance bank KfW, the Climate Insurance Fund and the UK Government’s Department for International Development (DFID), has appointed a new Chairperson, Nina Shapiro.
Shapiro will succeed Stefan W. Hirche of KfW, who has chaired the board of Global Parametrics since its formation in July 2016.
Global Parametrics aims to stimulate the development of new markets for disaster risk transfer in developing regions, through provision of parametric risk transfer solutions to organisations which are largely unprotected today. The company aims to bring new products to market that solve identified opportunities to bring protection to layers of risk that are often not covered by the traditional insurance or reinsurance markets.
Shapiro has a wealth of experience, having worked as Treasurer and Vice President of Finance of the International Financial Corporation (IFC), during which she managed IFC’s funding, liquid asset investments and asset liability management, as well as its work in structured finance and in local currency and risk hedging instruments.
The IFC has also worked on a number of projects to transfer disaster risk alongside insurance and reinsurance interests and Shapiro will no doubt have had exposure to capital market risk transfer solutions such as catastrophe bonds in her time with the organisation.
In her career, Shapiro has worked with senior government and banking officials on projects to open domestic capital markets, particularly in China, Brazil, Morocco, West Africa and the UAE. She also worked to develop a range of public and private sector infrastructure projects for the World Bank Group.
Shapiro will assist Global Parametrics in delivering its business strategy of parametric and index insurance solutions, which will be sold to a range of organisations where the protection and capacity can offer greater security to the widest range of people.
Her experience in financial innovation will support Global Parametrics growth and its consolidation as an innovation platform, targeting low and middle-income countries in the risk transfer space.
Stefan W. Hirche, Chairman, commented on the appointment; “The Directors are delighted to welcome Nina Shapiro to the Board of Global Parametrics. Nina brings with her over 30 years of comprehensive global experience in international finance and business development, including senior leadership and operating positions at the World Bank and its private sector arm, the International Finance Corporation. We are delighted that she has accepted the position as Chairperson of our Company.”
Nina Shapiro, Chairperson of Global Parametrics, added; “Global Parametrics has a unique product offering to provide meaningful protection mechanisms for vulnerable in the developing world. The execution capacity of Global Parametrics is enhanced by its high technical abilities, including its weather data modelling platform. Global Parametrics access to patient capital to house the risk derived from the use of innovative modelling and structuring approaches adds significant value to the service offering. This combination makes GP business strategy highly compelling and provides an exciting future, which I look forward to being a part of.”
Shapiro serves on the boards of alternative investment giant Man Group, Mountain Partners (an investor and developer of early technologies) and Identitv (a high tech security specialist). She also sits on the Advisory Boards of New Silk Route (a private equity initiative for South Asia) and The Carbon Trust (an environmental non-governmental organisation).
Global Parametrics will operate with the backing of the Natural Disaster Fund (NDF) to ensure it has the risk capital necessary to support the roll-out of its parametric risk transfer solutions. The NDF will be part capitalised through investments Global Parametrics has received from its key stakeholders, but in time the company has the desire to be agnostic as to capital providers which could be insurance-linked securities (ILS) funds, direct ILS investors, or other third-party reinsurance capital sources.
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