Global Parametrics, the parametric and index-based disaster risk transfer company that launched with the backing of the UK and German governments, has added a new senior non-executive director to its board.
Deborah A. Hazell currently serves as the Chief Executive Officer (CEO) of HSBC Global Asset Management (Americas), a role in which she oversees roughly US $100 billion in assets across the region.
Her addition to the Global Parametrics board as a Non-Executive Director brings the company a wealth of experience in investments and investor trends.
Nina Shapiro, Chair of the Board of Global Parametrics, commented on the appointment, “The Board is excited about the addition of Deborah Hazell and will be strengthened by her many contributions. Deborah’s 20 plus years of leadership in international finance and her experience in leading global asset management businesses will be invaluable as we expand our ties with the private sector.”
Before she joined HSBC in 2011, Hazell held the role of President and Chief Executive Officer of institutional fixed income asset manager Fischer Francis Trees & Watts. Prior to that, she had also worked at UBS Asset Management as a global portfolio manager for nine years.
Deborah Hazell, Non-Executive Director of Global Parametrics, said on her appointment, “Changing how private capital is used to benefit the public good, in this instance the resilience of communities affected by natural disasters, can potentially transform communities and economies.
“Global Parametrics, with its use of technology, data and financial risk modelling, can change the conversation with the investor community on a range of social issues such as climate-related risks and returns, which is why I’m thrilled to be helping Global Parametrics frame these conversations.”
Global Parametrics said that the appointment of Hazell underscores its commitment to engage with the private sector and private capital, to help increase uptake of new, data-driven climate risk management and risk transfer products.
Global Parametrics launched in 2016, aiming to provide parametric or index-linked risk transfer, through the sale of parametric insurance or reinsurance protection to entities lacking in coverage, or where there is no weather, catastrophe or climate related coverage at all.
The company underwrites using capacity channeled through its Natural Disaster Fund (NDF), which was seeded by the UK Government’s DFID at launch.
The Natural Disaster Fund collects fees and makes pay-outs on parametric derivative contracts when natural disasters occur and Global Parametrics has targeted welcoming third-party reinsurance capital or ILS investors into the fund as it increases its capacity needs.
The aim is to foster the development of new markets for disaster risk transfer in developing regions of the world, using technology-enabled parametric risk transfer solutions targeted at organisations which are largely uninsured today and leveraging the most efficient, privately sources insurance and reinsurance capacity.