Parametric insurance news

Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has employed Deanne Nixon, the former Chief Executive Officer of Florida-headquartered property insurer Weston.

Liberty Mutual Reinsurance (Liberty Mutual Re) has announced a partnership with seismic sensor tech-provider Safehub to enable it to offer what it is calling a market-first, a building-specific, sensor-based, parametric earthquake re/insurance product that is available to clients globally.

Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has established Lilypad Insurance as a homeowners specialist carrier and the subsidiary has acquired Centauri Insurance from Applied Underwriters.

The issuance of IBRD CAR Mexico 2024, the Government of Mexico’s $420 million Mexico earthquake and Atlantic coast named storm catastrophe bond, “is a fundamental part of the federal strategy for Financial Management of Disaster Risks”, according to Héctor Santana Suárez, Head of Insurance, Pensions and Social Security in the Ministry of Finance of México.

As anticipated, the Government of Mexico has returned to secure Pacific named storm protection from another new tranche of World Bank and IBRD facilitated catastrophe bond notes, as the country looks to finalise its latest capital markets source of parametric disaster insurance protection.

Parametric risk transfer, insurance and reinsurance solutions are seeing “significant market expansions,” according to Rowan Minhas of independent broker Miller.

Ascot Group, the specialist global re/insurance underwriter owned by Canadian pension allocator CPP Investments, has set up a dedicated global capability in parametric risk transfer, to offer products that are complementary to its property insurance and reinsurance offering.

The Government of Jamaica has returned to the catastrophe bond market as anticipated, with an initial target to secure at least $150 million in parametric named storm disaster insurance protection from the capital markets through this IBRD CAR Jamaica 2024 cat bond, to cover the country over four hurricane seasons.

The Government of Mexico has now secured the upsized target of $420 million of parametric disaster insurance protection against earthquakes and Atlantic hurricane through its new World Bank facilitated IBRD CAR Mexico 2024 catastrophe bond transaction, Artemis can report.

Risk modelling company Moody’s RMS has partnered with reinsurance brokerage firm Augment Risk to help serve clients looking to benefit from parametric reinsurance solutions, including large corporates with captives, Lloyd’s syndicates, and insurance-linked securities (ILS) funds.