Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has announced the launch of a UK based managing general agent (MGA) based in London, with the Lloyd’s syndicate backed entity set to underwrite global parametric business.
Arbol Insurance Services – UK will offer global parametric weather risk transfer products, supported by an A.M. Best “A” rated Lloyd’s syndicate, the company said.
Hector Ibarra, a well-known executive in the parametric risk transfer space, who joined the company at the start of this year, is set to lead the MGA operation for Arbol.
The new London-based MGA will service the international insurance market outside the U.S., which Arbol said reflects its commitment to serve stakeholders impacted by climate risk globally.
The Arbol MGA in London will use the firm’s already existing UK partnerships with capacity providers and brokers to deliver on its global network approach, with Arbol aiming to “redefine standards of resilience and sustainability worldwide” the company said today.
“Our expansion into the UK is a pivotal moment for Arbol. We aim to provide businesses with straightforward and practical tools to manage climate risks. Our London-based MGA combines the proprietary technology, data, and underwriting tools of the Arbol ecosystem with our team’s global expertise in structuring climate solutions, offering businesses a reliable shield against seasonal and catastrophic climate risks. As climate change impacts more businesses and communities globally, we remain steadfast in our mission to help global stakeholders build operational resilience against these risks,” commented Sid Jha, CEO and Founder of Arbol.
“Arbol specializes in parametric financial products, offering businesses a streamlined approach to managing climate risks. Clients benefit from rapid claims payments once pre-set triggers are met. This ensures rapid economic recovery, simplified claims processing, and consistent cash flow for businesses,” added Hector Ibarra, Managing Director of Arbol Insurance Services – UK.
Arbol’s UK MGA will operate under FCA regulations to offer clients a range of parametric risk transfer and insurance products for the agriculture, renewable energy, and construction industries.
The company will seek to address risks such as rainfall variations and extreme temperatures with the product offering from the MGA, while also offering parametric solutions for catastrophic events such as hurricanes, hail, and floods.
The company said it will leverage its ties to the Lloyd’s market and London broking community to partner with capacity and deliver its parametric product range more broadly around the globe.