AXA Global Parametrics, the unit of insurer AXA that focuses on providing clients with parametric insurance underwriting and risk transfer solutions, is to begin offering its capacity as a protection seller through the Speedwell Weather owned parametric weather risk transfer platform weatherXchange.
Speedwell launched weatherXchange earlier this year, as an online technology based weather trading platform enabling protection buyers and sellers to meet and transact parametric or index based weather risk transfer contracts.
AXA meanwhile launched a new unit named AXA Global Parametrics with the goal of expanding its sales of parametric insurance and risk transfer products, with Tanguy Touffut named as the units CEO, earlier this year as well.
Now the pair are to partner, with AXA Global Parametrics capacity to be made available through weatherXchange, broadening the range of potential counterparties that protection buyer users of the platform searching for risk transfer can connect with.
AXA will be able to respond to price requests from potential protection buyers received through the weatherXchange Platform.
David Whitehead, Co-CEO of Speedwell, said; “We are pleased to have AXA Global Parametrics join the weatherXchange Platform. The addition of AXA to the platform further expands the choices that hedgers and broker-advisors have when considering weather risk protection. Today, AXA offers customers index-based protection in insurance and ISDA form in 29 countries across the globe. By expanding the number of Protection Sellers on the platform we continue to support streamlined, transparent, and independent access to this market.” AXA will join ten other Protection Sellers offering weather risk coverage via the weatherXchange Platform.
Tanguy Touffut, CEO of AXA Global Parametrics, added; “In a continuous effort to provide custom-made solutions to our clients worldwide, we are happy to be joining the weatherXchange Platform and further promote index-based weather risk protection.”
Other capacity providers available to back weather contracts placed through the weatherXchange platform include such weather risk management, ILS and reinsurance stalwarts as Allianz Risk Transfer, AXIS Capital, City Financial, Coriolis Capital, Munich Re, MSI GuaranteedWeather, Liberty Specialty Markets, Nephila Capital, Sompo Global Weather and Swiss Re.
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