Cooper Gay France, the European broker and wholesale managing general agency (MGA) that is part of the BGC Partners broking group, has acquired the Meteo Protect brand and technology, the specialist parametric and weather index insurance underwriting agency and Lloyd’s coverholder, we can reveal.
Meteo Protect is a leading specialist in the structuring, pricing, broking and underwriting of weather derivatives, weather-index insurance and reinsurance, as well as other climate linked parametric risk transfer products.
The company had a particular focus on technology, having created a platform for pricing weather risk transfer and parametric insurance products, offering an API (application program interface) to its parametric product suite and capacity, thus making it simpler for others to launch a parametric insurance program.
Cooper Gay France has now acquired the Meteo Protect brand and technology, the company confirmed to us, and the parametric and weather risk transfer specialist capabilities will now sit within that broking and managing general agency (MGA) group, that is also part of the same BGC Partners insurance and reinsurance broking group that features Lloyd’s and wholesale specialist Ed.
The acquisition features the Meteo Protect brand, which will live on, as well as its parametric insurance platform and technology.
Meteo Protect founder Gabriel Gross will become Director of the new Cooper Gay Parametric Insurance Solutions Division.
We understand this unit will develop new parametric solutions for the Cooper Gay brand initially, leveraging on the platform, technology and expertise acquired with Meteo Protect, perhaps providing parametric risk transfer technology, expertise and resource more broadly across BGC Partners insurance brands such as Ed in future.
Parametric risk transfer, insurance and reinsurance especially for weather risks has become increasingly accepted in recent years and the growing importance of managing climate risk exposure means businesses and the re/insurance industry are increasingly focused on it.
By acquiring a specialist such as the Meteo Protect brand, the Cooper Gay and broader BGC Partners broking operations will significantly strengthen their offering in this area, with unique intellectual property and technologies gained through the acquisition and significant experience added, including through the firm’s founder Gabriel Gross.