Parametric insurance and data-driven risk transfer specialist managing general agency (MGA) Descartes Underwriting has announced the hiring of Ola Jacob as its new UK & Ireland Business Development Director.
Jacob will have a focus on building out the Descartes Underwriting corporate parametric insurance and risk transfer business in the London market to cover climate-exposed corporates globally.
The company offers parametric protection that can deliver a new form of balance-sheet protection, applicable to any economic loss, including coverage for non-damage business interruption losses such as: indirect loss of revenue, contingent BI, lack of tourism attraction, additional costs of working, and more.
Jacob previously worked for international broker Gallagher for more than seven years, while his most recent role was at insurtech FloodFlash, where he launched their UK distribution strategy and developed their parametric offering to achieve product market fit.
His arrival takes Descartes’s international team to now include more than 160 dedicated PhDs, natural risk modelers and parametric professionals.
Jacob also has a background in insurtech advisory and has also supported the London Market as a Lloyds Charities Trustee and as an Innovative Risk Labs Advisory Board Member.
Jacob commented on his new role, “Joining Descartes will allow the expansion of the untapped potential of parametric Reinsurance and Captives, which is the next frontier for growth in the insurance industry. Across the market, we’re already witnessing a significant increase in Captive and Reinsurance structures combined with Parametric.
“Despite the challenges faced by the reinsurance market in covering natural catastrophe risks, the simplicity and effectiveness of parametric triggers have made them attractive to insurers and Corporates.”