Inver Re, the reinsurance broking arm of the Ardonagh Group, has announced the hire of long-standing Aon weather and parametric risk transfer leader Kurt Cripps as its new Global Head of Parametric.
Cripps has almost 20 years of experience, more than a decade of which has been dedicated to alternative risk transfer and parametric insurance or reinsurance solutions design and broking.
He will be responsible for leading parametric solutions in this newly created role at Inver Re, working across the broader Ardonagh Group as well.
Cripps was most recently the Managing Director and Global Head of Weather at Aon Reinsurance Solutions, having joined Aon Benfield in 2009. His career began as a broker at HSBC Reinsurance Brokers.
At Inver Re he will be tasked with building out a dedicated global parametric broking team.
Kurt Cripps commented, “Hard market conditions make this the right time for parametric products to be adopted by a wider range of customers. With the growth in big data and analytic capability alongside an influx of new investment, the conditions are set for parametric solutions to play a leading role in the future of risk transfer.
“Parametric solutions will fill the gaps created by market constraint with a clean product with agreed, transparent and speedy claims – and Ardonagh will be leading the way in the field of index-based solutions and bring additional capacity to our clients. With the world focusing its attention on TCFD & ESG, parametric will be an essential tool in assisting customers with transition risk.
“Personally, I’m also looking forward to working in an independent and nimble business with an uncompromising commitment to clients and inclusive colleague collaboration.”
Steve Hearn, Inver Re CEO added, “Kurt has pioneered parametric solutions in our market. Now could not be a better time for him to be joining us. We’re proud to welcome him and look forward to working together to develop a truly global team of experts.”