A new parametric insurance managing general agency (MGA) has been launched by K2 Insurance Services, with a recognised expert Scott Carpinteri, who was previously at Swiss Re Corporate Solutions, taking the helm.
Interest in parametric risk transfer continues to expand and along with that it now seems there are new launches almost weekly, as underwriters look to specialise in the space.
K2 Insurance Services, LLC, an insurance services holding company, which owns and controls a range of specialty program administrators, announced its newest MGA as K2 Parametric.
Carpinteri, an industry veteran with over 25 years of insurance market experience, with the last 6 spent with Swiss Re Corporate Solutions, will lead K2 Parametric.
Carpinteri has focused much of his career on advancing the progress and success of parametric insurance and risk transfer as a risk management tool.
K2 Parametric will operate out of California under Carpinteri’s leadership.
The company believes parametric risk transfer is useful as customers can use policy proceeds, from quick payouts, to offset net costs related to a catastrophe or weather event, beyond the pure physical damage costs, so supplementing gaps in traditional indemnity insurance policies.
“Parametric Insurance is my professional passion and I look forward to providing collaborative, bespoke solutions for brokers and clients,” Carpinteri said. “The MGA production model is ideal for the parametric space as it allows for utmost focus on the sales process which relies upon three key elements: education, education, and education,”
“We are extremely excited to partner with Scott – his underwriting acumen and knowledge of Parametric Insurance are unparalleled in our experience,” added Nate Hunter, CFO of K2. “Scott is precisely the sort of partner we seek to join our growing team – he has a loyal, deep following of production sources and is highly capable of generating an outstanding underwriting result for his capacity partners.”