weatherXchange, the parametric weather risk transfer platform operated by specialist Speedwell Weather, has added another new capacity provider for the weather hedging products available through it, in parametric managing general agent (MGA) Skyline Partners.
Skyline Partners is based in London and operates with a focus on parametric insurance and risk transfer products, as an underwriting agency with backing from a panel of top tier international insurance and reinsurance firms.
Aiming to leverage new data sources to deliver innovative parametric risk transfer and insurance products, Skyline Partners also wants to underwrite the kind of weather derivative and hedging products available through Speedwell’s weatherXchange platform.
Skyline Partners will join weatherXchange as a Protection Seller (MGA) and will be able to respond to price requests received through the platform, increasing the range of capacity options for protection buyers looking to purchase parametric climate risk transfer cover.
“We are pleased to have Skyline Partners join the growing list of Protection Sellers participating on the weatherXchange platform. With thirteen Protection Sellers onboard, weatherXchange has established itself as a hub of market activity,” commented David Whitehead Co-CEO at weatherXchange.
“weatherXchange provides value for all market participants. For new Protection Sellers, such as Skyline, weatherXchange acts as an originator opening new business opportunities. For Broker-Advisors and Hedgers weatherXchange is a valuable tool facilitating structuring and price discovery with its Instantaneous Indicative Pricing & executable pricing services,” Whitehead continued.
Laurent Sabatié, Co-Founder and a Director at Skyline Partners, added, “The Speedwell Weather Group has been leading the way in providing accessible solutions for businesses to protect against climate risks. We are very pleased that Skyline is joining the weatherXchange platform as part of this effort.”
weatherXchange helps any company access index-based, or parametric, weather protection and hedging products more easily, being able to request quotes from a number of leading capacity providers including reinsurance and insurance-linked securities (ILS) firms.
Speedwell launched the weatherXchange platform last 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.
Other capacity providers signed up to weatherXchange include: ILS fund manager Nephila Capital’s weather and climate focused unit Nephila Climate; AXA Global Parametrics, a division of the international insurer; ILS fund manager Coriolis Capital Limited; MSI GuaranteedWeather a subsidiary of Mitsui Sumitomo Insurance Co., Ltd.; global reinsurance firm Munich Re; Sompo Global Weather which is part of insurance and reinsurance company Sompo International; and Citadel Citadel Energy Investments Ltd., part of the Citadel investment giant.