Meteo Protect, the weather index insurance specialist, has received Coverholder status from the Lloyd’s of London insurance and reinsurance marketplace, enabling it to access, underwrite and issue policies for Lloyd’s syndicates.
The Coverholder status provides Meteo Protect with access to the specialist Lloyd’s of London brand, security and ratings, as well as its market of underwriters, both traditional and alternative, which covers over 200 regions across the globe.
Chief Executive Officer (CEO) of Meteo Protect, Gabriel Gross, commented; “We are extremely proud of this expression of trust from Lloyd’s. Meteo Protect’s Coverholder relationship with Lloyd’s offers a wealth of new opportunities to provide weather index-based insurance to the market.
“As the market has developed with a significant growth in weather sensitive businesses seeking customized hedging solutions, so has Meteo Protect evolved to have strong international distribution partnerships with leading risk takers, financial institutions and agricultural cooperatives and associations, now including the specialist classes of business underwritten at Lloyd’s.”
Director for Lloyd’s France, Guy-Antoine de La Rochefoucauld, added; “The Lloyd’s market is always innovating and bringing insurance solutions to meet the needs of businesses and organisations across the world. We are delighted for Meteo Protect to deliver innovative climate change mitigation solutions to Lloyd’s syndicates.
“The Lloyd’s Coverholder structure allows innovation-driven providers like Meteo Protect to bring new ideas and expertise to businesses with the strong financial backing for which Lloyd’s is recognised.”
For insurance-linked securities (ILS) funds, Meteo Protect’s Coverholder status could enable partnerships that support the expansion into new and diversifying exposures. While Meteo Protect will be able to leverage its Coverholder status to underwrite on behalf of more external providers of capital at Lloyd’s, which could include the capital markets and ILS players.