Reask adds Munich Re’s David Schmid as Head of Parametric Products

Reask, a provider of catastrophe modelling, climate analytics and data that leverages machine learning techniques and artificial intelligence, has hired nat cat risk modelling expert David Schmid to lead its parametric insurance product offering.

As Head of Parametric Products for Reask, Schmid will help the company expand its global parametric insurance offering.

He brings vast experience in natural catastrophe risk modelling and parametric insurance to the firm, with a deep technical knowledge of structuring, modelling, and underwriting parametric solutions, and a strong network of connections across international parametric markets.

Prior to Reask, Schmid served as Senior Structurer at Munich Re Capital Partners in Zurich for more than seven years, where he was responsible for developing parametric nat cat solutions. Earlier in his career, Schmid spent four years at Munch Re’s subsidiary NewRe as a Pricing Actuary and Nat Cat Modeller. He has also worked at Glacier Re as a Cat Risk and Geospatial Analyst.

Commenting on his new role, Schmid said, “Reask has a deep understanding of hazards based on atmospheric conditions to account for the non-stationarity of climate. By incorporating this into its novel natural disaster models, Reask combines sound risk assessment and automatic pay out calculation into one, innovative product. I look forward to helping the team meet growing demand for parametric insurance solutions that deliver far more than just as a complement to traditional indemnity coverage.”

This addition comes three months after the company named Jamie Rodney as its new CEO, who commented on the appointment of Schmid, “Reask’s Artificial Intelligence modelling technology is enabling robust risk transfer of natural catastrophe exposure globally.

“David’s hire represents a core component of our strategic positioning as we continue to develop innovative modelling solutions to support the needs of our parametric insurance customers and prospects. His expertise will continue to drive our state-of-the-art technology forward to support the journey towards climate resilience.”

Back in January, Reask gained a significant vote of confidence from Chinese technology giant Tencent, which led a seed funding round for the company.

The firm’s capabilities are leveraged by some of the leaders in the market, including the likes of Swiss Re, AXA, Descartes, and Twelve Capital. The hiring of Schmid, says Reask, positions it at the forefront of global parametric insurance.

A new paper from Reask and ILS fund manager Twelve Capital, released this week, explores hurricane exposures and the influence of climate variability and climate change on them, as well as how they can affect portfolios of insurance-linked securities.