Parametric insurance news

The California Earthquake Authority (CEA) shrank its risk transfer tower through the January renewals, as its traditional reinsurance placements saw further contracts expire, resulting in its catastrophe bonds making up a larger share of the overall at now more than 31%.

Managing general agent (MGA) XS Global has bolstered its alternative risk transfer (ART) and parametric capabilities with the hire of former Cooper Gay and Meteo Protect executive, Gabriel Gross, who joins the firm as Director of ART & Parametrics.

Floodbase, a specialist in parametric flood risk, has raised $5 million in investment funding, in a round led by Ecosystem Integrity Fund (EIF) with participation from Pulse Fund, with the company planning to use the funds to accelerate the development of its flood insurance programs.

NormanMax Insurance Holdings, the US based parametric insurance and reinsurance group that operates the first pure-parametric syndicate at Lloyd’s, has added to its sensor-based technology for parametric risk transfer with the acquisition of the UK’s FloodFlash.

Kairos Risk Solutions, a regional risk consultancy firm headquartered in Singapore, in collaboration with Thailand-based insurance broker, CHAZ Insurance Brokers, has finalised a parametric insurance solution designed to protect an offshore aquaculture firm against the impact of typhoons in the South China Sea region.

Africa Specialty Risks (ASR), a pan-African-focused reinsurance group, has announced that it has appointed insurance veteran Sylvain Coutu as Head of Innovation and Sustainability, where he will lead the firm’s Parametric division, overseeing underwriting, business development, and portfolio management.

Descartes Underwriting, the parametric risk transfer specialist, has announced the appointment of Blanca Berruguete as Head of Europe, the Middle East and Africa (EMEA) Distribution and Client Management, where she will be based in Madrid, and report to Descartes’ co-founder and Chief Insurance Officer Sébastien Piguet.

In the wake of recent devastating wildfires in California, Howden Re has called for reforms and action to encourage more risk capacity to help in closing the protection gap crisis in the state, saying that both traditional reinsurance and capital markets will be needed, as well as innovative risk transfer such as parametric solutions.

Parameter Climate, the parametric climate and weather risk transfer focused underwriter and advisor, has announced the formation and launch of a Bermuda-based transformer vehicle named Parameter Capital Bermuda Ltd, as the company looks to broaden access to its deals and syndicate parametric risk to non-traditional capital.

Re/insurance broking giant Aon has announced the launch of a new parametric insurance solution that is designed to address and mitigate losses from hurricane-related storm surge along the coast of the United States, developed in partnership with Floodbase, a specialist in parametric flood risk, and global commercial insurer, Swiss Re Corporate Solutions.