Parametric reinsurance news

Sponsors of catastrophe bonds with parametric triggers may benefit from advances in data and analytics that can help them in gaining a better understanding of the basis risk inherent in these instruments, analysis from AM Best suggests.

NormanMax Insurance Holdings, the US based parametric insurance and reinsurance group that is the operator of the first pure-parametric syndicate at Lloyd’s, has announced the hiring of a new Chief Underwriting Officer in Daniel Turgel from Topsail Re, as well as a new General Counsel with ILS experience in Matthew Gabin.

Global reinsurance firm Munich Re has provided the capacity to support a parametric wind proxy hedge risk transfer product structured using a solution from kWh Analytics, for a 59MW, 14-turbine wind project in Maine, developed by a Greenbacker Capital Management affiliated investment vehicle.

Following the onslaught of hurricane Beryl, the Government of Grenada has now received its US $44 million payout from the CCRIF SPC after its parametric insurance was triggered, but in addition the islands utilities have received a further $11.5 million from separate parametric insurance arrangements.

After the onslaught of hurricane Beryl in the Caribbean, it transpires that the reinsurance program backing the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) has been triggered, with the Natural Disaster Fund (NDF) one of those channelling capital to support CCRIF payouts made.

Jamaica’s recovery from the impacts of major hurricane Beryl is set to benefit from an additional roughly US $10.3 million payout by the CCRIF SPC, after the storm triggered its excess rainfall policy under the parametric risk transfer facility.

Parametrix, a specialist in parametric cloud downtime cyber insurance and reinsurance protection, has secured a $50 million cover for a US retailer, with the assistance of Aon, Howden and with a range of re/insurers backing the deal.

Reinsurance broker Guy Carpenter is rolling out a new parametric flood product that has been designed to enable risk transfer for large portfolios of exposure across wide-areas. The FloodShield triggers are structured with the help of Floodbase, KatRisk, and ICEYE, plus this could be a solution that utilises ILS market capacity in future.

Grenada is set to receive a payout of approximately US $44 million from the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) after hurricane Beryl battered the Caribbean country, triggering its parametric tropical cyclone, fisheries, and excess rainfall policies.

Jamaica is set to benefit from an approximately US $16.3 million payout from the CCRIF SPC (formerly known as the Caribbean Catastrophe Risk Insurance Facility) after hurricane Beryl triggered its parametric tropical cyclone insurance policy.