Parametric reinsurance news

Capacity is increasing in the “active” parametric insurance and risk transfer market, according to broking group WTW, as alternative risk transfer options continue to experience “high demand”.

Take up rates for parametric risk transfer, insurance and reinsurance solutions have grown “dramatically” over the last year, according to broker Aon.

Descartes Underwriting, the parametric insurance and data-driven risk transfer specialist managing general agency (MGA), has hired former OTT Risk employee Matthew James as its new Commercial Director, UK & Ireland.

NormanMax Insurance Holdings, the US based parametric insurance and reinsurance group launched by former Universal founder and CEO and parametric MGA New Paradigm co-founder, Bradley Meier, has now been approved for and launched its dedicated parametric syndicate 3939 at Lloyd’s.

Industry loss warranties (ILWs) remain a useful and well-established instrument within the capital management toolbox of risk carriers, but do have their drawbacks, some of which can be mitigated or removed entirely by a parametric structure, according to Skyline Partners.

Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has raised a $60 million Series B round, as it looks to scale parametric insurance in response to what it sees as increasing climate related risks, while also helping to make that risk into an investable asset class.

According to the African Risk Capacity (ARC), a provider of parametric disaster insurance products to countries and other entities in Africa, the ongoing severe drought across the southern African region is expected to trigger its parametric insurance policies for at least four countries.

Broking giant Marsh has bundled its parametric risk transfer specialism under a new umbrella practice of Global Alternative Risk Solutions, which will be led by Christophe Letondot and also tasked with helping clients access ILS capital with the support of Guy Carpenter.

Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance or reinsurance business, has employed Deanne Nixon, the former Chief Executive Officer of Florida-headquartered property insurer Weston.

Liberty Mutual Reinsurance (Liberty Mutual Re) has announced a partnership with seismic sensor tech-provider Safehub to enable it to offer what it is calling a market-first, a building-specific, sensor-based, parametric earthquake re/insurance product that is available to clients globally.