Parametric
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Guy Carpenter was the sole placing broker sourcing capacity for the tie-up. -
The MGA has $15mn of capacity to underwrite UK public corporations and plans to expand into the US market.
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The parametrics pioneer said Ardonagh would bring additional capacity to clients with new solutions.
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David Schmid joins from New Re, where he spent 11 years, most recently as a senior structurer.
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Cohort 9 of the start-up accelerator programme includes a provider of a parametric loan default product, a parametric BI offering and an embedded insurance specialist.
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The new recruit has worked for Argo, Allianz and the European Space Agency.
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A panel of underwriters and parametric experts explored the product’s scope for expansion during an InsurTech Insight panel.
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The new coverage marks the first time that sovereign debt repayments have been protected by a parametric catastrophe clause.
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The partnership seeks to help response and recovery organisations manage the “entire lifecycle” of a catastrophe.
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The Redicova product is led by Beazley with initial reinsurance from Axa XL, Hiscox and RenaissanceRe – all members of the Disaster Risk Facility at Lloyd’s
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ICEYE’s fleet of satellites will offer data insights into areas where coverage is impeded by data limitations.
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Covid-19 has prompted an increase in demand for contract certainty and rapid claims payments.
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