Parametric
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Property MGA Arden Insurance Services specialises in multi-family habitations. -
BI claims are notoriously difficult to manage and some insurers believe binary coverage can help.
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The executive’s career includes a stint as head of cat for CorSo.
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The business offers parametric windstorm coverage.
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The broker will be using Verisk US agricultural risk models.
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It is targeting $25mn GWP this year and $50mn GWP in 2025.
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Generali has produced a report with the United Nations Development Programme extolling the virtues of parametric insurance.
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Former Stable underwriters William Ormerod and Patrick Tear have also joined.
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Gareth Davies joins from Price Forbes Re, where he was managing director of parametric solutions.
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Both businesses are led by former Universal Insurance Holdings CEO Bradley Meier.
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Paul Jones joins from Descartes Underwriting, where he served as commercial director.
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The syndicate has appointed former Munich Re active underwriter Stuart Newcombe.
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The goal is to narrow the cyber protection gap, strengthening UK resilience.
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The product was made through a partnership with technology provider Safehub.
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The partnership seeks to serve corporates with captives, as well as Lloyd’s syndicates and ILS funds.
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The launch is Chaucer’s first foray into the class.
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The broker has also appointed Charlie Liddle and Rowan Minhas to the team.
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The LatAm telecoms company buys a sizeable protection triggered by windspeeds.
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NormanMax Syndicate 3939 is to be managed by Apollo Syndicate Management.
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The 30-strong segment will combine reinsurance and capital markets with data, analytics and technology.
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Alongside a parametric scheme, a further insurance pool providing up to $1bn in cover will recoup funds to benefit the post-quake recover.
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The two parametric businesses will be brought together as the UK and German governments sell out.
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The coverage is designed to reduce the island’s obligation to the US Federal Emergency Management Agency.
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Mayer will manage a global centre of excellence for parametric products and report to Paul Schultz, CEO of Aon Securities.
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Guy Carpenter was the sole placing broker sourcing capacity for the tie-up.
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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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The offering uses highest wind speeds at set locations as triggers for payouts.
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InsurTech Skyline Partners’ parametric platform will inform insureds of a relevant incident within 48 hours.
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The MGA has already expanded into markets including energy, liability and construction since its launch.
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Scor is to invest EUR15mn as a cornerstone investor of the blank cheque vehicle, which will float in Milan.
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Paul Prendergast and Peter Bermingham founded the business in 2016 and will stand aside for managers at owner CPP Group.
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The product leverages real-time GeoNet data to automatically pay customers within five days following a strong earthquake.
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The emerging markets specialist aims to raise around $860mn of additional funds by 2025.
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The busy storm season, Covid-19 uncertainty and a hardening market are driving demand.
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The backstop vehicle expands its offer beyond the 22 Caribbean and Central American states it currently services.
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The policy pays out automatically once a company’s IT services are disrupted.
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The product features fixed payment for a terrorism event within the insured’s post code, irrespective of physical damage.
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The product is led by Tokio Marine, with following members including Chaucer, Munich Re Syndicate, Beazley, Faraday and Axis.
