Parametric

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.

The executive’s career includes a stint as head of cat for CorSo.

The business offers parametric windstorm coverage.

The broker will be using Verisk US agricultural risk models.

It is targeting $25mn GWP this year and $50mn GWP in 2025.

Generali has produced a report with the United Nations Development Programme extolling the virtues of parametric insurance.

Former Stable underwriters William Ormerod and Patrick Tear have also joined.

Gareth Davies joins from Price Forbes Re, where he was managing director of parametric solutions.

Both businesses are led by former Universal Insurance Holdings CEO Bradley Meier.

Paul Jones joins from Descartes Underwriting, where he served as commercial director.

The syndicate has appointed former Munich Re active underwriter Stuart Newcombe.

The goal is to narrow the cyber protection gap, strengthening UK resilience.

The product was made through a partnership with technology provider Safehub.

The partnership seeks to serve corporates with captives, as well as Lloyd’s syndicates and ILS funds.

The launch is Chaucer’s first foray into the class.

The broker has also appointed Charlie Liddle and Rowan Minhas to the team.

The LatAm telecoms company buys a sizeable protection triggered by windspeeds.

NormanMax Syndicate 3939 is to be managed by Apollo Syndicate Management.

The 30-strong segment will combine reinsurance and capital markets with data, analytics and technology.

Alongside a parametric scheme, a further insurance pool providing up to $1bn in cover will recoup funds to benefit the post-quake recover.

The two parametric businesses will be brought together as the UK and German governments sell out.

The coverage is designed to reduce the island’s obligation to the US Federal Emergency Management Agency.

Mayer will manage a global centre of excellence for parametric products and report to Paul Schultz, CEO of Aon Securities.

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.

The parametrics pioneer said Ardonagh would bring additional capacity to clients with new solutions.

David Schmid joins from New Re, where he spent 11 years, most recently as a senior structurer.

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.

The new recruit has worked for Argo, Allianz and the European Space Agency.

A panel of underwriters and parametric experts explored the product’s scope for expansion during an InsurTech Insight panel.

The new coverage marks the first time that sovereign debt repayments have been protected by a parametric catastrophe clause.

The partnership seeks to help response and recovery organisations manage the “entire lifecycle” of a catastrophe.

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

ICEYE’s fleet of satellites will offer data insights into areas where coverage is impeded by data limitations.

Covid-19 has prompted an increase in demand for contract certainty and rapid claims payments.

The offering uses highest wind speeds at set locations as triggers for payouts.

InsurTech Skyline Partners’ parametric platform will inform insureds of a relevant incident within 48 hours.

The MGA has already expanded into markets including energy, liability and construction since its launch.

Scor is to invest EUR15mn as a cornerstone investor of the blank cheque vehicle, which will float in Milan.

Paul Prendergast and Peter Bermingham founded the business in 2016 and will stand aside for managers at owner CPP Group.

The product leverages real-time GeoNet data to automatically pay customers within five days following a strong earthquake.

The emerging markets specialist aims to raise around $860mn of additional funds by 2025.

The busy storm season, Covid-19 uncertainty and a hardening market are driving demand.

The backstop vehicle expands its offer beyond the 22 Caribbean and Central American states it currently services.

The policy pays out automatically once a company’s IT services are disrupted.

The product features fixed payment for a terrorism event within the insured’s post code, irrespective of physical damage.

The product is led by Tokio Marine, with following members including Chaucer, Munich Re Syndicate, Beazley, Faraday and Axis.

SV ErnteIndex protects against crop losses in instances of drought, frost or wet weather.

The trade association issues a report as it holds its annual conference.

Axa has launched Axa Global Parametrics to widen its parametric insurance solutions, the company announced today

American International Group (AIG) has increased the target size of its parametric Compass Re II cat bond by $100mn to $300mn, sister publication Trading Risk reported last week.

American International Group (AIG) is hoping to raise $200mn from a new private cat bond issuance, sister publication Trading Risk understands.

Allianz and Allianz Risk Transfer - a major fronting partner for Nephila - have lent support to New Paradigm Underwriters, a Florida-based managing general agency (MGA) that offers parametric hurricane cover, sister publication Trading Risk reported last week.

Parametric insurance will make it easier for public organisations to buy insurance against catastrophes, according to Cooper Gay's Latin America CEO Steve Jackson.

(Re)insurer opinion on preferred cat bond triggers has diverged and become more entrenched following losses on parametric bonds in the wake of the Japan earthquake.

Risk modelling firm Risk Management Solutions (RMS) has launched a parametric industry loss index for Japanese typhoons, taking its Paradex line-up to cover the five largest insurance perils.

Modelling agency Risk Management Solutions (RMS) launched its new Paradex US Earthquake (PUE) parametric index for estimating insured losses from US quakes last week.

Risk modelling firm Risk Management Services (RMS) is launching a series of natural catastrophe indices for US wind and quake, and European windstorm under the banner Paradex.

Cat modelling specialist Risk Management Solutions (RMS) has launched a new parametric index it says will help draw more emerging capital markets players into the catastrophe risk arena.