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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 once niche product is generating interest in a growing number of industries and sectors.
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Most US states have been silent on the regulation of parametric insurance.
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It is targeting $25mn GWP this year and $50mn GWP in 2025.
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The broker will be using Verisk US agricultural risk models.
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The executive has also served as agriculture reinsurance VP at Navigators.
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Both businesses are led by former Universal Insurance Holdings CEO Bradley Meier.
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The partnership will increase K2's capacity for US hurricane and earthquake exposure.
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The company raised $7mn in a Series A in January 2021.
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The practice aligns existing capabilities from Marsh Specialty and others.
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The product was made through a partnership with technology provider Safehub.
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