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The agreement, which will provide up to $10mn cover per policy, expands the relationship between K2 and Homesite. -
The new recruit has worked for Argo, Allianz and the European Space Agency.
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The Bermuda-based InsurTech will deploy a combination of its own and rated paper capital.
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It will offer components for buyers looking for indemnity, parametric or blended coverage.
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The amount transacted marks a significant increase from the $2.2m in gross premium, and the $15mn in notional risk transacted in 2020.
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Mark Groenheide, who has held several positions at HDI and Zurich, was most recently senior vice president of excess and surplus lines at GuideOne.
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The firm will now accelerate plans to expand in the US, its major target market, as well as Germany, Australia and Japan.
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The fast-growing InsurTech MGA inked a partnership agreement with private insurance broker Leavitt Group’s subsidiary ComTech-Leavitt Insurance to offer its risk-mitigation products.
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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 advent of radar technology, satellite imagery and ground-sensor technology has allowed brokers and underwriters to develop better tailored products.
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K2 Parametric will offer policies that pay pre-agreed claim amounts based on local parameters of measurable events, such as hurricanes or earthquakes.
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The pairing’s embedded insurance model combines the risk analytics of Demex and the data-driven insurance offerings of Vave into “robust, climate resiliency insurance”.
