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Bermuda-based Arbol Underwriters will focus on matching reinsurance capacity with parametric insurance risks. -
The speciality insurer is also providing multi-year capacity and paper to the climate risk shop.
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The offering uses highest wind speeds at set locations as triggers for payouts.
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Willis Re conducted the Wildfire Resilience Insurance project with Nature Conservancy to offer solutions to a worsening wildfire market outlook.
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On a recent Marsh podcast, the executives discussed tradeoffs between parametric and traditional coverage in covering catastrophe risk.
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Increasing losses and deteriorating weather conditions suggest California wineries seek out parametric insurance.
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Interest in parametric coverages has increased among insurance buyers as a response to coverage gaps exposed by unanticipated losses and tightening traditional market capacity.
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The investment bank is focused on developing new parametric products for the reinsurance market.
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Guo will lead insurance operations and strategy at Arbol, which raised $7mn in seed funding in January.
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Abu Dhabi sovereign wealth-backed Mubadala becomes an Arbol investor.
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The busy storm season, Covid-19 uncertainty and a hardening market are driving demand.
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The InsurTech firm will provide parametric quake insurance to Quickbooks clients in California.
