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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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The launch is Chaucer’s first foray into the class.
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This publication revealed that the company was raising capital earlier this year.
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The broker has also appointed Charlie Liddle and Rowan Minhas to the team.
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It is understood that the InsurTech began fundraising late last year.
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The 30-strong segment will combine reinsurance and capital markets with data, analytics and technology.
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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 parametrics pioneer said Ardonagh would bring additional capacity to clients with new solutions.
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Ibarra joins the climate risk-focused platform after more than six years as CEO of Global Parametrics, a London-based InsurTech.
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The product will provide $100mn in cover across eight countries at high risk of tropical cyclones.
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The executive will no longer serve as an officer and director of the program manager and its subsidiaries.
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The agreement, which will provide up to $10mn cover per policy, expands the relationship between K2 and Homesite.
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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”.
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Bermuda-based Arbol Underwriters will focus on matching reinsurance capacity with parametric insurance risks.
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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.
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The project is looking at the impact that tools like controlled burns can have on insurance premiums.
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Marsh is now seeking new carriers to cover pandemics as demand for its PathogenRX product rises.
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Kaplan left his former company Swiss Re last month, this publication revealed.
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The payment comes from a parametric tropical cyclone policy covering the Abaco Islands and Grand Bahama.
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