Parametric | Insurance Insider US

The MGA said payments to affected customers began shortly after the event.

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 once niche product is generating interest in a growing number of industries and sectors.

Most US states have been silent on the regulation of parametric insurance.

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

The broker will be using Verisk US agricultural risk models.

The executive has also served as agriculture reinsurance VP at Navigators.

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

The partnership will increase K2's capacity for US hurricane and earthquake exposure.

The company raised $7mn in a Series A in January 2021.

The practice aligns existing capabilities from Marsh Specialty and others.

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

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

This publication revealed that the company was raising capital earlier this year.

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

It is understood that the InsurTech began fundraising late last year.

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

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

Ibarra joins the climate risk-focused platform after more than six years as CEO of Global Parametrics, a London-based InsurTech.

The product will provide $100mn in cover across eight countries at high risk of tropical cyclones.