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.

The executive will no longer serve as an officer and director of the program manager and its subsidiaries.

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.

The Bermuda-based InsurTech will deploy a combination of its own and rated paper capital.

It will offer components for buyers looking for indemnity, parametric or blended coverage.

The amount transacted marks a significant increase from the $2.2m in gross premium, and the $15mn in notional risk transacted in 2020.

Mark Groenheide, who has held several positions at HDI and Zurich, was most recently senior vice president of excess and surplus lines at GuideOne.

The firm will now accelerate plans to expand in the US, its major target market, as well as Germany, Australia and Japan.

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.

The new coverage marks the first time that sovereign debt repayments have been protected by a parametric catastrophe clause.

The advent of radar technology, satellite imagery and ground-sensor technology has allowed brokers and underwriters to develop better tailored products.

K2 Parametric will offer policies that pay pre-agreed claim amounts based on local parameters of measurable events, such as hurricanes or earthquakes.