Parametric
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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.
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David Schmid joins from New Re, where he spent 11 years, most recently as a senior structurer.
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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 parametric product will pay out based on a hurricane’s proximity to the insured.
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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 company will use the funding to invest in new software hires and expansion in Hong Kong and Madrid.
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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 partnership seeks to help response and recovery organisations manage the “entire lifecycle” of a catastrophe.
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The Redicova product is led by Beazley with initial reinsurance from Axa XL, Hiscox and RenaissanceRe – all members of the Disaster Risk Facility at Lloyd’s
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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.
