Parametric
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Deals would need to be sized at $50mn plus for transfer to capital markets. -
Property MGA Arden Insurance Services specialises in multi-family habitations.
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The deal is 45% larger than 2024’s issuance after attracting a “greater number of investors”.
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The business offers parametric windstorm coverage.
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The offering is a collaboration with Generali and parametric carrier Descartes.
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It is targeting $25mn GWP this year and $50mn GWP in 2025.
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The parametric structure would have paid out at slightly lower storm pressure.
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The bond has priced at the mid-point of guidance.
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The Class A notes are offering pricing in the range 850-950 basis points.
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The syndicate has appointed former Munich Re active underwriter Stuart Newcombe.
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The reinsurer said it hopes to grow the size of the $13.75mn deal over time.
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The partnership seeks to serve corporates with captives, Lloyd’s syndicates and ILS funds.
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The launch is Chaucer’s first foray into the class.
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The broker has also appointed Charlie Liddle and Rowan Minhas to the team.
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NormanMax Syndicate 3939 is to be managed by Apollo Syndicate Management.
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The 30-strong segment will combine reinsurance and capital markets with data, analytics and technology.
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Ola Jacob's role at Descartes will focus on expanding the firm's parametric insurance offering in the London market to corporates exposed to climate risks across the globe.
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Alongside a parametric scheme, a further insurance pool providing up to $1bn in cover will recoup funds to benefit the post-quake recover.
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The two parametric businesses will be brought together as the UK and German governments sell out.
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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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New York's Metropolitan Transportation Authority (MTA) has secured $100mn of limit to protect against storm surge from named storm events, up by 33% on its initial target of $75mn.
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The firm’s flood solution will be available to layer on top of existing parametric hurricane wind policies.
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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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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.
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ICEYE’s fleet of satellites will offer data insights into areas where coverage is impeded by data limitations.
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The broker expects ongoing single-digit growth within the ILS market.
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The offering uses highest wind speeds at set locations as triggers for payouts.
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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 product leverages real-time GeoNet data to automatically pay customers within five days following a strong earthquake.
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Abu Dhabi sovereign wealth-backed Mubadala becomes an Arbol investor.
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The emerging markets specialist aims to raise around $860mn of additional funds by 2025.
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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 backstop vehicle expands its offer beyond the 22 Caribbean and Central American states it currently services.
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The company acts as reinsurer and shares the risk with the Natural Disaster Fund.
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The developing world specialist insurer is looking for input from ILS funds and reinsurers.
