Parametric

Deals would need to be sized at $50mn plus for transfer to capital markets.

Property MGA Arden Insurance Services specialises in multi-family habitations.

The deal is 45% larger than 2024’s issuance after attracting a “greater number of investors”.

The business offers parametric windstorm coverage.

The offering is a collaboration with Generali and parametric carrier Descartes.

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

The parametric structure would have paid out at slightly lower storm pressure.

The bond has priced at the mid-point of guidance.

The Class A notes are offering pricing in the range 850-950 basis points.

The syndicate has appointed former Munich Re active underwriter Stuart Newcombe.

The reinsurer said it hopes to grow the size of the $13.75mn deal over time.

The partnership seeks to serve corporates with captives, Lloyd’s syndicates and ILS funds.

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

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

NormanMax Syndicate 3939 is to be managed by Apollo Syndicate Management.

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

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.

Alongside a parametric scheme, a further insurance pool providing up to $1bn in cover will recoup funds to benefit the post-quake recover.

The two parametric businesses will be brought together as the UK and German governments sell out.

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.

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.

The firm’s flood solution will be available to layer on top of existing parametric hurricane wind policies.

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.

David Schmid joins from New Re, where he spent 11 years, most recently as a senior structurer.

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 parametric product will pay out based on a hurricane’s proximity to the insured.

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 company will use the funding to invest in new software hires and expansion in Hong Kong and Madrid.

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

The partnership seeks to help response and recovery organisations manage the “entire lifecycle” of a catastrophe.

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

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

ICEYE’s fleet of satellites will offer data insights into areas where coverage is impeded by data limitations.

The broker expects ongoing single-digit growth within the ILS market.

The offering uses highest wind speeds at set locations as triggers for payouts.

Interest in parametric coverages has increased among insurance buyers as a response to coverage gaps exposed by unanticipated losses and tightening traditional market capacity.

The product leverages real-time GeoNet data to automatically pay customers within five days following a strong earthquake.

Abu Dhabi sovereign wealth-backed Mubadala becomes an Arbol investor.

The emerging markets specialist aims to raise around $860mn of additional funds by 2025.

The busy storm season, Covid-19 uncertainty and a hardening market are driving demand.

The InsurTech firm will provide parametric quake insurance to Quickbooks clients in California.

The backstop vehicle expands its offer beyond the 22 Caribbean and Central American states it currently services.

The company acts as reinsurer and shares the risk with the Natural Disaster Fund.

The developing world specialist insurer is looking for input from ILS funds and reinsurers.

The ILS manager is discussing public solutions and expects demand to emerge.

The Italian insurer will target buyers in the agriculture and food sectors, among others, through the parametric partnership.

Munich Re will provide initial capacity but ILS investors have been approached for future cover.

The company's CEO said the platform aims “to make the traditional broker business model a thing of the past”.

Hiscox sold the parametric cyber cover to an as-yet-undisclosed buyer.

Hannover Re committed EUR50mn to the fund, which targets risk transfer in developing markets.

Sierra is Bayview Asset Management’s first ILS deal.

Yen Chin, a director in RMS’s Singapore office, defended the quality of modelling in the region.

The fund can meet the demand for ESG investments while at the same time providing a commercial return, advisors Global Parametrics said.

Oxfam aims to scale up the scheme, attracting insurance backing and investors, if the pilot is successful.

Event-based insurance represents a meaningful premium opportunity for the global insurance industry, Willis Towers Watson suggested.

New Paradigm said it will use the proceeds to expand its proprietary parametric data platform and expand its support teams.

HazeShield covers businesses in Singapore from loss of income and reduced trade caused by haze events.

Vision Fund International has launched a climate insurance programme that it says will be the largest such scheme covering non-governmental organisations.

The Moroccan government is seeking to set up a parametric insurance scheme to cover the country against drought risk, according to Asia Insurance Review.

New Paradigm Underwriters will offer up to $100mn of parametric insurance limit on Xchanging's electronic trading platform X-gRm.

Swiss Re has partnered with Ping An Property & Casualty Insurance Company of China to provide the country's first parametric typhoon insurance product accessed via mobile phones.

Axa's parametric solutions company Axa Global Parametrics has agreed to offer weather insurance coverage via the trading platform WeatherXchange, the companies announced.

Axa is expanding its parametric insurance offerings with the launch of Axa Global Parametrics, the company announced today

Swiss Re Corporate Solutions said it had become the first insurer in Brazil to write a weather-indexed parametric policy in Brazil.

Mitsui Sumitomo Insurance has partnered with Nasa to use data from the space agency's satellites to design a parametric weather product, according to media reports

The Pacific Alliance of Chile, Colombia, Mexico and Peru is considering collaborating on the issuance of a catastrophe bond, according to reports.

Swiss Re-backed Microinsurance Catastrophe Risk Organization (Micro) has launched a parametric catastrophe insurance policy in Guatemala designed for small businesses and farmers.

Universal Insurance Holdings (UIH) has entered into a risk-linked transaction that provides the Florida primary insurer with $10mn of cover, according to a US SEC filing

Swiss Re has signed up to provide reinsurance for a parametric catastrophe insurance scheme in China's Heilongjiang province, the company has said.

Global Parametrics, which offers catastrophe and weather risk transfer solutions for low and middle-income countries, has appointed a former World Bank financial officer Hector Ibarra as its chief executive officer.

Global Parametrics has secured financing from the German government-funded Climate Insurance Fund (CIF) to offer catastrophe and weather risk transfer solutions for low and middle-income countries.

Florida managing general agency New Paradigm Group has expanded its parametric product offering to target (re)insurers as well as ultimate buyers.

Africa's first parametric catastrophe insurance pool, African Risk Capacity (ARC), is to expand to around $192mn, with Willis Re placing $70mn with the reinsurance market.

Guy Carpenter has unveiled CAT Risk Studio (CRS), a new division that will work with GC Securities to develop parametric catastrophic risk transfer products.

American International Group (AIG) has launched a $200mn private cat bond on the new electronic broking platform Rewireconnect, Trading Risk understands.

The parametric group insurance scheme for Pacific Island nations is set to pay $1.9mn to Vanuatu following Tropical Cyclone Pam, which struck the country on 13 March

Axa Corporate Solutions (Axa CS) has entered into a public-private partnership with the World Bank's Global Index Insurance Facility (GIIF) to develop index-based insurance coverage and capacity in emerging markets.

Reinsurer Swiss Re has signed a three-year deal providing the Alabama State Insurance Fund with hurricane cover, in the first US state government reinsurance contract to use parametric triggers.

Risk Management Solutions (RMS) has officially launched its third natural catastrophe index under the Paradex banner - Paradex US Earthquake (PUSEQ) - as first reported by Trading Risk in January.

Risk modelling firm Risk Management Solutions (RMS) has confirmed the launch of the first parametric index for assessing European windstorm insured industry losses, as predicted by our sister public