Parametric

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