Rokstone, the London-based speciality re/insurance MGA that is part of the Aventum Group, has launched Rokstone Parametric in partnership with NormanMax Lloyd’s Syndicate 3939.
With an initial US$10 million worldwide facility, the product covers earthquake, hurricane, tropical cyclone and typhoon, with further perils including flood expected to come online in 2025. It is targeting US$25 million GWP in 2024 with another US$50 million GWP in 2025.
NormanMax Syndicate 3939 is the first Lloyd’s syndicate to focus on natural catastrophe parametric reinsurance products for multiple perils. Quotes, in many cases, will be available the same day, if not immediately, and qualifying claims will be paid rapidly without the need to prove physical loss. The policy solves so many of the challenges presented by climate change and current market dynamics, Rokstone said.
Rokstone Parametric will have the ability to write both facultative and treaty business.
“We’ve been active in the parametric space for a number of years now through our sister MGA Aura Underwriting,” commented Robin Ungless, deputy chief underwriting officer at Rokstone Specialty.
“This deal is a significant development of those capabilities, enabling us to now offer innovative global parametric solutions for multiple nat cat perils,” Ungless added. “Parametric presents an important opportunity for brokers to address the natural disaster protection gap created from a current lack of capacity in the nat cat market and at a time of increased climate risk and volatility. It is flexible, responsive and provides liquidity.”
“We’re delighted to partner with Rokstone. We share an entrepreneurial DNA focussed on delivering superior solutions to some of the world’s most severe challenges,” according to Bradley Meier, CEO of NormanMax Syndicate 3939, in a statement.
“It is my belief that we are at the beginning of a global parametric insurance revolution. Parametric is the lead violin in a symphony of risk transfer,” Meier said. “The ability to work with large, respected MGAs like Rokstone, to provide worldwide access to parametric solutions that utilise both public and proprietary data backed by Lloyd’s capacity, is an important step in the widespread mainstream adoption of parametric products.”
Mark Groenheide, chief revenue officer of NormanMax 热点黑料 Solutions, said: “We are excited to be working with Rokstone to distribute our products globally, including many underserved markets that currently lack adequate nat cat insurance solutions with the financial security of the Lloyd’s market. Parametric has boomed because of the market conditions, but it is here to stay regardless of the cycle 鈥� the speed and certainty it gives to customers has been a game changer and it is now an established tool in a brokers’ progressive portfolio of services.”
With offices in the UK, Europe, the US, Asia, Africa and the Middle East, Rokstone currently underwrites more than US$1.1 billion GWP in several specialty lines including property, power generation, marine, aviation, warranty, credit & surety treaty, agriculture, construction & engineering, accident & health, contingency, liability and sports & leisure.
Source: Rokstone
Topics New Markets
Was this article valuable?
Here are more articles you may enjoy.
Michigan to Pay $13M After Shooter Drill Terrified Children’s Hospital 
Philadelphia Eagles Seek to Extend Covid-19 Business 热点黑料 Bid Into Overtime 
Florida Citizens’ Brass Tired of ‘Clickbait’ News on its Hurricane Claims Denials 
Gunmaker Sig Sauer Must Pay $11 Million Over Pistol That Fired Accidentally 
