NormanMax creates global parametric insurance syndicate
NormanMax Insurance Holdings, the US based parametric re/insurance group, has launched Syndicate 3939, managed by Apollo.
NormanMax Syndicate 3939 has commenced underwriting, focusing on natural catastrophe parametric re/insurance products for hurricane, tropical cyclone, typhoon and earthquake. NormanMax will combine 21st century data and technology to create parametric solutions for clients around the globe to address the natural disaster protection gap, at a time of increased climate risk and volatility.
The syndicate will offer parametric re/insurance solutions globally, specifically designed for hurricanes, tropical cyclones, typhoons, and earthquakes to address the natural disaster protection gap. NormanMax said that Syndicate 3939 is pioneering as the first syndicate devoted exclusively to natural disaster parametric (re)insurance solutions, heralding a new era of parametric (re)insurance.
Stuart Newcombe, former Active Underwriter for Munich Re Innovation Syndicate 1840, will act as Active Underwriter for NormanMax Syndicate 3939. His extensive expertise will be crucial in guiding the Syndicate’s strategy and underwriting, and delivering NormanMax’s commitment to innovative and efficient parametric (re)insurance solutions.
NormanMax has partnered with Apollo, who provides Lloyd’s managing agency services, via a long term partnership model, to businesses with shared values of innovation and collaboration.
Bradley Meier, chief executive of NormanMax commented: “This launch signifies the official start of the global parametric insurance revolution, and we are pleased to be partnering with Apollo on this exciting journey. As the landscape of risk has changed over the past three hundred years, so has Lloyd's. Parametric insurance represents another milestone in Lloyd's rich history of delivering relevant innovative products similar to when business interruption insurance was introduced by Lloyd's in the early 20th century.
“I want to thank the amazing team of experienced (re)insurance professionals that I’ve been fortunate to be able to bring together who will be singularly focused on parametric climate solutions for natural disasters. We are especially excited to be joining the Lloyd’s marketplace and for the opportunity to access Lloyd's global licenses and reach, to deliver parametric (re)Insurance products on a worldwide scale. With a commitment to best-in-class service, we are set to transform expectations and redefine possibilities within the parametric (re)insurance industry. I also want to thank the Lloyd’s team for all their help and support in preparing s3939 for its launch.”
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