FloodFlash has reached an agreement to be acquired by NormanMax Insurance Holdings, Inc., pending approval from the Financial Conduct Authority (FCA).
Following the acquisition, FloodFlash will continue to operate as a managing general agent (MGA) and Lloyd’s coverholder, with its parametric flood insurance product remaining available to distributors and customers in the UK, US, and other markets.
Established in 2017 by co-founders Adam Rimmer and Dr Ian Bartholomew, the company operates as an insurtech that primarily that provides parametric insurance solutions for businesses and property owners in high-risk flood areas.
Since its inception, FloodFlash has expanded its services beyond the United Kingdom to the United States, aiming to provide effective flood insurance solutions in underserved markets. The company is a registered coverholder at Lloyd's of London and is authorized and regulated by the FCA.
NormanMax CEO Brad Meier (pictured above) noted that FloodFlash’s sensor technology leads the parametric flood insurance market and that the acquisition will allow NormanMax to broaden its offerings to cover one of the most frequent natural catastrophes.
The acquisition remains subject to regulatory approval.
This deal for FloodFlash is just the latest for NormanMax as it seeks to broaden its coverage and enhance its parametric offerings.
In May 2024, NormanMax also notably introduced Syndicate 3939, managed by Apollo. This syndicate focuses on natural catastrophe parametric reinsurance products, including coverage for hurricanes, tropical cyclones, typhoons, and earthquakes.
A few months ago, Syndicate 3939 also partnered with international specialty MGA Rokstone to launch Rokstone Parametric. This product provides a US$10 million global facility covering earthquake, hurricane, tropical cyclone, and typhoon risks.
The initiative aims to generate significant gross written premium and plans to expand coverage to include additional perils, such as floods, in 2025.
Earlier this year, the company also teamed up with London Underwriters to offer agents access to parametric insurance solutions for hurricanes and earthquakes through the LU ONE platform.
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