Generali Global Corporate & Commercial (GC&C) and Descartes Underwriting have introduced the Lumyna Twelve Capital Parametric Insurance Linked Securities (ILS) Fund, marking a new development in the growing ILS market.
Generali said that the initiative aims to expand the use of parametric solutions in natural catastrophe insurance.
The fund, managed by Twelve Capital, integrates GC&C’s underwriting expertise, Descartes' risk assessment capabilities, and Lumyna’s infrastructure and market presence. Through this collaboration, the companies intend to enhance underwriting capacity and strengthen their position in the parametric insurance sector.
A European institutional investor has provided initial funding, highlighting the increasing interest in ILS funds as part of diversified investment strategies. Investors will gain access to a portfolio that includes catastrophe bonds and securitised natural-peril parametric insurance policies.
The company highlighted that the approach combines traditional reinsurance mechanisms with advanced technologies such as artificial intelligence to address the protection gap for natural disasters.
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Christian Kanu (pictured above), CEO of Generali Global Corporate & Commercial, said the fund launch aligns with the company’s goal of addressing global protection challenges.
“This initiative represents a breakthrough in parametric insurance, offering unique opportunities for investors and clients while helping businesses and communities build resilience against natural risks. We are proud to collaborate with our esteemed partners Descartes, Lumyna and Twelve Capital, whose combined strengths have been instrumental in bringing this innovative solution to market,” Kanu said.
Tanguy Touffut, co-founder and CEO of Descartes, said the new arrangement supports profitable growth and aligns with Descartes’ alternative capital strategy.
“We are delighted to join forces with outstanding market leaders such as Twelve Capital and Lumyna in the face of climate change,” Touffut said.
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