US-based parametric re/insurance group NormanMax Insurance Solutions has announced the availability of its Hurricane Parametric Reinsurance products for North Carolina and South Carolina, just as peak hurricane season approaches the country.
The coverage, branded as Hurricane PM, offers a streamlined payout process, aimed at providing insurance and reinsurance organizations with timely support in the event of a hurricane.
This parametric reinsurance product is designed to provide quick and transparent payouts, ensuring that insurers can manage the financial impact of storms and their aftermath effectively.
With reinsurance capacity now accessible, NormanMax says that it is positioned to help its clients prepare for potential storms in the region.
In May, NormanMax also launched Syndicate 3939, which is managed by Apollo, an integrated insurance group.
The syndicate has started underwriting, with a focus on natural catastrophe parametric reinsurance products, including coverage for hurricanes, tropical cyclones, typhoons, and earthquakes.
NormanMax Syndicate 3939 aims to address the protection gap in natural disaster coverage by leveraging advanced data and technology to provide parametric solutions globally, especially in light of increasing climate risks.
Stuart Newcombe, previously the active underwriter for Munich Re Innovation Syndicate 1840, will lead NormanMax Syndicate 3939 as its active underwriter, guiding the syndicate’s strategy and underwriting practices.
Bradley Meier, CEO of NormanMax, leads the company. Meier previously founded Universal Insurance Holdings and Universal Property and Casualty Insurance Company and co-founded parametric underwriting specialist New Paradigm Group.
“This launch signifies the official start of the global parametric insurance revolution, and we are pleased to be partnering with Apollo on this journey. As the landscape of risk has changed over the past 300 years, so has Lloyd’s. Parametric insurance represents another milestone in Lloyd’s history of delivering innovative products,” Meier said.
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