Stonybrook Risk Management, a licensed reinsurance intermediary and wholly owned subsidiary of Stonybrook Capital, has completed a parametric reinsurance transaction led by Dan Butzbaugh, Global Head of Parametric.
While full details of the transaction were not disclosed, Stonybrook said it provides a “fast and unambiguous” claims process responding within days post-event, and underwritten by A+ security.
According to the firm, the structure “filled a gap” in the cedant’s reinsurance tower in a rapid and effective quoting process.
“In a marketplace with many alternative solutions to fill coverage gaps, Stonybrook was able to leverage its parametric risk-takers to step up with a well-designed, efficiently priced product with no deductibles or traditional exclusions. Again demonstrating the far-reaching capabilities of the parametric marketplace,” Stonybrook added.
Butzbaugh commented, “This parametric coverage is part of an array of financial solutions Stonybrook secures for its banking and reinsurance clients.”
Joe Scheerer, Chairman and CEO of Stonybrook Capital, said, “I could not be more pleased with Dan and our efforts in the parametric space. These types of transactions keep coming in and we are working on a number of much larger projects as well.”
