CelsiusPro AG has acquired Global Parametrics Holding Company Limited in a transaction that “significantly strengthens its global capabilities to offer parametric risk transfer solutions to both private and public sector clients in developed and developing economies.”
According to CelsiusPro, the acquisition creates an even stronger offering along the value chain of climate and nat cat risks, opening new possibilities for businesses, governments, NGOs, and communities to build resilience against perils such as hurricanes, floods, earthquakes, and drought.
After the merger, the Global Parametrics team will continue to manage the Natural Disaster Fund (NDF), a risk capacity pool backed by commitments from the UK Government’s Foreign, Development and Commonwealth Office (FCDO) and by the German Federal Ministry for Economic Cooperation and Development via KfW, Germany’s development bank.
Mark Rueegg, CEO of CelsiusPro, commented, “The acquisition combines CelsiusPro’s expertise in climate technology and parametric insurance with Global Parametrics’ asset management approach to climate risk through the NDF and its MGA.
“This is key to our value proposition, as we see an increasing number of NatCat financing facilities, such as the Global Shield initiative launched at COP27, are looking for experts on parametric solutions and risk capital deployment.
“We are enthusiastic about the strategic fit between CelsiusPro and Global Parametrics, and welcome our new colleagues to our group.”
Angus Kirk, CEO of Global Parametrics, added, “We are grateful to our founder investors, FCDO and KfW (through the InsuResilience Investment Fund, IIF), for their support in the early stages of Global Parametrics’ development.
“We are very excited about the next chapter with CelsiusPro. This partnership offers numerous opportunities to expand and enhance our offerings, thereby increasing and accelerating our impact on building resilience in underserved communities against the effects of climate change and natural disasters.”
