Climate risk modelling insurtech Descartes Underwriting has opened a London office to be led by Paul Jones as business development director – UK & Ireland.
Jones brings 20 years’ experience to the role and most recently served at AXA XL.
He will now look to expand Descartes’ parametric insurance coverage within both British and Irish domestic markets, as well as the London International Market.
Concurrently Alessandro Girelli transitions from Descartes’ Paris office to serve as Underwriting Manager, overseeing the London International Market.
He brings extensive underwriting and data science experience, having played a pivotal role in establishing Descartes’ bespoke statistical and machine learning models for risk analysis.
Together, both Jones and Girelli will manage the build-out of Descartes’ operations in the region.
“With heavy rainfall events in July 2021 leading to hospital closures and massive infrastructure disruptions, recurrent droughts and greater anomalies in temperatures putting pressure on the energy sector, weather and climate risks have put the U.K. and Ireland insurance markets on watch,” Jones said.
“In light of hardening market conditions, brokers have been doing their best to restructure complex placements.
“This has been challenged by the gap in underwriting appetite and capacity versus client need – which has proven almost impossible to fill at sustainable conditions without incorporating alternative solutions.
“Descartes is delighted to collaborate with brokers to meet these evolving client needs with our pragmatic approach and parametric solutions.”
Commenting on his appointment, Girelli added, “A succession of record breaking extreme weather events in all corners of the globe this year serves to highlight the expanded exposure of all trade sectors to climate risks.
“As the historical center of insurance, it makes sense for the London market to be at the crucial forefront of placing global Nat Cat and climate exposures.
“We are proud to bring Descartes’ parametric solutions closer to brokers and corporate clients in the U.K., Irish and London International markets.”
