Descartes Underwriting, the newly launched parametric and data-driven MGA, has appointed Edern Le Roux as Director, Head of ILS and Cat Modeling
Le Roux joins Descartes from SCOR Investment Partners, where he has served since 2014 as Head of ILS Risk, with responsibility for the Risk Management of the ILS funds.
Previously, he also worked at AXA as Senior Cat and Reinsurance Analyst.
“Alternative capacity is part of our underwriting ecosystem which includes brokers, insurers and reinsurers,” said Tanguy Touffut, CEO of Descartes Underwriting “Edern is bringing up its invaluable expertise of the ILS market to strengthen our relationships with ILS funds.”
Le Roux also commented: “I’m thrilled to join Descartes Underwriting, the team has a significant market access and is fast growing. We aim at building long-term relationships with ILS funds alongside brokers, insurers and reinsurers.”
Descartes explained that it is planning to use parametric triggers to offer protection in regions where insurance is currently unavailable.
“The dramatic improvement in technology performance and data availability in recent years allows us to structure unique covers,” said Touffut.
“This can be done through the use of Machine Learning techniques. Edern, with his 10 years of experience in the Cat Modeling and Data Science field, will help us manage this tremendous quantity of data and extract the best information for modeling and structuring ad-hoc covers for our clients,” he continued.
“There is so many data out there from climate models to satellite measurements and imagery,” added Le Roux.
“We will use this data for building risk models at a highly granular scale allowing Descartes to provide index covers at factory level for industries or at the field level for agriculture for example.”