Global Parametrics, part of the CelsiusPro Group, and Canopius, an international specialty lines and P&C re/insurer, have announced the signing of a Lloyd’s syndicate coverholder partnership.
Under this collaboration, Global Parametric becomes coverholder to Canopius Lloyd’s Syndicate 4444 – one of the largest in the Lloyd’s of London marketplace – and is granted authority to underwrite business on their behalf.
As coverholder, Global Parametrics will build a portfolio of business for Canopius under a binding authority agreement, and will underwrite business and deploy risk capacity under the guidelines established by Syndicate 4444.
Mark Rueegg, CelsiusPro Group Chief Executive Officer, said: “The partnership with Canopius is a major milestone for our company. We are doubling down on our Group’s core expertise of structuring parametric solutions and our approach to deploying risk capacity for climate and natural catastrophe perils.
“We are also thrilled to become part of the Lloyd’s of London ecosystem as it will foster our ability to help more clients and communities become more resilient.”
Alois Rouffiac, Canopius UK Chief Underwriter Officer, stated: “We’re excited to partner with Global Parametrics as our Lloyd’s coverholder. This partnership enables Canopius to deploy risk capacity for parametric solutions globally, which represents an attractive opportunity to further expand parametric insurance as a scalable solution. We believe these products can address the growing protection gap in regions where underinsurance remains a pressing issue.”
Initially, Global Parametrics will concentrate on underwriting a range of natural catastrophe perils in its capacity as a Lloyd’s coverholder, including tropical cyclone, earthquake, flood, and excess rainfall.
This new partnership will leverage Global Parametrics’ expertise in building the portfolio of the Natural Disaster Fund (NDF) since 2018.
