Inver Re, The Ardonagh Group’s reinsurance broker, has announced the appointment of Kurt Cripps as Global Head of Parametric.
In the newly created role, Cripps will be responsible for leading parametric solutions, building a dedicated global parametric team, and working across the broader $13 billion premium Ardonagh Group.
Cripps is an alternative risk transfer expert who holds over two decades of industry experience, most recently serving as Managing Director and Global Head of Weather at Aon Reinsurance Solutions, having joined Aon Benfield in 2009.
Steve Hearn, Inver Re CEO, commented on the new appointment, stating, “Kurt has pioneered parametric solutions in our market. Now could not be a better time for him to be joining us.
“We’re proud to welcome him and look forward to working together to develop a truly global team of experts.”
Cripps himself added, “Hard market conditions make this the right time for parametric products to be adopted by a wider range of customers. With the growth in big data and analytic capability alongside an influx of new investment, the conditions are set for parametric solutions to play a leading role in the future of risk transfer.
“Parametric solutions will fill the gaps created by market constraint with a clean product with agreed, transparent and speedy claims – and Ardonagh will be leading the way in the field of index-based solutions and bring additional capacity to our clients.”
He continued, “With the world focusing its attention on TCFD & ESG, parametric will be an essential tool in assisting customers with transition risk.
“Personally, I’m also looking forward to working in an independent and nimble business with an uncompromising commitment to clients and inclusive colleague collaboration.”
In other related news, Inver Re recently assisted in in the arrangement a multi-year Direct and Facultative (D&F) Property binding agreement between Bermuda-based Managing General Agent (MGA) Arcadian Risk Capital and Aviva.
