Weather risk broker Meteo Protect has received Lloyd’s of London Coverholder approval with authority to underwrite and issue policies on behalf of Lloyd’s syndicates.
Meteo Protect’s Coverholder status connects it with Lloyd’s worldwide specialist insurance and reinsurance market, offering the broker “a wealth of new opportunities to provide weather index-based insurance to the market” said Gabriel Gross, Chief Executive Officer (CEO) of Meteo Protect.
Meteo Protect is an underwriting and brokerage firm specializing in structuring, pricing, delivering and managing weather risk parametric insurance for weather-sensitive businesses, with a focus on the agriculture, agri-food and energy sectors.
Gross, said; “As the market has developed with a significant growth in weather sensitive businesses seeking customized hedging solutions, so has Meteo Protect evolved to have strong international distribution partnerships with leading risk takers, financial institutions and agricultural cooperatives and associations, now including the specialist classes of business underwritten at Lloyd’s.”
“The Lloyd’s market is always innovating and bringing insurance solutions to meet the needs of businesses and organisations across the world. We are delighted for Meteo Protect to deliver innovative climate change mitigation solutions to Lloyd’s syndicates,” said Guy-Antoine de La Rochefoucauld, Director for Lloyd’s France; “The Lloyd’s Coverholder structure allows innovation-driven providers like Meteo Protect to bring new ideas and expertise to businesses with the strong financial backing for which Lloyd’s is recognised.”
Meteo Protect’s proprietary white label underwriting and pricing platform, Vivaldi, allows carriers to provide full automated and customized weather risk financial solutions to their clients, leveraging the SAP HANA® platform to provide completely customized insurance for any weather-related risk.
The weather risk broker currently works with several major global and local insurers, cooperatives and associations in the agriculture sector – providing protection on weather risks.
It also works with eight of the fifteen largest global energy firms; helping them to reduce or even eliminate their exposure to volumetric and price risks.
