Nephila Climate (NCx), the weather and ESG-driven specialty division of Nephila Holdings, has announced that it will be providing instantaneous indicative pricing for weatherXchange, the global platform that offers companies access to index-based weather risk protection.
weatherXchange said that its Instantaneous Indicative Pricing service helps to streamline the structuring process for Protection Buyers and Broker-Advisors by providing an immediate idea of the costs of a structure without the need to approach the Protection Seller directly.
For Protection Sellers such as NCx, Instantaneous Indicative Pricing increases its online visibility and reduces the workload and time required to close a weather transaction.
“The addition of Nephila Climate to the platform continues to strengthen the importance of this service. Over time, Instantaneous Indicative Pricing will change the way the weather risk market operates. In the past price discovery was a slow process, now it is instantaneous,” said David Whitehead, Co-CEO of weatherXchange.
“Nephila Climate is an entity with significant global outreach and risk capacity. Their ability to provide financial protection against physical weather and climate risk for clients of all sizes and industries will further strengthen the value of the weatherXchange Platform for all users.”
Richard Oduntan, CEO of Nephila Climate, added: “Nephila Climate is pleased to offer Instantaneous Indicative Pricing of weather risk transfer products through weatherXchange. We hope that this helps risk holders such as corporates and governments to quickly determine the cost of transferring their unwanted risk.”
Other recent additions to weatherXchange’s Instantaneous Indicative Pricing service include Sompo Global Weather, MSI GuaranteedWeather, and Coriolis Capital.
“Since its launch in October 2017, Instantaneous Indicative Pricing has been extremely well received by both Hedgers and Broker-Advisors,” continued Whitehead. “We have had an excess of 3,000 individual price enquires having led to more than 10,000 indicative prices shown. Users are no longer in the dark when finding the right structure at the right price.”
