US-based parametric re/insurance group NormanMax Insurance Holdings has received ‘approval in principle’ from Lloyd’s to launch parametric Syndicate 3939 in 2024, to be managed by Apollo Syndicate Management.
NormanMax noted that Syndicate 3939 aims to commence underwriting in April 2024, “focussing on natural catastrophe parametric re/insurance products that offer a unique and innovative business opportunity to the Lloyd’s market.”
The firm said it will combine 21st-century data and technology to create parametric solutions for global clients who are “underserved by traditional (re)insurance products, at a time of increased climate risk and volatility.”
Bradley Meier, CEO of NormanMax, commented, “We are thrilled at the opportunity to assist clients globally with parametric (re)insurance solutions and bring this business into Lloyd’s.
“It is my belief that we are only at the beginning of the global parametric insurance revolution, and we are pleased to be partnering with Apollo on this exciting journey.”
Meier continued, “The ability to provide worldwide access to parametric insurance solutions that utilize both public and proprietary data via Syndicate 3939 is a great first step in the mainstream adoption of parametric products.”
“NormanMax syndicate 3939 will be distributing its products globally, including in many underserved markets that traditionally lack a broad spectrum of insurance solutions. We are excited to be able to begin the process of serving these markets via the reach and financial security of the Lloyds Market.”
GC Securities is acting as financial advisor to NormanMax.
Andrew Gray, Apollo’s Director of Strategic Partner Syndicates, said, “We are incredibly excited to be partnering with NormanMax to support the delivery of their parametric strategy at Lloyd’s.
“Their innovative new parametric products can support closing the insurance protection gap for customers all over the world, providing peace of mind and speed of claims payment.”
Gray added, “Apollo’s track record of building successful and innovative businesses at Lloyd’s makes us the perfect long-term partner for organisations like NormanMax who are looking to benefit from the strengths of the Lloyd’s market whilst leveraging Apollo’s innovative and partnership mindset.
“We continue to strengthen and expand our offering of Strategic Partner Syndicates, providing greater opportunities for our partners, clients, and capital providers. We look forward to an exciting relationship with NormanMax and a successful 2024.”
