Earlier this week, Parametrix, a provider of cloud monitoring, modeling, and insurance services, successfully secured a $50 million parametric cloud outage coverage for a US retail chain.
As announced by Parametrix’s Chief Commercial Officer, Sharon Haran, this innovative coverage provides the client with protection against Amazon Web Services (AWS) outages during its sale season.
The $50 million placement was designed by re/insurance broker Aon, and supported by re/insurers Hannover Re, HDI Global Specialty, Munich Re Syndicate, Chaucer, Tokio Marine Kiln, Apollo ibott 1971, Aspen Insurance, and Ki Insurance.
Haran also expressed gratitude to insurance and reinsurance broking group Howden’s team for their orchestration of this innovative insurance policy.
“This achievement underscores our commitment to providing cutting-edge risk management solutions in the digital age,” said Haran in a LinkedIn post.
It’s certainly an interesting cyber risk placement, and follows German reinsurer Hannover Re’s $13.75 million cloud outage catastrophe bond transaction from April of this year, Cumulus Re (Series 2024-1).
The cat bond is the first ever to cover cloud outage risks, and Parametrix helped the firm secure the cyber retrocession for this peril.
