Provider of downtime insurance, Parametrix, is strengthening and expanding its operations in the United States with additional reinsurance capacity.
The firm has announced that partners Hannover Re and certain underwriters from Lloyd’s, which includes Tokio Marine Kiln, RenaissanceRe, and Apollo (through ibott Syndicate 1971) will join, or have renewed their commitment to the Parametrix panel of reinsurers.
The new structure is brokered by Howden Insurance Brokers Limited, UK.
A recent survey conducted by Parametrix showcases that concerns surrounding cloud downtime risk exposure are increasing.
However, with this extended reinsurance capacity, this will enable Parametrix to address the growing market for cloud downtime insurance in the United States and offer higher coverage limits to its US customers, while also strengthening and expanding its operations throughout the country.
Since Parametrix’s product launch in 2020, the company has paid multiple claims while meeting high market service standards of its partners.
Earlier this year, the firm partnered with IMA Financial Group to help more companies protect themselves and their customers against losses from cloud downtime.
Yonatan Hatzor, co-founder and CEO of Parametrix, commented: “Parametrix is excited to be working with insurance market leaders to benefit our customers with higher coverage limits and extended presence in the United States.
“This demonstrates our partners’ commitment to providing a solution to the ever-increasing risk of downtime, and their vote of confidence in Parametrix technology, capabilities and expertise in the downtime insurance domain.”
Rob Jarvis, head of innovation at Tokio Marine Kiln, added: “TMK is delighted to reaffirm our support for Parametrix as it continues to develop meaningful products to help clients manage new risks in a quickly evolving world.
“Parametrix’s technology and approach is unique and trusted by the market. This product fills a coverage gap, avoiding the long waiting periods and claims processes associated with other more traditional approaches.”
Dr. Stefan Sperlich, General Manager at Hannover Re, said: “We work closely with the Parametrix team on various initiatives to provide innovative solutions to risk management problems that were previously viewed as intractable.”
