The global platform that offers companies access to index-based weather risk protection, weatherXchange, has revealed that Sompo Global Weather, a division of Sompo International Holdings Ltd., is to provide the weatherXchange Instantaneous Indicative Pricing service with indicative pricing.
According to an announcement by weatherXchange, the Instantaneous Indicative Pricing service will assist with the streamlining of the structuring process for both brokers and hedgers, offering an idea of the costs related to a certain structure absent engagement with the protection seller in person.
David Whitehead, Co-Chief Executive Officer (CEO) at weatherXchange, commented; “We are excited to have Sompo Global Weather participate in the provision of Instantaneous Indicative Pricing. We believe instant pricing can dramatically improve market efficiency especially in the early stages of tailoring a weather hedge.
“Sompo has a long track record of innovative thinking, in-depth market knowledge, and the ability to offer a wide range of index-based weather structures.”
The new service, which forms a new part of the weatherXchange platform, offers potential buyers of index-based weather risk coverage with online visibility to companies, explains weatherXchange.
President of Sompo Global Weather, Martin Malinow, said; “We are excited at the opportunity to partner with weatherXchange to offer market-leading access to Sompo’s WeatherLock products. Our unique analytic platform allows for instantaneous pricing for clients which we believe will expand demand for our products to new clients across weather-exposed industries.”
