Reinsurance News
Parametrix Insurance
Parametrix secures $50m parametric cloud outage coverage for US retail chain
12th July 2024
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 ... Read the full article
Parametrix Analytics launches for cloud risk modeling
15th April 2024
Parametrix, a provider of cloud monitoring, modeling, and insurance services has launched Parametrix Analytics, a brand new service that will allow re/insurers to quantify, effectively manage, and efficiently transfer cloud risks with unprecedented accuracy. According to the announcement, Parametrix Analytics’ proprietary modeling approach is based on "discovery and analysis of the ... Read the full article
Hannover Re & Parametrix launch world’s first cloud outage catastrophe bond
15th April 2024
Large European reinsurer Hannover Re has, in collaboration with Parametrix, issued the world's first cloud outage catastrophe bond, a $13.75 million privately placed transaction called Cumulus Re. Issued via Hannover Re's wholly owned Bermuda domiciled subsidiary, Kaith Re Ltd., the parametric cat bonds provide the reinsurer with incremental retrocession coverage against ... Read the full article
Parametrix introduces AI monitoring capabilities to manage and mitigate BI risks
7th March 2024
Managing general agent Parametrix, has expanded its capabilities to include real-time monitoring of the availability of Artificial Intelligence (AI) services to enable holistic business interruption insurance for the digital supply chain. Thanks to its expanded capabilities, Parametrix can now monitor AI platforms such as OpenAI’s ChatGPT, Google Gemini, Claud, and others, ... Read the full article
Sensible Weather secures strategic investment from Amex Ventures to bolster climate finance platform
25th September 2023
Sensible Weather, a climate finance platform dedicated to empowering individuals to confidently engage with the world around them, has recently announced the closure of a strategic investment from Amex Ventures. This funding round also witnessed participation from Sensible's seed and series A lead investors, Wonder Ventures and Infinity Ventures, as well ... Read the full article
Caution urged for quieter 2023 Atlantic Hurricane Season: Swiss Re CorSo
7th June 2023
Experts are predicting a quieter Atlantic hurricane season in 2023, but cautionary advice from Katie McGrath from Swiss Re Corporate Solutions emphasises the critical need for preparedness and financial protection, as one devastating storm can have catastrophic consequences for communities. McGrath, Regional CEO North America of Swiss Re Corporate Solutions, highlights ... Read the full article
Leading cloud service providers faced 1000+ disruptions in 2022: Parametrix
22nd March 2023
The world’s leading providers of cloud services suffered 1,190 performance disruptions across their cloud landscape in 2022, of which 492 were classified as critical, according to a report from Parametrix. Businesses were affected by limited access to cloud storage and the cloud-native services provided by Amazon Web Services, Microsoft Azure, and Google ... Read the full article
Cloud outage next risk class primed for ILS risk transfer, says Parametrix
16th February 2023
Parametrix has announced it is working to bring Insurance-Linked Securities transactions to market which would protect ceding re/insurers against a sustained outage of “the cloud” to which many are exposed through their cyber portfolios. The leading provider of cloud downtime insurance suggests that a “Cloud-in-a-Box” transaction would employ a concrete, predetermined, ... Read the full article
MS Azure outage triggers Parametrix parametric cloud insurance
26th January 2023
Earlier this week, Parametrix, the leading provider of cloud downtime insurance, monitored an outage of Microsoft Azure, the world’s second-ranked cloud service provider. Part of the ‘Big Three’, which includes Amazon Web Services and Google Cloud Platform (GCP), Azure boasts a reported 22% global market share. The outage event affected thousands of ... Read the full article
Parametrix strengthens US operations with additional reinsurance capacity
15th December 2022
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 ... Read the full article
Parametrix introduces downtime insurance for content delivery networks
15th August 2022
IT downtime coverage provider Parametrix Insurance has announced the launch of a new product that aims to protect businesses from the financial fallout of third-party content delivery network (CDN) outages. Parametrix CDN Downtime Insurance is designed to secure cash flow to fix any damages after a business’s main sales and communication ... Read the full article
Parametrix & IMA partner on cloud downtime insurance
20th May 2022
Parametrix Insurance, a provider of parametric cloud downtime insurance, and IMA Financial Group (IMA), a North American insurance brokerage firm, have announced that they have entered into a partnership to help more companies protect themselves and their customers against losses from cloud downtime. The partnership will allow IMA to make Parametric ... Read the full article
Parametrix appoints Hiscox’s Rick Wong to lead insurance
23rd February 2022
Parametrix Insurance, a provider of parametric cloud downtime insurance, has named Hiscox's Rick Wong as its Head of Insurance, where he will lead a team focused on broker relations and the development of the broker channel. Wong brings 18 years of industry experience to the firm having held roles in underwriting, ... Read the full article
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