Global Parametrics, a specialist in parametric risk transfer solutions and a member of the CelsiusPro Group, has entered a new partnership with Canopius, a global specialty and property and casualty (re)insurer, to become a Lloyd’s coverholder for Syndicate 4444.
According to a news release, under the agreement, Global Parametrics is granted binding authority to underwrite parametric insurance products on behalf of Canopius. As a coverholder, the company will manage and deploy risk capacity aligned with the guidelines of Syndicate 4444, one of the largest syndicates operating within the Lloyd’s of London insurance marketplace.
Mark Rueegg, chief executive officer of CelsiusPro Group, described the collaboration as “a major milestone.”
“We are doubling down on our Group’s core expertise of structuring parametric solutions and our approach to deploying risk capacity for climate and natural catastrophe perils,” Rueegg said. “We are also thrilled to become part of the Lloyd’s of London ecosystem.”
Alois Rouffiac, Canopius UK chief underwriting officer, emphasized the significance of the agreement, noting that the partnership “enables Canopius to deploy risk capacity for parametric solutions globally,” and supports the broader mission of addressing “the growing protection gap in regions where underinsurance remains a pressing issue.”
Initially, Global Parametrics will focus on underwriting perils such as tropical cyclones, earthquakes, floods, and excess rainfall. The move builds on the company’s experience managing the Natural Disaster Fund (NDF) since 2018. The NDF is a public-private partnership backed by the UK Foreign, Commonwealth and Development Office and Germany’s KfW development bank on behalf of the German Federal Ministry for Economic Cooperation and Development.
This collaboration coincides with a broader industry shift toward parametric insurance solutions, as insurers and governments seek innovative ways to address the escalating financial impacts of climate-related disasters. In the US, the National Association of Insurance Commissioners (NAIC) recently adopted its first National Climate Resilience Strategy for Insurance, aiming to close coverage gaps and improve recovery from natural disasters.
In Europe, the European Insurance and Occupational Pensions Authority (EIOPA) has called for a recalibration of capital requirements to reflect rising climate-driven disasters across the continent.
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