US-based parametric insurance group NormanMax has been granted “approval in principle” by Lloyd’s to initiate a syndicate in 2024, which will be managed by Apollo Syndicate Management Ltd.
The proposed NormanMax Syndicate 3939 is slated to begin underwriting in April 2024, with a focus on natural catastrophe parametric re/insurance products. These offerings are positioned as both unique and innovative for the Lloyd’s market.
NormanMax plans to leverage modern data and technology to develop parametric solutions tailored for global clients who are currently underserved by traditional re/insurance products, especially in the context of heightened climate risks and market volatility. GC Securities is providing financial advisory services to NormanMax during this process.
The company is helmed by CEO Bradley Meier, known for his founding roles at Universal Insurance Holdings, Universal Property and Casualty Insurance Company, and as co-founder of New Paradigm Group, a parametric underwriting specialist. NormanMax’s management team also touts a diverse background with experience in underwriting catastrophe risk in some of the most climate-affected regions globally.
Apollo offers managing agency services to businesses at Lloyd’s, fostering long-term partnerships to establish successful ventures within the market.
“We are thrilled at the opportunity to assist clients globally with parametric re/insurance solutions and bring this business into Lloyd’s,” NormanMax CEO Bradley Meier said. “It is my belief that we are only at the beginning of the global parametric insurance revolution, and we are pleased to be partnering with Apollo on this exciting journey. The ability to provide worldwide access to parametric insurance solutions that utilize both public and proprietary data via Syndicate 3939 is a great first step in the mainstream adoption of parametric products.”
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