NormanMax launches parametric syndicate with Apollo
NormanMax launches parametric syndicate with Apollo | Insurance Business New Zealand
Reinsurance
NormanMax launches parametric syndicate with Apollo
It will focus on nat cat reinsurance products for hurricanes and other weather events
Reinsurance
By
Kenneth Araullo
NormanMax Insurance Holdings, a US-based parametric re/insurance group, has launched Syndicate 3939, managed by Apollo, an integrated insurance group.
NormanMax Syndicate 3939 has begun underwriting, focusing on natural catastrophe parametric reinsurance products for hurricanes, tropical cyclones, typhoons, and earthquakes. The syndicate aims to address the natural disaster protection gap using advanced data and technology to offer parametric solutions globally amid increasing climate risk and volatility.
The syndicate is the first dedicated exclusively to natural disaster parametric reinsurance solutions, marking a new era in the industry.
Bradley Meier, CEO of NormanMax, leads the company. Meier previously founded Universal Insurance Holdings and Universal Property and Casualty Insurance Company and co-founded parametric underwriting specialist New Paradigm Group. NormanMax’s management team brings extensive experience in underwriting catastrophe risk in climate-affected areas worldwide.
Stuart Newcombe, former active underwriter for Munich Re Innovation Syndicate 1840, will serve as active underwriter for NormanMax Syndicate 3939. His expertise will guide the syndicate’s strategy and underwriting.
NormanMax leverages private capital, a historic cornerstone of the Lloyd’s market, through partnerships with Argenta Private Capital Limited, Alpha Insurance Analysts, and the High Premium Group.
These partnerships aim to introduce a new age in catastrophe risk transfer at Lloyd’s. NormanMax’s private capital partners have been awarded freehold tenancy, solidifying their long-term commitment. The company has also received strategic support from Helios Underwriting.
Guy Carpenter and GC Securities advised on the Lloyd’s application and led the capital raise and reinsurance placement. NormanMax partnered with Apollo, which provides Lloyd’s managing agency services, to ensure long-term collaboration.
“This launch signifies the official start of the global parametric insurance revolution, and we are pleased to be partnering with Apollo on this journey. As the landscape of risk has changed over the past 300 years, so has Lloyd’s. Parametric insurance represents another milestone in Lloyd’s history of delivering innovative products,” Meier said.
Meier expressed gratitude to the experienced team of reinsurance professionals focused on parametric climate solutions for natural disasters and highlighted the significance of joining the Lloyd’s marketplace. He acknowledged the support of the Lloyd’s team in preparing Syndicate 3939 for its launch.
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