Trigger Parametric launches with natural & man-made peril focus, alternative capital remit
A new specialist parametric risk transfer underwriter has been launched, with Trigger Parametric backed by insurtech veteran Graeme Dean and launched with the help of a senior underwriting team formed of employees previously at fintech Stable and the parametric division of Africa Specialty Risks (ASR).
Trigger Parametric is a UK based entity and will have a remit to operate as a managing general agent (MGA) focused on parametric opportunities, while also acting as a specialist fronting re/insurer for global parametric risks.
In addition the company wants to work closely with a wide-range of third-party capital providers, including alternative sources such as insurance-linked securities (ILS) specialists.
Trigger Parametric is backed by insurtech veteran Graeme Dean, who’s career pedigree includes founding specialist travel insurer Hotspot Cover, being a Director at embedded specialist Cover Genius, as well as time spent at international insurers Allianz and AIG.
Joining the launch team are a number of well-known industry executives, with specialist underwriting experience including in parametric insurance and reinsurance.
Dr Raveem Ismail will be the Managing Director and Chief Underwriting Officer (CUO) of the newly formed Trigger Parametric, coming from his last role at Africa Specialty Risks (ASR) where he was the Head Of Parametric Underwriting.
Also from ASR, Parametric Underwriter Ian Bishop has joined Trigger Parametric for its launch.
Ismail and Bishop ran the parametric underwriting division at ASR, during which time they created new parametric risk transfer products, and led the inaugural African cyclone index cover, in collaboration with the Mozambiquan government, the World Bank, Celsius Pro and PULA Advisors.
They previously also worked on the launch of Qomplx Underwriting, where they underwrote the world’s first cyber parametric policies on Chaucer paper.
Also joining Trigger Parametric’s underwriting team at its launch are two former employees of fintech Stable, William Ormerod and Patrick Tear.
The pair ran fintech Stable’s underwriting division, collaborating with a wide range of multinationals supported by capacity from Ascot, Everest, SiriusPoint, Vantage and Chaucer.
Backer Graeme Dean commented on the launch of Trigger Parametric, “Trigger’s founding comes at a time when parametric ranks as the most in-demand alternative risk solution.
“I welcome Raveem, Will, Pat and Ian: a high performing team operating at the frontiers of analytical risk transfer. Trigger will protect an ever-broader market, receptive to parametric risk transfer.”
Dr Raveem Ismail, Managing Director and CUO, added, “We have all been pushing the boundaries in event-based cover, and demonstrating to risk capital that there is diversifying additive premium we can bring to market.
“By founding Trigger, we will expand the range of risks addressable by parametric (re)insurance.”
Speaking with Artemis, Ismail explained that Trigger Parametric will be open to alternative capacity such as ILS capital.
He told us that a key strategy for Trigger Parametric will be in ensuring alternative capital is comfortable with parametric risk, suggesting there is an opportunity for ILS capacity providers to partner with this new company.
