Latest news with #GlobalParametrics
Yahoo
25-04-2025
- Business
- Yahoo
Global Parametrics named Lloyd's coverholder for Canopius
Canopius, an international specialty lines and property and casualty (P&C) reinsurer, has selected Global Parametrics, a CelsiusPro company, as a coverholder for its Lloyd's Syndicate 4444. Under a binding authority agreement, Global Parametrics is authorised to underwrite for Canopius. The agreement will see Global Parametrics building a portfolio for Canopius, focusing initially on natural disaster perils such as tropical cyclones, earthquakes, floods and excess rainfall. This alliance capitalises on Global Parametrics' expertise in managing the natural disaster fund (NDF) since 2018. Global Parametrics will provide underwriting services and allocate risk capacity in accordance with the guidelines established by Syndicate 4444. CelsiusPro Group CEO Mark Rueegg said: 'The partnership with Canopius is a major milestone for our company. 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. We are also thrilled to become part of the Lloyd's of London ecosystem as it will foster our ability to help more clients and communities become more resilient.' Canopius UK chief underwriter officer Alois Rouffiac stated: 'This partnership enables Canopius to deploy risk capacity for parametric solutions globally, which represents an attractive opportunity to further expand parametric insurance as a scalable solution. We believe these products can address the growing protection gap in regions where underinsurance remains a pressing issue.' In February, Canopius approved Qubit as a coverholder to distribute digital asset custody and crime insurance products from Hong Kong. Meanwhile, in the same month, Global Parametrics was in the news for offering parametric insurance cover to coffee farmers in Vietnam, in collaboration with Willis, a WTW business. "Global Parametrics named Lloyd's coverholder for Canopius " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
17-02-2025
- Business
- Yahoo
Willis, Global Parametrics offer parametric cover for Vietnam coffee farmers
Willis, a WTW business, and Global Parametrics, a CelsiusPro Group company, have unveiled parametric insurance cover to coffee farmers in Vietnam. This payout compensates for losses incurred during the 2024 coffee-growing season due to low rainfall. In early 2024, Willis placed the parametric solution with Bao Minh Insurance Corporation in Vietnam. This insurance protects coffee farmers' revenue against yield losses caused by insufficient rainfall during the flowering period, the release said. The solution leverages satellite data to monitor rainfall levels in Vietnam's coffee-growing regions, ensuring a 'timely' payout when rainfall falls below predefined thresholds. The risk capacity for these payouts was provided by the Natural Disaster Fund (NDF), a public-private partnership managed by Global Parametrics. The NDF's contributors include the UK's Foreign, Commonwealth and Development Office and German development bank KfW. The coffee climate protection insurance (CCPI) programme was developed by Willis and Global Parametrics under the De-Risk South East Asia initiative. It involves collaboration with ECOM Agroindustrial Corp, Bao Minh Insurance Corporation and the University of Southern Queensland in Australia. Global Parametrics CEO Angus Kirk said: 'Many of these farmers operate on a small scale with limited financial resources, which constrains their ability to cope with the impact of deviations in rainfall and temperature patterns on their crops. We look forward to continuing our work with our partners in Vietnam.' Willis alternative risk transfer solutions MD Claire Wilkinson said: 'This programme supports the resilience of coffee farmers in Vietnam against the impacts of an increasingly volatile climate, giving them much-needed financial support and allowing them to recover quickly when adverse weather threatens their livelihoods.' Willis Towers Watson (WTW) posted net income of $1.25bn (£992.24m) for the fourth quarter of 2024, an increase from $623m in the same quarter of 2023. However, for the full year of 2024, WTW registered a net loss of $88m, compared with a net income of $1.1bn in 2023. "Willis, Global Parametrics offer parametric cover for Vietnam coffee farmers " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
