NormanMax Insurance Holdings, the Miami, Florida-based parametric re/insurance group, has received “in principle” approval from Lloyd’s to launch a syndicate, which will be managed by Apollo Syndicate Management Ltd.
NormanMax Syndicate 3939 aims to commence underwriting in April 2024, focusing on parametric re/insurance products globally for natural catastrophes such as hurricanes, typhoons, and earthquakes.
NormanMax said it will combine 21st century data and technology to create parametric solutions for global clients who are underserved by traditional re/insurance products, at a time of increased climate risk and volatility. GC Securities is acting as financial adviser to NormanMax.
NormanMax is led by CEO Bradley Meier, former founder, chairman and CEO of both Universal Insurance Holdings and Universal Property and Casualty Insurance Co. as well as co-founder of parametric underwriting specialist New Paradigm Group.
NormanMax’s management team has extensive experience of successfully underwriting catastrophe risk in the most difficult climate affected areas in world, the company said.
“We are thrilled at the opportunity to assist clients globally with parametric re/insurance solutions and bring this business into Lloyd’s,” commented Bradley Meier, CEO of NormanMax.
“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,” Meier added. “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.”
He noted that NormanMax Syndicate 3939 will distribute its products globally, including in many underserved markets that traditionally lack a broad spectrum of insurance solutions.
“We are incredibly excited to be partnering with NormanMax to support the delivery of their parametric strategy at Lloyd’s,” remarked Andrew Gray, Apollo’s director of Strategic Partner Syndicates, which supports new Lloyd’s entrants from initial concept to full managing agency services. “Their innovative new parametric products can support closing the insurance protection gap for customers all over the world, providing piece of mind and speed of claims payment.”
Source: NormanMax
Photograph: This Tuesday, Aug. 29, 2023, 1:31 p.m. EDT satellite image provided by the National Oceanic and Atmospheric Administration shows Hurricane Idalia, center, approaching Florida’s Gulf Coast, and Hurricane Franklin, right, as it moves along the East coast of the United States, southwest of Bermuda. (NOAA via AP)
Topics Carriers Excess Surplus Reinsurance Lloyd's
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