US parametric (re)insurer to launch Lloyd’s syndicate in 2024
US based parametric re/insurance group NormanMax Insurance Holdings has received ‘approval in principle’ from Lloyd’s to launch a syndicate in 2024, focused on natural catastrophe parametric re/insurance products.
NormanMax Syndicate 3939 will be managed by Apollo Syndicate Management and aims to commence underwriting in April 2024.
“NormanMax 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,” said the firm.
NormanMax is led by CEO Bradley Meier, former founder, chairman and CEO of both Universal Insurance Holdings and Universal Property and Casualty Insurance, as well as co-founder of parametric underwriting specialist New Paradigm Group.
“We are thrilled at the opportunity to assist clients globally with parametric (re)insurance solutions and bring this business into Lloyd’s,” said Meier. “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 utilise both public and proprietary data via Syndicate 3939 is a great first step in the mainstream adoption of parametric products.”
He added: “NormanMax syndicate 3939 will be distributing its products globally, including in many underserved markets that traditionally lack a broad spectrum of insurance solutions. We are excited to be able to begin the process of serving these markets via the reach and financial security of the Lloyds Market.”
Andrew Gray, Apollo’s director of strategic partner syndicates said: “We are incredibly excited to be partnering with NormanMax to support the delivery of its parametric strategy at Lloyd’s. Its 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.
Gray added: “Apollo’s track record of building successful and innovative businesses at Lloyd’s makes us the perfect long-term partner for organisations like NormanMax, who is looking to benefit from the strengths of the Lloyd’s market while leveraging Apollo’s innovative and partnership mindset. We continue to strengthen and expand our offering of Strategic Partner Syndicates, providing greater opportunities for our partners, clients, and capital providers. We look forward to an exciting relationship with NormanMax and a successful 2024.”
