CelsiusPro AG, the Zurich-based parametric insurance managing general agent, announced the acquisition of Global Parametrics Holding Co. Ltd.
CelsiusPro said the deal will strengthen its global capabilities to offer parametric risk transfer solutions to both private and public sector clients in developed and developing economies.
Financial details of the transaction were not disclosed.
The combined CelsiusPro and Global Parametrics group aims to help businesses, governments, NGOs, and communities build resilience against perils such as hurricanes, floods, earthquakes, and drought.
The acquisition complements CelsiusPro’s expertise in climate technology and parametric insurance design, structuring, and underwriting, primarily in developed economies, with Global Parametrics’ experience in delivering disaster risk management response in developing countries. Both companies will combine their expertise as MGAs to attract and deploy additional risk capacity, CelsiusPro said.
After the merger, the Global Parametrics team will continue to manage the Natural Disaster Fund (NDF), a risk capacity pool backed by commitments from the UK Government’s Foreign, Development and Commonwealth Office (FCDO) and by the German Federal Ministry for Economic Cooperation and Development via KfW, Germany’s development bank, CelsiusPro explained in a statement.
The NDF shares risks with global reinsurer Hannover Re, one of Global Parametrics’ longstanding key partners.
“The acquisition combines CelsiusPro’s expertise in climate technology and parametric insurance with Global Parametrics’ asset management approach to climate risk through the NDF and its MGA,” commented Mark Rueegg, CEO of CelsiusPro.
“This is key to our value proposition, as we see an increasing number of nat cat financing facilities, such as the Global Shield initiative launched at COP27, are looking for experts on parametric solutions and risk capital deployment. We are enthusiastic about the strategic fit between CelsiusPro and Global Parametrics and welcome our new colleagues to our group,” he added.
“We are grateful to our founder investors, FCDO and KfW (through the InsuResilience Investment Fund, IIF), for their support in the early stages of Global Parametrics’ development,” said Angus Kirk, CEO of London-based Global Parametrics.
“We are very excited about the next chapter with CelsiusPro.This partnership offers numerous opportunities to expand and enhance our offerings, thereby increasing and accelerating our impact on building resilience in underserved communities against the effects of climate change and natural disasters,” Kirk continued.
The combined group will serve clients from its offices in Zurich, Sydney, and London.
Topics Mergers & Acquisitions
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