NormanMax Insurance Holdings, the Miami, Florida-based parametric re/insurance group, has launched Lloyd’s Syndicate 3939, in partnership with third-party managing agent Apollo.
NormanMax Syndicate 3939 is the first syndicate to focuse on natural catastrophe parametric re/insurance products for hurricane, tropical cyclone, typhoon and earthquake.
“NormanMax will combine 21st century data and technology to create parametric solutions for clients around the globe to address the natural disaster protection gap, at a time of increased climate risk and volatility,” the company said.
NormanMax first received in-principal approval from Lloyd’s to launch Syndicate 3939 in December 2023.
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.
Stuart Newcombe, former active underwriter for Munich Re Innovation Syndicate 1840, has been named active underwriter for NormanMax Syndicate 3939.
NormanMax has partnered with Apollo, which provides Lloyd’s managing agency services, via a long-term partnership model. (In addition to providing third-party managing agency services that support new Lloyd’s entrants, Apollo also is a re/insurer that underwrites via three Lloyd’s syndicates.)
NormanMax said it has received private capital support from Argenta Private Capital Ltd., Alpha Insurance Analysts and the High Premium Group. Additionally, NormanMax has received strategic support from Helios Underwriting, which has a stated aim of building a portfolio of Lloyd’s capacity made up of top-performing syndicates.
Guy Carpenter and GC Securities advised on the Lloyd’s application and led the capital raise and reinsurance placement.
“Guy Carpenter is delighted to have worked closely with the NormanMax team, using our in-depth capabilities in structuring and capital management to create the first parametric syndicate at Lloyd’s,” commented Vicky Carter, Global Capital Solutions, International, in a statement.
“Parametric products provide an innovative alternative risk-transfer solution that deliver transparency and ensure speed of payment. Such solutions can bridge critical insurance gaps, be distributed efficiently and at scale, and address issues around trapped capital,” Carter added.
“This launch signifies the official start of the global parametric insurance revolution, and we are pleased to be partnering with Apollo on this exciting journey,” according to Bradley Meier, CEO of NormanMax.
“As the landscape of risk has changed over the past three hundred years, so has Lloyd’s. Parametric insurance represents another milestone in Lloyd’s rich history of delivering relevant innovative products similar to when business interruption insurance was introduced by Lloyd’s in the early 20th century,” Meier continued.
“We are especially excited to be joining the Lloyd’s marketplace and for the opportunity to access Lloyd’s global licenses and reach, to deliver parametric re/insurance products on a worldwide scale,” he said.
“This is a hugely exciting development for Apollo, NormanMax, and Lloyd’s, as we bring innovative, new natural catastrophe parametric products to the market. We are delighted to have been able to support NormanMax’s entry to Lloyd’s and very excited for what the future holds,” said Andrew Gray, Apollo’s director of Strategic Partner Syndicates.
Source: NormanMax Insurance Holdings
Related:
Topics Excess Surplus Lloyd's
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