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Ascot Group, the specialist global re/insurance underwriter owned by Canadian pension allocator CPP Investments, has set up a dedicated global capability in parametric risk transfer, to offer products that are complementary to its property insurance and reinsurance offering.
Ascot is one of many companies to formalise its parametric risk transfer offering in recent months, as the market looks to capitalise on the growing interest in this still-developing sector.
While more than three decades old as a concept, parametric risk transfer is still only a tiny sliver of global re/insurance, but with growth expected to continue it is an area of the market everyone needs to offer.
Of course, underwriters such as Ascot had already been capable of quoting for parametric deals, but now the company is formalising its parametric capability and putting it under the watch of its Group Chief Underwriting Officer (CUO) Mark Pepper.
With Pepper as the parametric lead, supported by Ascot’s London property underwriting team, the company believes the enhanced capability will “complement the company’s current global property offering, providing innovative alternative solutions to support the evolving needs of clients in the space.”
Ascot said that its parametric insurance and reinsurance solutions will be available across perils and a range of industries.
They are designed to provide “critical, accessible coverage” to Ascot’s clients in what the company sees as an increasingly volatile risk landscape.
“As natural catastrophes continue to increase in both frequency and severity, Ascot’s experienced property underwriters and climate risk specialists can offer bespoke parametric policies to help protect clients against the occurrence of a specific, trigger-based event,” the company explained.
“Ascot remains a leading property (re)insurance underwriter and is committed to the space across both the traditional and alternative markets,” Ascot Group CUO Pepper said.
“We recognize that today’s Nat Cat clients are increasingly looking for new and flexible coverage offerings to help reduce protection gaps, support resiliency plans, and manage volatility in their businesses, and alternative solutions like parametric products enable them to access coverage for risks that may not be optimal for the traditional property market.
“In an uncertain world, we are committed to providing stability, diversity, and creativity in our property solutions over the long term.”
Ascot sets up dedicated global parametric re/insurance capability was published by: www.Artemis.bm
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