Latest from NormanMax Holdings;
NormanMax Insurance Holdings, the US based parametric (re)insurance group, has received ‘approval in principle’ from Lloyd’s to launch a syndicate in 2024, to be managed by Apollo Syndicate Management Ltd, the market leading innovative integrated insurance Group.
NormanMax Syndicate 3939 aims to commence underwriting in April 2024, focussing on natural catastrophe parametric (re)insurance products that offer a unique and innovative business opportunity to the Lloyd’s market. 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. GC Securities is acting as financial advisor to NormanMax.
NormanMax is led by CEO Bradley Meier, former Founder, Chairman and CEO of both Universal Insurance Holdings (NYSE:UVE) and Universal Property and Casualty Insurance Company as well as Co-Founder of parametric underwriting specialist New Paradigm Group. NormanMax’s diverse management team has extensive experience of successfully underwriting catastrophe risk in the most difficult climate affected areas in world.
Apollo provides Lloyd’s managing agency services to businesses that share its values of innovation and collaboration; and forms long term partnerships to deliver successful businesses at Lloyd’s.
Bradley Meier, CEO of NormanMax commented: “We are thrilled at the opportunity to assist clients globally with parametric (re)insurance solutions and bring this business into Lloyd’s. 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 utilize both public and proprietary data via Syndicate 3939 is a great first step in the mainstream adoption of parametric products.”
“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.”
Be the first to comment