Always good to hear a new Lloyd’s Syndicate has been launched offering more choice to the market, here’s the word;
NormanMax Insurance Holdings, the US based parametric (re)insurance group, has launched Syndicate 3939, managed by Apollo, the market leading innovative integrated insurance group.
NormanMax Syndicate 3939 has commenced underwriting, focusing 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.
NormanMax Syndicate 3939 will offer parametric (re)insurance solutions globally, specifically designed for hurricanes, tropical cyclones, typhoons, and earthquakes to address the natural disaster protection gap. NormanMax Syndicate 3939 is pioneering as the first syndicate devoted exclusively to natural disaster parametric (re)insurance solutions, heralding a new era of parametric (re)insurance.
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 the world.
Stuart Newcombe, former Active Underwriter for Munich Re Innovation Syndicate 1840, will act as Active Underwriter for NormanMax Syndicate 3939. His extensive expertise will be crucial in guiding the Syndicate’s strategy and underwriting, and delivering NormanMax’s commitment to innovative and efficient parametric (re)insurance solutions.
Private capital is the historic cornerstone of the Lloyd’s market, and NormanMax is leveraging this foundation through partnerships with Argenta Private Capital Limited, Alpha Insurance Analysts and the High Premium Group to introduce a new age in catastrophe risk transfer at Lloyd’s. NormanMax is proud to announce that its private capital partners have been awarded freehold tenancy, a significant recognition that solidifies their long-term commitment and partnership in our innovative endeavours. Additionally, NormanMax has received strategic support from Helios Underwriting, renowned for its leadership in curating a portfolio of the top-performing syndicates at Lloyd’s. NormanMax is very grateful for all the support of all our freehold tenancy partners.
Guy Carpenter and GC Securities successfully advised on the Lloyd’s application and led the capital raise and reinsurance placement.
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