16 October 2017Insurance

Meteo Protect becomes Lloyd’s coverholder

Weather risk management provider Meteo Protect has been named a coverholder at Lloyd’s.

In this capacity, Meteo Protect holds the authority to underwrite and issue policies on behalf of Lloyd's syndicates.

"We are extremely proud of this expression of trust from Lloyd’s. Meteo Protect’s coverholder relationship with Lloyd's offers a wealth of new opportunities to provide weather index-based insurance to the market” said Gabriel Gross, CEO of Meteo Protect.

“As the market has developed with a significant growth in weather sensitive businesses seeking customized hedging solutions, so has Meteo Protect evolved to have strong international distribution partnerships with leading risk takers, financial institutions and agricultural cooperatives and associations, now including the specialist classes of business underwritten at Lloyd's.”

Guy-Antoine de La Rochefoucauld, director for Lloyd's France, noted: “The Lloyd’s coverholder structure allows innovation- driven providers like Meteo Protect to bring new ideas and expertise to businesses with the strong financial backing for which Lloyd’s is recognised.”

Meteo Protect is an underwriting and brokerage firm specializing in structuring, pricing, delivering and managing weather parametric insurance for weather-sensitive businesses with a focus on the agriculture and agri-food and the energy sector. Meteo Protect’s proprietary white label underwriting and pricing platform, Vivaldi, allows insurance companies to provide full automated and customized weather risk financial solutions to their clients, according to the company.

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More on this story

12 October 2017   Risk Cooperative, a US-based specialist insurance and risk advisory firm, has received approval to operate as a coverholder at Lloyd’s for cyber insurance.
24 January 2018   Lloyd's has granted coverholder status to specialty lines programme administrator Axon Underwriting, allowing it to underwrite and issue policies on behalf of certain Lloyd's underwriting syndicates.
23 April 2018   The largest professional agricultural association in Spain will offer parametric insurance for a second year in a row through Lloyd’s coverholder Meteo Protect. The protection is designed to protect its 22,000 olive farmers from the financial consequences of extreme temperatures on their olive fields.