Ardonagh’s Inver Re swoops for Aon’s parametric pioneer to build a global unit
Ardonagh-owned reinsurance broker Inver Re has tapped Aon’s global head of weather to build out its parametric offering amid hard market conditions and an influx of new investment in big data and analytics that it believes has set the stage for parametric solutions to play a leading role in the future of risk transfer market.
Kurt Cripps has been appointed to the newly created role of global head of parametric, where he will be responsible for leading parametric solutions, working across the broader $13 billion premium Ardonagh Group.
At Inver Re, Cripps will be responsible for building the “market’s first” dedicated global parametric team.
Cripps has nearly 20 years industry experience, with over a decade focused on alternative risk transfer. He was previously managing director and global head of weather at Aon Reinsurance Solutions, having joined Aon Benfield in 2009. His insurance career began as a broker at HSBC Reinsurance Brokers.
Cripps said: “Hard market conditions make this the right time for parametric products to be adopted by a wider range of customers. With the growth in big data and analytic capability alongside an influx of new investment, the conditions are set for parametric solutions to play a leading role in the future of risk transfer.
“Parametric solutions will fill the gaps created by market constraint with a clean product with agreed, transparent and speedy claims – and Ardonagh will be leading the way in the field of index-based solutions and bring additional capacity to our clients. With the world focusing its attention on TCFD & ESG, parametric will be an essential tool in assisting customers with transition risk.
“Personally, I’m also looking forward to working in an independent and nimble business with an uncompromising commitment to clients and inclusive colleague collaboration.”
Steve Hearn, Inver Re CEO said: “Kurt has pioneered parametric solutions in our market. Now could not be a better time for him to be joining us. We’re proud to welcome him and look forward to working together to develop a truly global team of experts.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
