K2 Insurance hires Swiss Re veteran to launch new parametric MGA

California-based specialty insurance services company K2 Insurance Services has launched a new managing general agent (MGA) with the hiring of a parametric insurance specialist from Swiss Re.

K2 Parametric will be led by Scott Carpinteri, who is an industry veteran with over 25 years of insurance experience.

Carpinteri has been with Swiss Re Corporate Solutions for the last six year where he has been instrumental in advancing the progress of parametric insurance as a risk management tool.

Parametric insurance is an up-and-coming space in the insurance arena. The policies involve pre-agreed claim amounts based on the local parameters of independently, objectively measurable events, such as Hurricanes or Earthquakes. The policy proceeds can be used by the insured to offset any net costs related to the event, well beyond physical damage costs, which can supplement gaps in traditional indemnity insurance policies.

"Parametric Insurance is my professional passion and I look forward to providing collaborative, bespoke solutions for brokers and clients," said Carpinteri. "The MGA production model is ideal for the parametric space as it allows for utmost focus on the sales process which relies upon three key elements: education, education, and education."

Nate Hunter, chief financial officer of K2, said: "We are extremely excited to partner with Scott – his underwriting acumen and knowledge of Parametric Insurance are unparalleled in our experience. Scott is precisely the sort of partner we seek to join our growing team – he has a loyal, deep following of production sources and is highly capable of generating an outstanding underwriting result for his capacity partners."

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