Lloyd’s players back Parametrix extend reinsurance capacity

Lloyd’s coverholder Parametrix, a provider of downtime insurance, is strengthening and expanding its operations in the US with additional reinsurance capacity provided by underwriters from Lloyd’s and Hannover Re.

Tokio Marine Kiln, RenaissanceRe, and Apollo (through ibott Syndicate 1971) are among those that have joined or have renewed their commitment to the Parametrix panel of reinsurers.

The new structure is brokered by Howden Insurance Brokers, UK.

The extended reinsurance capacity will enable Parametrix to address the growing market for cloud downtime insurance in the US as risk exposure increases.

“Parametrix is excited to be working with insurance market leaders to benefit our customers with higher coverage limits and extended presence in the United States,” said Yonatan Hatzor (pictured), co-founder and CEO of Parametrix. “This demonstrates our partners’ commitment to providing a solution to the ever-increasing risk of downtime, and their vote of confidence in Parametrix technology, capabilities and expertise in the downtime insurance domain.”

Rob Jarvis, head of innovation at Tokio Marine Kiln, said: “TMK is delighted to reaffirm our support for Parametrix as it continues to develop meaningful products to help clients manage new risks in a quickly evolving world.

“Parametrix’s technology and approach is unique and trusted by the market. This product fills a coverage gap, avoiding the long waiting periods and claims processes associated with other more traditional approaches.”

Stefan Sperlich, general manager at Hannover Re, added: “We work closely with the Parametrix team on various initiatives to provide innovative solutions to risk management problems that were previously viewed as intractable.”

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