Beazley Launches Parametric Climate Risk Management Product with new Lloyd’s Coverholder, Arbol – Marsh & McLennan (NYSE:MMC)
LONDON, May 25, 2023 /PRNewswire/ — Global climate risk solutions platform Arbol and leading insurer, Beazley, have announced the launch of specialist parametric weather products to the US market. Cutting-edge products are now available for a range of perils, including low and excess precipitation, low and excess wind speed, high and low temperature, and lack of solar irradiance.
Arbol’s proprietary pricing platform is powered by artificial intelligence and a dedicated climate data infrastructure to inform underwriting operations. Weather data indices are used to develop customised parametric products, using triggers specific to the peril and the insured.
Guy Carpenter served as the sole placing broker and was responsible for securing the required capacity.
Hong Guo, EVP and Chief Insurance Officer of Arbol said, “This milestone validates our commitment to delivering innovative risk management solutions. It opens new possibilities to serve our clients and the insurance industry as businesses seek to effectively manage emerging climate risks.”
Neil Kempston, Head of Incubation Underwriting at Beazley, added, “Beazley is committed to supporting the development of weather parametric products that ease the challenges the agricultural supply chain and renewable energy markets face as we move to net zero. By building a long-term partnership with Arbol we can deliver for our brokers and their clients.”
The product is now available in the U.S on a surplus lines basis. More details can be found at https://www.arbol.io.
Arbol Insurance Services (an Arbol subsidiary) has also now been appointed as a Lloyd’s coverholder, with a facility led by Beazley supported by Tokio Marine Kiln and Nephila.
Arbol is an innovative global fintech company that provides full-service solutions for businesses seeking to manage climate risk exposure. Arbol’s parametric coverage pays out based on objective data triggers, rather than traditional subjective loss assessments. By leveraging advanced technologies like AI underwriting, big data, and blockchain-powered operational efficiencies, Arbol delivers much-needed scale and transparency to the climate risk insurance space. We aim to drive innovation and collaboration to support climate-friendly investment and help organizations manage climate-related risks.
Learn more about Arbol at: www.arbol.io
Beazley plc (BEZ.L) is the parent company of specialist insurance businesses with operations in Europe, United States, Canada, Latin America and Asia. Beazley manages seven Lloyd’s syndicates and, in 2022, underwrote gross premiums worldwide of $5,268.7m. All Lloyd’s syndicates are rated A by A.M. Best.
Beazley’s underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd’s.
Beazley’s European insurance company, Beazley Insurance dac, is regulated by the Central Bank of Ireland and is A rated by A.M. Best and A+ by Fitch.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, cyber, property, marine, reinsurance, accident and life, and political risks and contingency business.
For more information please go to: beazley.com
About Guy Carpenter
Guy Carpenter & Company, LLC is a leading global risk and reinsurance specialist with 3,400 professionals in over 60 offices around the world. Guy Carpenter delivers a powerful combination of broking expertise, trusted strategic advisory services and industry-leading analytics to help clients adapt to emerging opportunities and achieve profitable growth. Guy Carpenter is a business of Marsh McLennan MMC, the world’s leading professional services firm in the areas of risk, strategy and people. The Company’s more than 85,000 colleagues advise clients in 130 countries. With annual revenue of over $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses including Marsh, Mercer and Oliver Wyman. For more information, visit www.guycarp.com and follow us on LinkedIn and Twitter.
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