Arbol, a technology underwriter of parametric risk transfer, climate and weather insurance or reinsurance, announced the launch of a UK-based, London-based Managing General Agent (MGA), with an entity backed by Lloyd’s syndicate ready to underwrite global parametric activities. .
Arbol Insurance Services – UK will offer global parametric weather risk transfer products, backed by an AM Best ‘A’ rated Lloyd’s syndicate, the company said.
Hector Ibarra, a well-known executive in the field of parametric risk transfer, who joined the company earlier this yearis expected to lead the MGA operation for Arbol.
The new MGA, based in London, will serve the international insurance market outside of the United States, which Arbol says reflects its commitment to serving stakeholders affected by climate risk globally.
The Arbol MGA in London will use the company’s already existing UK partnerships with capacity providers and brokers to implement its global network approach, with Arbol aiming to “redefine standards for resilience and sustainability around the world “, the company said today.
“Our expansion into the UK represents a pivotal moment for Arbol. Our goal is to provide businesses with simple and practical tools to manage climate risks. Our London-based MGA combines the technology, data and proprietary underwriting tools of the Arbol ecosystem with our team’s global expertise in structuring climate solutions, providing businesses with a reliable shield against seasonal climate risks and catastrophic. As climate change impacts more businesses and communities globally, we remain steadfast in our mission to help global stakeholders build operational resilience to these risks,” commented Sid Jha, CEO and founder of Arbol.
“Arbol specializes in parametric financial products, providing businesses with a streamlined approach to climate risk management. Customers benefit from fast claims payments once predefined triggers are met. This ensures rapid economic recovery, streamlined claims processing and consistent cash flow for businesses,” added Hector Ibarra, Managing Director of Arbol Insurance Services – UK.
Arbol’s UK MGA will operate under FCA regulation to offer clients a range of parametric risk transfer and insurance products for the agriculture, renewable energy and construction sectors.
The company will seek to address risks such as changes in precipitation and extreme temperatures with MGA’s product offering, while also offering parametric solutions for catastrophic events such as hurricanes, hail and flooding.
The company said it would leverage its links with the Lloyd’s market and London brokerage community to partner capably and offer its range of parametric products more widely around the world.