Descartes Underwriting, the insurance innovation (insurtech) focused managing general company (MGA) that specialises in parametric and data-driven threat transfer products, has opened its first workplace in London as it targets local growth and enhanced access to worldwide risks in the London market.Descartes Underwriting announced 2 essential visits together with the office launch, with Paul Jones worked with from AXA XL and signing up with the firm as the Business Development Director– U.K. & & Ireland, while Alessandro Girelli transitions from Descartes Paris office to function as Underwriting Manager, overseeing the London International Market activity.
Jones has near to 20 years experience in underwriting, customer management and alternative danger transfer, with his newest role at AXA XL, where he assisted establish AXA Parametrics in the UK, prior to which he worked at Allianz.
Girelli has extensive underwriting and data science experience and played an important role in establishing Descartes custom analytical and maker learning designs for threat analysis.
The set will handle the roll-out of Descartes parametric danger transfer offering in the region and across the London insurance coverage and reinsurance market.
” With heavy rains occasions in July 2021 leading to healthcare facility closures and huge facilities interruptions, persistent dry spells and higher abnormalities in temperatures putting pressure on the energy sector, climate and weather risks have put the U.K. and Ireland insurance coverage markets on watch. In light of hardening market conditions, brokers have been doing their finest to restructure intricate placements.
” A succession of record breaking severe weather condition events in all corners of the world this year serves to highlight the broadened exposure of all trade sectors to climate dangers,” added Alessandro Girelli, Underwriting Manager– London International Market. “As the historic center of insurance coverage, it makes sense for the London market to be at the vital forefront of positioning international Nat Cat and climate exposures. We are proud to bring Descartes parametric options closer to brokers and business clients in the U.K., Irish and London International markets.”
Descartes is structured as an MGA and is backed by a panel of tier-one threat providers, with the capability to supply $200 million USD in capacity per policy.
Just over a year back, Descartes revealed an $18.5 million Series A funding round from leading international venture capital companies to scale up the parametric insurance space.
Part of this was expanding its footprint in crucial markets and Descartes Underwriting launched into the essential United States and North American market at the end of 2020.
The company then launched in Asia Pacific earlier this year too.
With a focus on corporate insurance coverage protection versus natural catastrophe and climate risks, Descartes has been broadening the remit of the parametric trigger, working throughout numerous dangers and perils.
Now, the company intends to expand its technology-driven parametric item range to the UK and Ireland market, as well as to the crucial London worldwide market.
” A succession of record breaking severe weather condition events in all corners of the world this year serves to highlight the expanded exposure of all trade sectors to environment dangers,” added Alessandro Girelli, Underwriting Manager– London International Market. “As the historic center of insurance, it makes sense for the London market to be at the essential forefront of putting global Nat Cat and environment direct exposures. We are proud to bring Descartes parametric solutions closer to brokers and corporate clients in the U.K., Irish and London International markets.”