(Image source: Global Parametrics homepage.)
CelsiusPro AG (Zurich), CelsiusPro is a provider of insurance solutions and services to the industrial sector, has announced its acquisition of Global Parametrics Holding Company Limited (London), in a transaction that the company says significantly strengthens its global capabilities to offer parametric risk transfer solutions to both private and public sector clients in developed and developing economies. The combined CelsiusPro and Global Parametrics group creates an even stronger offering along the value chain of climate and Nat Cat risks, opening new possibilities for businesses, governments, NGOs, and communities to build resilience against perils such as hurricanes, floods, earthquakes, and drought, a statement from CelsiusPro says.
CelsiusPro characterizes the acquisition as complementing its expertise in climate technology and parametric insurance design, structuring, and underwriting, primarily in developed economies, with Global Parametrics’ experience in delivering disaster risk management response in developing countries. Moreover, both companies will combine their expertise as Managing General Agents (MGAs) to attract and deploy additional risk capacity.
“The acquisition combines CelsiusPro’s expertise in climate technology and parametric insurance with Global Parametrics’ asset management approach to climate risk through the NDF and its MGA,” comments Mark Rueegg, CEO, CelsiusPro. “This is key to our value proposition, as we see an increasing number of NatCat financing facilities, such as the Global Shield initiative launched at COP27, are looking for experts on parametric solutions and risk capital deployment. We are enthusiastic about the strategic fit between CelsiusPro and Global Parametrics and welcome our new colleagues to our group.”
Following completion of the merger, the Global Parametrics team will continue to manage the Natural Disaster Fund (NDF), a risk capacity pool backed by commitments from the U.K. Government’s Foreign, Development and Commonwealth Office (FCDO) and by the German Federal Ministry for Economic Cooperation and Development via KfW, Germany’s development bank. The NDF shares risks with global reinsurer Hannover Re, one of Global Parametrics’ longstanding key partners.
Accelerating Impact on Building Resilience in Underserved Communities
“We are grateful to our founder investors, FCDO and KfW—through the InsuResilience Investment Fund, IIF—or their support in the early stages of Global Parametrics’ development,” comments Angus Kirk, CEO, Global Parametrics. “We are very excited about the next chapter with CelsiusPro. This partnership offers numerous opportunities to expand and enhance our offerings, thereby increasing and accelerating our impact on building resilience in underserved communities against the effects of climate change and natural disasters.”