(Photo credit: Master Sgt. Mark C. Olsen, USAF.)
Homesite Underwriting Managers LLC, the program business unit for Homesite Insurance Group (Boston), has undertaken a capacity relationship with K2 Parametric Insurance Services, LLC (Los Angeles, a subsidiary of K2 Insurance Services, LLC). Through the partnership, K2 Parametric will be able to offer commercial Parametric Natural Catastrophe polices for U.S. earthquake and hurricane risks with limits up to $10 million per policy, according to a K2 Parametric Insurance Services statement.
“I am impressed with the time the team at Homesite invested in learning how Parametric Insurance is written and why it’s a powerful risk transfer tool for commercial entities exposed to natural catastrophe risk,” comments Scott Carpinteri, President, K2 Parametric.
“Homesite Underwriting Managers is excited to add K2 Parametric Insurance Services LLC to our partners,” says Grace Meek, CEO & President of Homesite Underwriting Managers. “Their expertise in this unique coverage fills a void in this market space and adds yet another sustainable and profitable partnership to our portfolio.”
K2 Parametric reports that it works with both retail and wholesale brokers to provide Parametric Insurance solutions to middle-market and larger commercial clients.
“We are excited to be able to bring together one of the strongest parametric experts with our current largest carrier partner, Homesite Underwriting Managers,” comments Bob Kimmel, CEO, K2 Insurance Services. “We look forward to quickly becoming the largest market in this important emerging product line.”