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SiriusPoint takes 'significant stake' in Malinow’s Parameter Climate

Severe thunderstorm lowering cloud threatens tornado

SiriusPoint has acquired a “significant ownership stake” in Parameter Climate, the parametric-focused climate risk advisory firm formed last year by weather risk veteran Martin Malinow.

The tie-up will also see the specialty insurer and reinsurer provide multi-year capacity and paper to the new ILS house.

Additional capacity has been secured from another leading global reinsurer, the company added, without naming the company.

SiriusPoint CEO Sid Sankaran said: “We are investing in human expertise and data-driven technology solutions to enable transfer of climate risk to the insurance and capital markets. Parameter Climate’s approach and their highly-experienced parametric team are providing a solution for the ‘E’ in ESG.”

Parameter Climate was established last year with the aim to underwrite climate risk and to improve the quality of information available to investors around parametric weather transactions.

The firm is offering an end-to-end service covering advisory, structuring, distribution and underwriting to meet demand in “a burgeoning market for climate risk transfer”, it said.

Malinow said: “We see a secular opportunity in helping to build a new market in climate risk transfer that will be integral to the continued growth and sustainability of the global economy.”

Corporations and public entities are increasingly looking to calculate, disclose and manage environmental, social and governance (ESG) risks, the company added.

“From global corporations looking to manage their climate exposures, to insurers and institutional investors wanting to create solutions to support these ESG challenges – we will play a key role in helping this diverse set of participants to analyse, underwrite, package and distribute climate risk efficiently,” Malinow said.

Malinow was previously president of Sompo Global Weather, and before that set up parametric climate firms XL Weather & Energy and Galileo.

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