K2 launches parametric MGA headed by Swiss Re’s Carpinteri
K2 Insurance has launched a parametric MGA that will be led by former Swiss Re executive Scott Carpinteri.
The new entity, called K2 Parametric, offers policies that pay pre-agreed claim amounts based on local parameters of measurable events, such as hurricanes or earthquakes.
Prior to joining K2, Carpinteri worked at Swiss Re for 20 years, the last six having been spent as a senior vice president, advancing parametric insurance as a risk-management tool.
Commenting on the launch, Carpinteri said: “Parametric Insurance is my professional passion, and I look forward to providing collaborative, bespoke solutions for brokers and clients.
“The MGA production model is ideal for the parametric space as it allows for the utmost focus on the sales process, which relies upon three key elements: education, education, and education.”
K2 CFO Nate Hunter said: “We are extremely excited to partner with Scott – his underwriting acumen and knowledge of parametric insurance are unparalleled in our experience.
“Scott is precisely the sort of partner we seek to join our growing team – he has a loyal, deep following of production sources and is highly capable of generating an outstanding underwriting result for his capacity partners.”
Elsewhere in the up-and-coming space, InsurTech MGA Vave Partners joined forces with technology company The Demex Group to offer extreme temperature insurance to commercial properties in the US.
Further, parametric InsurTech Arbol recently announced the launch of Arbol Underwriters, a Bermuda-based insurance agent that will focus on matching reinsurance capacity with parametric insurance risks.