Canopius, an international specialty lines and property and casualty (P&C) reinsurer, has selected Global Parametrics, a CelsiusPro company, as a coverholder for its Lloyd’s Syndicate 4444.  

Under a binding authority agreement, Global Parametrics is authorised to underwrite for Canopius. 

The agreement will see Global Parametrics building a portfolio for Canopius, focusing initially on natural disaster perils such as tropical cyclones, earthquakes, floods and excess rainfall.  

This alliance capitalises on Global Parametrics’ expertise in managing the natural disaster fund (NDF) since 2018. 

Global Parametrics will provide underwriting services and allocate risk capacity in accordance with the guidelines established by Syndicate 4444. 

CelsiusPro Group CEO Mark Rueegg said: “The partnership with Canopius is a major milestone for our company. We are doubling down on our Group’s core expertise of structuring parametric solutions and our approach to deploying risk capacity for climate and natural catastrophe perils. We are also thrilled to become part of the Lloyd’s of London ecosystem as it will foster our ability to help more clients and communities become more resilient.” 

Canopius UK chief underwriter officer Alois Rouffiac stated: “This partnership enables Canopius to deploy risk capacity for parametric solutions globally, which represents an attractive opportunity to further expand parametric insurance as a scalable solution. We believe these products can address the growing protection gap in regions where underinsurance remains a pressing issue.” 

In February, Canopius approved Qubit as a coverholder to distribute digital asset custody and crime insurance products from Hong Kong.  

Meanwhile, in the same month, Global Parametrics was in the news for offering parametric insurance cover to coffee farmers in Vietnam, in collaboration with Willis, a WTW business.