American insurtech platform for parametric protection products Arbol has announced the launch of Arbol Underwriters Ltd (AUL), a registered insurance agent based in Bermuda.

The newly-formed entity will be focused on matching reinsurance capacity with parametric insurance risks.

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AUL seeks to originate business through various channels, the first of them being through partnerships with fronting insurance carriers.

The underwriter has also partnered with Bermuda-based reinsurer SIG Re, which appointed AUL as an insurance agent for its parametric reinsurance operations.

SIG Re is a part of the Susquehanna International Group of Companies (SIG), a privately-held, quantitative trading firm.

SIG Re CEO Todd Simkin said: “We are delighted to grow our existing relationship with Arbol through this new underwriting arrangement. AUL’s core emphasis on quantitative risk analytics and technology strongly aligns with our way of thinking at SIG Re.”

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AUL CEO and Arbol chief insurance officer Hong Guo said: “We are excited about setting up a platform in Bermuda to offer parametric solutions in the form of reinsurance.

“Leveraging Arbol’s massive, cutting-edge data infrastructure and proprietary pricing tools, AUL will be able to provide innovative reinsurance solutions to its clients.”

AUL will also work alongside reinsurers and captives in the open market to design their parametric coverage solutions.

AUL’s parent firm, Arbol uses climate data, blockchain technology and AI to offer parametric insurance and SaaS to help clients manage climate risks.

Earlier this year, Arbol secured $7m in Series A funding.