UK-based insurtech startup FloodFlash, which offers parametric flood insurance, has extended it partnership with Munich Re to support international growth.

The latest partnership builds on firms’ existing relationship in which Munich Re provided capacity for FloodFlash+, which is a consultancy service aimed at large and complex risks.

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Under the latest partnership, Munich Re will provide capacity for the principal business of the insurtech, which aims to offer quick payout flood insurance to SMEs and landlords.

Through the partnership, FloodFlash hopes to gain access to underwriting and innovation support, increase its cover limits and provide more quotes across the UK.

Additionally, the partnership is expected to aid FloodFlash’s growth in international markets such as the US, Germany, and Australia.

FloodFlash CEO Adam Rimmer said: “This partnership will ensure we can move faster and provide more flexible covers to our customers and provide a springboard for international expansion.

“We will set the standard for how underwriters and insurtechs can work together to address industry issues, starting with the $58bn yearly global flood underinsurance problem.”

Munich Re Innovation Syndicate active underwriter Stuart Newcombe said: “We are really excited to increase the scope of our partnership with FloodFlash. I look forward to working together on parametric flood insurance, filling a very significant insurance gap.”

Recently, the investment arm of the global reinsurer joined the $255m Series D round of India’s Acko General Insurance.