US-based K2 Insurance Services has launched a new managing general agent to offer parametric insurance coverage.

The newly launched entity, called K2 Parametric, will operate out of California and will be led by Scott Carpinteri.

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Carpinteri, who most recently worked with Swiss Re Corporate Solutions, has over 25 years of experience in insurance industry.

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.”

Parametric insurance is a relatively new concept in the insurance space. Parametric policies pay-out pre-agreed claim amount based on local parameters of events such as Hurricane and Earthquakes.

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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 utmost focus on the sales process which relies upon three key elements: education, education, and education.”

Last month, AI-driven insurtech Neptune Flood bought Jumpstart Insurance to offer parametric earthquake policies.

Jumpstart’s parametric policies offer a set payout amount based on the intensity of the earthquake, which results in faster payouts and there is no deductible, no adjusters, and no paperwork.