US-based NormanMax Insurance Holdings, in collaboration with integrated insurance company Apollo, has launched Syndicate 3939, which will focus on natural catastrophe parametric reinsurance solutions.
The syndicate, which will be managed by Apollo, received initial principle approval from Lloyd’s in December 2023.
It has been launched to address the growing need for new solutions in the face of climate risk and volatility.
Through this launch, NormanMax aims to leverage the latest data and technology to create parametric solutions that can be deployed globally, filling a critical gap in natural disaster protection.
Syndicate 3939 has already started underwriting, with a focus on hurricanes, tropical cyclones, earthquakes and typhoons.
NormanMax is led by CEO Bradley Meier, who in his previous roles served as founder, chairman and CEO of Universal Insurance Holdings and Universal Property and Casualty Insurance Company, as well as co-founder of parametric underwriting specialist New Paradigm Group.
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By GlobalDataStuart Newcombe, formerly working with Munich Re Innovation Syndicate 1840, will serve as the active underwriter for the new Syndicate 3939.
Newcombe will help in guiding the syndicate’s strategic direction as well as underwriting practices.
For the establishment of Syndicate 3939, NormanMax has formalised a long-term partnership model with Apollo, which provides Lloyd’s managing agency services, to offer parametric products.
Guy Carpenter and GC Securities also played a pivotal role in the syndicate’s formation, successfully advising on the Lloyd’s application and leading both the capital raise and reinsurance placement efforts.
NormanMax is also building on the foundation of private capital at Lloyd’s, partnering with entities such as Alpha Insurance Analysts, Argenta Private Capital, Alpha Insurance Analysts and High Premium Group to enhance catastrophe risk transfer.
These private capital partners have been granted freehold tenancy, underscoring their long-term commitment to the alliance.
Furthermore, NormanMax has garnered strategic support from Helios Underwriting, which has expertise in assembling a portfolio of key syndicates at Lloyd’s.
NormanMax CEO Bradley Meier said: “This launch signifies the official start of the global parametric insurance revolution, and we are pleased to be partnering with Apollo on this exciting journey.”
