NormanMax Syndicate 3939 will be managed by Apollo Syndicate Management. Credit: Brisbane/Shutterstock.com.

US-based parametric reinsurance group NormanMax Insurance has received in principle approval from Lloyd’s to launch a syndicate in 2024.

Once launched, NormanMax Syndicate 3939 will be managed by Apollo Syndicate Management, an integrated insurance group.

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NormanMax Syndicate 3939 is expected to commence underwriting in April next year.

The new syndicate will focus on offering natural catastrophe parametric reinsurance-related products.

NormanMax said it will leverage the 21st-century data and technology to develop and offer parametric solutions for its global clients, specifically those that are underserved by traditional reinsurance products.

GC Securities is serving as the financial advisor to NormanMax.

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NormanMax CEO Bradley Meier said: “It is my belief that we are only at the beginning of the global parametric insurance revolution, and we are pleased to be partnering with Apollo on this exciting journey.

“The ability to provide worldwide access to parametric insurance solutions that utilise both public and proprietary data via Syndicate 3939 is a great first step in the mainstream adoption of parametric products.

“NormanMax syndicate 3939 will be distributing its products globally, including in many underserved markets that traditionally lack a broad spectrum of insurance solutions.”

Apollo Strategic Partner Syndicates director Andrew Gray added: “We continue to strengthen and expand our offering of Strategic Partner Syndicates, providing greater opportunities for our partners, clients and capital providers.

“We look forward to an exciting relationship with NormanMax and a successful 2024.”

NormanMax Syndicate 3939 will be managed by Apollo Syndicate Management.