American climate risk solutions platform Arbol has launched a new London-based Managing general agent (MGA) to expand its services in the UK insurance market.
Through the new MGA, the company will offer various products and coverages to address climate related risks, such as extreme temperatures and rainfall variations.
The products are mainly targeted at agriculture, renewable energy, and construction industries.
Solutions related to other catastrophic events, for instance floods, hail and hurricanes are also offered by Arbol.
Arbol said that the UK MGA will utilise its existing UK partnerships and connections with the Lloyd’s of London marketplace to collaborate with brokers and capacity providers for distributing its products.
Arbol CEO and founder Sid Jha said: “We aim to provide businesses with straightforward and practical tools to manage climate risks.
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“Our London-based MGA combines the proprietary technology, data, and underwriting tools of the Arbol ecosystem with our team’s global expertise in structuring climate solutions, offering businesses a reliable shield against seasonal and catastrophic climate risks.
“As climate change impacts more businesses and communities globally, we remain steadfast in our mission to help global stakeholders build operational resilience against these risks.”
Arbol Insurance Services in the UK provides global parametric weather products.
The company primarily caters to the underserved small and medium-sized enterprises.
Arbol Insurance Services – UK managing director Hector Ibarra said: “Clients benefit from rapid claims payments once pre-set triggers are met. This ensures rapid economic recovery, simplified claims processing, and consistent cash flow for businesses.”
In June 2023, Arbol and The Institutes RiskStream Collaborative launched a blockchain-driven parametric reinsurance platform, ‘dRe’.