Climate risk-focused managing general agent (MGA) Descartes Underwriting has announced the launch of a new full-stack insurer, Descartes Insurance.
With backing from a panel of A-rated carriers, the new entity is licenced by the French Regulator (ACPR) to underwrite risk.
The new full-stack carrier is now able to issue policies directly to mid-market clients in France and Descartes aims to expand this ability to other markets in the European Economic Area over the course of 2023.
Globally, Descartes Underwriting will continue to function as an MGA for existing corporate clients and their current portfolios.
According to Descartes, the new insurer will be able to offer coverage and new capacity to a wider spectrum of customers initially in France and then in more of Europe.
Through a shortened value chain and the improved flexibility of Descartes’ array of products and services, the move also enables Descartes Insurance to become more closely connected and responsive to customer needs.
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Descartes’ product suite will now be expanded to include additional exposures, emerging risks and product lines, the firm said.
Descartes Underwriting CEO and Descartes Insurance’s non-executive chairman Tanguy Touffut said: “This is a huge step forward for Descartes but it also marks the evolution of the insurance sector and the way we protect customers.
“We seek to represent the next generation of risk transfer markets backed by industry leaders. By combining innovative insurance structures, powerful technology, and our own risk capital, we protect clients against the full spectrum of climate and emerging risks with unparalleled efficiency.”
Descartes Underwriting chief underwriting officer Sébastien Piguet will serve as the CEO of Descartes Insurance and Descartes Underwriting chief R&D officer Kevin Dedieu will assume the role of deputy CEO.
In February this year, Descartes Underwriting raised $120m in a Series B funding round.