K2 Insurance Services subsidiary K2 Parametric Insurance Services has formed a capacity partnership with Homesite Underwriting Managers.
The partnership with Homesite Insurance Group’s programme business unit will allow K2 Parametric to offer commercial parametric natural catastrophe polices.
Each policy will provide up to $10m cover against earthquake and hurricane risks in the US.
Unlike conventional insurance policy, a parametric policy provides payment based on the location and the intensity of the catastrophe.
It can be customised to fit customer’s specific geographic needs and the proceeds can be used to cover damage not covered by other policies.
The US-based parametric insurer works with both retail and wholesale intermediaries to offer insurance solutions to middle-market and larger commercial clients.
Homesite Underwriting Managers CEO & president Grace Meek said: “Homesite Underwriting Managers is excited to add K2 Parametric Insurance Services LLC to our partners.
“Their expertise in this unique coverage fills a void in this market space and adds yet another sustainable and profitable partnership to our portfolio.”
K2 Insurance Services CEO Bob Kimmel said: “We are excited to be able to bring together one of the strongest parametric experts with our current largest carrier partner, Homesite Underwriting Managers. We look forward to quickly becoming the largest market in this important emerging product line.”
Managing general agent K2 Parametric, which operates out of California, was launched in November 2021.