Launched in 2021, Parameter Climate received seed investment from SiriusPoint.
As part of the investment, SiriusPoint acquired a substantial ownership stake in Parameter Climate apart from offering multi-year expertise and paper.
Even after this deal, SiriusPoint will continue providing the underwriting expertise for Parameter Climate.
SiriusPoint CEO Scott Egan said: “SiriusPoint is pleased to have contributed to the creation of Parameter Climate, which addresses an important protection gap in the climate and weather risk management market.
“While this transaction is consistent with our strategy to reduce our equity investments in programs and MGAs, we look forward to continuing to support Parameter Climate with underwriting capacity based on its strong underwriting results to date.”
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An analytics-powered advisory, underwriting and distribution platform, Parameter Climate offers climate and weather risk services.
The company has now incorporated advisory and brokerage expertise for vertical-based protection buyers and capacity providers.
It also provides a licence for its climate risk transfer analytics platform, dubbed ClimateDelta.
Parameter Climate founder and CEO Martin Malinow said: “We created ClimateDelta to streamline the process of risk assessment, structuring and transaction management for both buyers and sellers and look forward to using our 20+ years of market expertise to turn this need into transactions.”
“With increased climate and weather volatility, risk transfer is becoming a strategic imperative for protection buyers in a number of industries and an important opportunity for a growing group of capacity providers.”
In September 2023, SiriusPoint forged a partnership with Nordic Marine Insurance to bolster its distribution profile and footprint across the globe.