Global Parametrics and Canopius, a leading international specialty lines and P&C (re)insurer, announce a partnership under which Global Parametric becomes coverholder to Canopius Lloyd’s Syndicate 4444 and is granted authority to underwrite business on their behalf.

The Canopius syndicate, is one of the largest in the Lloyd’s of London marketplace. A Lloyd’s syndicate is a group of underwriters who come together to pool capital and share (re)insurance risks within the Lloyd’s market.

As coverholder, Global Parametrics will build a portfolio of business for Canopius under a binding authority agreement. Global Parametrics will underwrite business and deploy risk capacity under the guidelines set by Syndicate 4444.

Mark Rueegg, CelsiusPro Group Chief Executive Officer, said: “The partnership with Canopius is a major milestone for our company. We are doubling down on our Group’s core expertise of structuring parametric solutions and our approach to deploying risk capacity for climate and natural catastrophe perils. We are also thrilled to become part of the Lloyd’s of London ecosystem as it will foster our ability to help more clients and communities become more resilient.”

Alois Rouffiac, Canopius UK Chief Underwriter Officer, stated: “We’re excited to partner with Global Parametrics as our Lloyd’s coverholder. This partnership enables Canopius to deploy risk capacity for parametric solutions globally, which represents an attractive opportunity to further expand parametric insurance as a scalable solution. We believe these products can address the growing protection gap in regions where underinsurance remains a pressing issue.”

In its capacity as Lloyd’s coverholder to Canopius, Global Parametrics will focus initially on underwriting perils such as tropical cyclone, earthquake, flood, and excess rainfall. The partnership leverages Global Parametrics’ expertise in building the portfolio of the Natural Disaster Fund (NDF) since 2018.