US-based parametric specialist NormanMax Insurance Holdings has launched Syndicate 3939, managed by Apollo. It has begun underwriting and offers parametric re/insurance solutions globally for hurricanes, tropical cyclones, typhoons, and earthquakes to address the natural disaster protection gap.

Andrew Gray, director of strategic partner syndicates at Apollo, said: “This is a hugely exciting development for Apollo, NormanMax, and Lloyd’s, as we bring innovative, new natural catastrophe parametric products to the market.

“We are delighted to have been able to support NormanMax’s entry to Lloyd’s and very excited for what the future holds.”