Specialty re/insurance managing general agent Rokstone has launched a parametric product to provide cover for policyholders against losses from earthquake, hurricane, tropical cyclone and typhoon. The product has been developed in conjunction with NormanMax Lloyd’s Syndicate 3939. Available worldwide, the product is expected to cover additional perils such as flood in 2025.

Robin Ungless, deputy chief underwriting officer at Rokstone Specialty, said: “We’ve been active in the parametric space for a number of years now through our sister MGA Aura Underwriting. This deal is a significant development of those capabilities, enabling us to now offer innovative global parametric solutions for multiple nat cat perils.”

Bradley Meier, CEO of NormanMax Syndicate 3939, added: “Parametric is the lead violin in a symphony of risk transfer. The ability to work with large, respected MGAs like Rokstone, to provide worldwide access to parametric solutions that utilise both public and proprietary data backed by Lloyd’s capacity, is an important step in the widespread mainstream adoption of parametric products.”