Global Parametrics, which is part of CelsiusPro Group, has signed a deal to become coverholder to Canopius Lloyd’s Syndicate 4444 and will build a global portfolio of parametric business for Canopius under a binding authority agreement. Initially, Global Parametrics will focus on providing cover for perils such as tropical cyclone, earthquake, flood, and excess rainfall.

Mark Rueegg, CEO of CelsiusPro, 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, UK chief underwriting officer at Canopius, added: “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.”