Beazley, Paragon partner on parametric weather insurance product

Specialist insurer  Beazley has entered into a distribution partnership with managing general agency (MGA)  Paragon Insurance Holdings for its Weather Guard product.

The company has launched a new online portal solution that it claims will provide faster service with no change to the actual quality of cover, limits or specific weather perils.

Weather Guard will continue to be written on Beazley’s admitted paper and claims will still be handled by its team.

Andrew Duxbury, head of contingency at Beazley, said: “Weather Guard is a market leading weather insurance product, leveraging Beazley’s comprehensive historical weather data and experience going back nearly 40 years and backed with outstanding underwriting expertise; it offers excellent protection against extreme weather events to businesses across the United States.

“The new online portal will ensure that more brokers are able to easily access Weather Guard using high-quality, cutting-edge technology for speedy, frictionless turnaround times. I’m looking forward to working with Paragon as we continue to build Weather Guard together.”

Christian Phillips, president of contingency practices of Paragon, added: "WeatherGuard, a product I've underwritten for 9 years, plays an important role in protecting North American businesses from weather related losses and Paragon is excited to be helping bring it to an ever-wider audience, via state-of-the-art digital distribution tools.”

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