19 May 2020Insurance

RKH and Descartes transact first parametric wind deal on risk trading marketplace AkinovA

RKH Reinsurance Brokers, a part of the Hyperion Insurance Group, and Descartes Underwriting have completed a parametric weather transaction for a European asset owner on insurtech AkinovA, an electronic marketplace for the transfer and trading of re/insurance risks.

The twelve-month parametric wind instrument was purchased by a European asset owner in the advertising industry looking for alternative ways to protect their interests in Northern Europe. The product provides incremental coverage if gust wind-speeds are observed above pre-defined limits at weather stations near a precise set of billboard locations.

The insurtech said that with the hurricane season due to start officially next month, brokers and cedants will be considering a range of risk transfer mechanisms to efficiently cover weather-related exposures.

Nick Griffiths, executive director of RKH Reinsurance Brokers, commented: “RKH Reinsurance Brokers is delighted to have transacted this complex risk on the AkinovA Marketplace. Providing innovative parametric structures and triggers for clients to address protection gap concerns is becoming increasingly important, especially when there is so much business uncertainty on a global level. We particularly liked AkinovA’s approach to building a digital marketplace and ecosystem with brokers as partners.”

Edern Le Roux, head of ILS and cat modelling at Descartes Underwriting, said: “In today’s digital age, clients call for more straightforward products with clarity on risk transfer and payments. We are particularly pleased to work with AkinovA as their digital first marketplace is ideal for us to structure innovative products in partnership with brokers and capacity providers and provide unique cover for corporates.”

Henri Winand, AkinovA CEO, said: “This weather-related insurance trade underlines AkinovA’s reach across different lines of business beyond cyber risk transfer. In fact, we are now involved in a number of different trades across a variety of risk classes. We were particularly pleased to work with Descartes Underwriting to promote clear and transparent parametric products which are much needed to underpin scalable climate resilience."

He added: "We designed AkinovA to be digital-first but with a clear commitment to the whole risks transfer ecosystem where brokers are true partners in this much needed market transformation. With RKH and other more recent signatories, AkinovA has become a multi-broker, neutral venue where innovators such as MGAs and others can bring new products to their clients. With the risk transfer value chain being digitised at ever increasing speed, AkinovA is playing an important part in its transformation.”

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
20 January 2021   AkinovA says unlike Lloyd's it offers a 'safe and remote electronic space' for transactions and information exchange.
Insurance
21 December 2020   New head of North America joins from Swiss Re Corporate Solutions.
Technology
19 May 2020   AI has come of age as the technology ensures a more accurate view of risk and can help insurers win more valuable business, says Richard Hartley, CEO of insurtech Cytora.