Norman Max Launches Earthquake Reinsurance in Chile

NormanMax Insurance Holdings, the U.S.-based parametric insurance and reinsurance group launched by Universal founder and former CEO Bradley Meyer, has expanded its parametric reinsurance solutions to include earthquake coverage in Chile. Facing a need for greater availability of responsive risk transfer solutions, NormanMax has expanded its product offerings over recent months.

The company recently started offering a standardised refinancing product underwritten through the recently launched Lloyd's syndicate.

NormanMax has now announced a new location to support standard reinsurance arrangements, in Chile.

“As Chile continues to face the challenges posed by seismic activity, the need for innovative and responsive insurance solutions has never been greater,” the company said.

“At NormanMax Insurance Solutions, we understand the critical importance of protecting businesses and infrastructure from the devastating impact of earthquakes.

“Our team at NormanMax is proud to offer reinsurance solutions tailored to address the unique risks faced by reinsurers in Chile. Unlike traditional reinsurance, our modular reinsurance products can provide rapid, pre-determined payouts based on the severity of the earthquake, enabling faster recovery and continuity for affected areas.”

Through its specialist parametric syndicate 3939 at Lloyd’s, which now provides Norman Max with its own source of capacity, the company is building its product range in areas where the insurance and reinsurance industry is active, but where risk levels often deter traditional indemnity solutions or make them too expensive.

Chile faces a particularly high level of earthquake risk, making it an ideal location for modular risk transfer solutions.

While standard insurance can support businesses directly, a standard reinsurance offering can also support global insurers operating in the country, potentially allowing them to be more confident in deploying capacity knowing that there is a responsive reinsurance or hedging solution available to them.

“Chile’s geographic location makes it particularly vulnerable to earthquakes, and NormanMax Insurance Solutions is committed to helping transfer that risk,” NormanMax explained. “Our standard reinsurance solutions are designed to support resilience, helping businesses and communities recover faster after an event.”

“We are here to work with insurers, brokers and risk managers across Chile to provide robust reinsurance solutions. Together, we can create a more resilient future for all.”

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