LONDON, May 25, 2023
/PRNewswire/ -- Global climate risk solutions platform Arbol
and leading insurer, Beazley, have announced the launch of
specialist parametric weather products to the US market.
Cutting-edge products are now available for a range of perils,
including low and excess precipitation, low and excess wind
speed, high and low temperature, and lack of solar
irradiance.
Arbol's proprietary pricing platform is powered by artificial
intelligence and a dedicated climate data infrastructure to inform
underwriting operations. Weather data indices are used to develop
customised parametric products, using triggers specific to the
peril and the insured.
Guy Carpenter served as the sole
placing broker and was responsible for securing the required
capacity.
Hong Guo, EVP and Chief Insurance
Officer of Arbol said, "This milestone validates our
commitment to delivering innovative risk management solutions.
It opens new possibilities to serve our clients and the
insurance industry as businesses seek to effectively
manage emerging climate risks."
Neil Kempston, Head of Incubation
Underwriting at Beazley, added, "Beazley is committed to supporting
the development of weather parametric products that ease the
challenges the agricultural supply chain and renewable energy
markets face as we move to net zero. By building a long-term
partnership with Arbol we can deliver for our brokers and
their clients."
The product is now available in the U.S on a surplus lines
basis. More details can be found at https://www.arbol.io.
Arbol Insurance Services (an Arbol subsidiary) has also now been
appointed as a Lloyd's coverholder, with a facility led by Beazley
supported by Tokio Marine Kiln and Nephila.
About Arbol
Arbol is an innovative global fintech company that provides
full-service solutions for businesses seeking to manage climate
risk exposure. Arbol's parametric coverage pays out based on
objective data triggers, rather than traditional subjective loss
assessments. By leveraging advanced technologies like AI
underwriting, big data, and blockchain-powered operational
efficiencies, Arbol delivers much-needed scale and transparency to
the climate risk insurance space. We aim to drive innovation and
collaboration to support climate-friendly investment and help
organizations manage climate-related risks.
Learn more about Arbol at: www.arbol.io
About Beazley
Beazley plc (BEZ.L) is the parent company of specialist
insurance businesses with operations in Europe, United
States, Canada,
Latin America and Asia. Beazley manages seven Lloyd's syndicates
and, in 2022, underwrote gross premiums worldwide of $5,268.7m. All Lloyd's syndicates are rated A by
A.M. Best.
Beazley's underwriters in the United
States focus on writing a range of specialist insurance
products. In the admitted market, coverage is provided by Beazley
Insurance Company, Inc., an A.M. Best A rated carrier licensed in
all 50 states. In the surplus lines market, coverage is provided by
the Beazley syndicates at Lloyd's.
Beazley's European insurance company, Beazley Insurance dac, is
regulated by the Central Bank of Ireland and is A rated by A.M. Best and A+ by
Fitch.
Beazley is a market leader in many of its chosen lines,
which include professional indemnity, cyber, property, marine,
reinsurance, accident and life, and political risks and contingency
business.
For more information please go to: beazley.com
About Guy Carpenter
Guy Carpenter & Company, LLC
is a leading global risk and reinsurance specialist with 3,400
professionals in over 60 offices around the world. Guy Carpenter delivers a powerful combination of
broking expertise, trusted strategic advisory services and
industry-leading analytics to help clients adapt to emerging
opportunities and achieve profitable growth. Guy Carpenter is a business of Marsh McLennan
(NYSE: MMC), the world's leading professional services firm in the
areas of risk, strategy and people. The Company's more than 85,000
colleagues advise clients in 130 countries. With annual revenue of
over $20 billion, Marsh McLennan
helps clients navigate an increasingly dynamic and complex
environment through four market-leading businesses including Marsh,
Mercer and Oliver Wyman. For more
information, visit www.guycarp.com and follow us on LinkedIn and
Twitter.
Contact: press@arbol.io
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SOURCE Arbol